New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-31
Stocks in Good Supply
Late Bear Pressure
WeakenS List.
RAILROADS HAVE
A BRIEF UPTURN
Sterling Exchange Breaks Fur
Their, in Spite of Receipt OF
Gold Imports.


crisis, which had been responsible Tor
so great recovery last week. yesterday
ceased to carry the market on to higher
levels. Profit taking at prices reached
was heavv. Brokers said the market
was full of stocks. Still, there was
sufficient buying TO prevent any wide
break and in the early trading there
was even q brief advance. The short
interest in the afternoon applied press
IRE and produced a setback that in
some Of the war group amounted to as
much as 8 points. Before the close
there was some recovery, with the mai
movement uncertain.
In the middle of the forenoon an
ATTEMPT to turn speculation into more
conservative channels through an up
turn in the railroads did not get far.
Coming statements of earnings for
July from important Eastern carriers,
understood 70 be particularly encourag-
ing, were used 10 assist the rise. New
Haven closed with a gain Of nearly
points and New York Central OF l.
Elsewhere, among the railroads, I'M
provement maintained to the end was
fractional and some were lower. I'm
ion Pacific was particularly firm for a
while, but most of its advance melted
away.
Copper warrants were lower IN Lon
don and in our market copper stocks
fell back. Anaconda losing over point.
At the opening few issues of con-
Germs supposed 10 be benefitting through
war orders had gains of from a good
fraction 20 l or points, and others
of the group advanced during the SEES
sion. These were mainly issues that
had been inconspicuous last week. "a
yorites of the recent rise for the
most part had to absorb so much proht
taking that they made few gains dur
ing the day. Westinghouse and Bald
win Locomotive, however, with vague
talk of new contracts, were strong
around noon. United States Steel
touched last weeks highest Of n, but
fell back TO close with a net loss Of
nearly q point after heavy selling in
the last hour.
In the uncertainty Of such a market,
the question as to what would be done
with the large amount Of securities
brought into this country from Europe
with Sundays gold shipment added to
the uneasiness. No u.Ioritatlve eX-
PLANTATION came and traders were in
doubt whether they should consider
that this meant tying up Of part Of the
European supply in collateral loans or
an impending source Of selling to be
feared.
The sl9,5OO,OOO of gold that came
across the ocean did nothing to steady
sterling rates. Buyers of exchange on
London were few and selling, under
stood to be from large financial inter
ests, was heavy. Weakness in rates be-
came worse in the afternoon and the
market was we'll nigh demoralized. At
the end of the day sterling checks sold
at 1902 in the pound, more than %
cents under the price that in normal
times is commonly regarded as the i'm
port point.
Government figures of our foreign
commerce for July, with exports more
than S100,000,000 above those of the
two years preceding and over s124,000,-
900 greater than imports, brought the
ia orable trade balance for the first
seven months of the calendar year up
to more than $960000,0O0. Present in
dications are for a great increase of
our shipments when grain and cotton
begin TO move out and the munitions
ordered early in the year are ready.
Europe's customary offsets against
balance of goods have been reduced
and even such great shipments of gold
as have recently been brought in seem
insignificant in comparison with trade
totals Pending the completion of
credit arrangements they are of assist
ance in preventing even greater disor-
der in the foreign exchange market.
/ Our purchase of stocks and bonds from
abroad seems absolutely needed TO
countersct the immense greponderance
of our exports. Since European hold
ers are comparatively slow TO give us
an opportunity TO buy our own securi-
ties it appears that the remedy must
be that we bring theirs with our &C
cumulating profits.