London, July 26.
Sterling on the London foreign exchange market this morning ruled very firm in terms of dollars and barely steady in relation to francs After opening with a gain of five points from Saturdays New Yo London close to 497.05, the cros on New York advanced another points to 497.60 an hour later. Almost immediately, a slight reaction of 5 points brought the rate to 497.55. At 1 ò'clock, a rally of 26 points to 497.81 was registered.
French franes declined nine points to 133.00 at the outset, but regained seven points to 123.07 during the next hour. At the time of going to press, a further advance of two points to 133.09' was listed.
Bar gold lost 344d. to 139/9d.
Steady conditions prevailed in the silver market, with prices fixed for "spot" at 20-,; d. and for forward at 20-Md. up ved. and 4d. respectively India and speculators bought, while China sold.
Rubber ruled. steady. At 1 o'clock there were buyer for Oct/Dec, delivery at 9d. up yd. from the previous final level.—Reuter first to show the beneficial effects of the Government's step, and did rise from Frs. 4.50 to Frs. 6, thereby recovering all ground lost the week before. Other French counters reacted correspondingly. Electric and transports shares were simply firm, but bank stocks and industrial stocks, notably metallurgical and cóal mining, gained from five to ten per cent.
The vicissitudes in the exch: market had their effect on Internationals, however. Only mining shares and South African trust shar benefiting frab the amelioration of their market in London, made progress in any extensive proportions.
The increase in speculative posi-tons inaugurated during the first half of June showed little change. Operations on a rise in stocks with variable incomes diminished from Frs. 1,385,- 000,000 to Frs. 1,311.000000 however. while positions on the purchase of French Rentes increased from Frs. 998,000,000 to Frs. 1,039,000,000. The entire market was nourished by professional speculation principally, owing to the disinterest of the general public on account of vacations and the international situation.
The exchange market was agitated throughout the week, and control funds must have been called in several times to attenuate the more extreme fluctuations.
The Franc was weaker, in spite of
LIVERPOOL MARKETS
a more hopeful trend toward the end Liverpool, July 26. of the week; Sterling, quoted a week Wheat in Liverpool opened easy on ago at Frs. 128.90. reached Frs. 13; lower week-end advices and bearish on Thursday and finished the next crop estimates, Overnight interest was day at Frs. 133.30. The Dollar rose lacking with the trade inclined to from Frs. 25.95 to Frs. 26.77: the Belga await further developments. At 1 p.m. from Frs. 4.36 5s to Frs. 450 24: the October contract showed a loss of Florin from Frs. 14.30 to Frs. 1480 1 2-Md. to, 9/2%d. per 100 ibs. and the Swiss Franc from Frs: 593 American cotton futures were to Frs. 6.16. steady. At 1 o'clock December option The deficit in the commercial was quoted at 6.22 pence per lb. up balance does not wholly explain the seven paints from Saturday's close. tension in exchange, particularly since—Reuter. the influx of tourists to the Exposition has brought considerable revenue to better the balance. Chief cause is
SILVER QUOTATIONS
believed to be the outflow of [ahd psychological factors—Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.