Evening star., 1916-08-10
RAILWAY BONDS FIRM;
STOCKS SLOW, STEADY
, Odd-Lot Business Features Quiet Ses-
sion Of Local Exchange-Mer-
genthaler Held Around 100.
Nearly $500, 900, 900 Net Gain il
; Gold Since July, 1e14-Foreign
Selling of Steel.
BY I, A. FLEMING.

y Odd lot business continues to be
about all there is doing on the local
ostock exchange. Today's trading was
even more restricted than usual. al
though two of the public utilities
shares were on the sessions record.
= The only feature was the recovery OF
the strength In Washington Railway As.
! which were rather soft yesterday. but
recovered their loss and made slight
additional Improvement Sales were at
.s1x to 81, nearly one-half point I'M
,rprovement
Railway preferred sold at s1h and
washington Gas at 75h. few shares
only of each.
Three quotation lots of Mergenthaler
found buyers at 100 and a few shares OF
washington Loan and Trust Company
stock changed hands at 230-
Liquidation on a Bull Market.
On the splurge in New York yester-
day s6,50o shares of the United States
Steel common were reported sold. This
would seem to indicate that foreign
holdings were being 1iqdidated. for
there has been no particular short in
sterest in the stock. The foreign SELL
ing. undertaken through the wisest OF
brokers. has been SO conducted that the
big blocks liquidated have come out on
the crest of a bull market and not at
time when it would further depress or
cause u2easiness-
That this large block of stock found
buyers on a rising scale from 30 % TO
SSas and that the closing was at the
top. was tribute to the strength and
good position of the stock and to the
wisdom of the sellers in picking their
spots for liquidation.
Steel common was the market leader
by $4,000 shares in the volume of busi-
mess.
Gold Imports $500, ,ooo, 900.
Since the European war started. July.
ars14. imports of gold into the United
States have totaled s732,o0o,o00. while
1.-The exports were s242,5oo,o 900. leaving.
approximately. s5oo.0oo.oOo more gold
in the United States than at the opening
Of the struggle abroad
Gold has been imported from Canada,
1T has been sent on treasure ships from
Great Britain and France, Russia has
forwarded some millions and there has
been an almost unprecedented import
iof the yellow metal from China, Japan
and Australia
In 1914 Japan sent over $4s0.oo0 in
gold; in 1915, s17.7oo,ooo. and for the
fiscal year ended June 80. 1915, So
5000
From Australia in 1914 came but
ss4so,000; in 1915. 100000. and for the
idast fiscal year. s3s,3o0.ooo.
Imports from South America of gold
increased nearly threefold, or from s6,-
900. 900 to s17,000.00O.
Since the declaration of war the
limited States has been the one great
est market for the needs of all nations
shaving shipway on the seas.
And the settlement Of foreign bills is
made in gold, to the enriching of the
United States. The great flow of the
precious metal has been almost entirely
the result Of the needs Of the warning ma
tions cut of from their normal markets.
In addition to the $500. 100000 actual
gold there has been large increase In
credits. an enormous wiping out Of debts
owed by our business interests abroad
and a great reduction IN the so-called
balance OF trade. through the liquidation
Of foreign owned securities, until the bal
ance actually in favor of the United
States, the great creditor nation of the
world-the direct and unquestioned re-
suit of the war abroad
--- Condition Of Treasury.
The condition of the United States
hTreasury at the close of business yes
eterday was:
Net balance In general fund. 3222,-
f751.7ee.
- Total ordinary receipts yesterday. ST.
ps42,247
Total ordinary payments yesterday, s4.-
z72, ,e,2.
The deficit this fiscal year is s12.s10,-
e2l. against a deficit of s14.691.329 last
year. exclusive of Panama canal and
public debt transactions.