The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-29
FINANCIAL NEWS
AND COMMENT
Stock Market Trading Falls
Off and the List shows
Greater Stability.
PRESSURE IS RESISTED

A favorable indication Of stock mar
ket stability after the heavy liquidation
and decline this month was furnished
yesterday by the contraction of business.
The reduced volume OF dealings sug-
gested that the disappearance Of selling
pressure after Monday night has marked
the restoration Of the list to a state of
comparative equilibrium in the environ
ment Of disturbing influences with which
IL has been lately surrounded. The ac-
tion of stocks themselves was n deter
rent to the renewal or persistence
~ speculative attack intended to force
further liquidation.
There were IN the morning intervals
" selling activity. but prices offered n
good deal of resistance. although there
was at no time during the day a display
Of aggressive strength general or par
ticular. Some issues were relatively
heavy. but the market as "A whole was
simply somewhat irregular. with changes
In quoted yalue owing largely 70 the
trading operations OF the professional
contingent. Wall Street opinion inclined
more distinctly toward the view thai the
market had about struck an approximate
balance between opposing factors at the
current price level and that in due time
IL might he able to make an improving
rcsponse To the constructive conditions
which exist In trade and industry and
the money market. conditions which can
not he very de~trimentally affected by any
outcome of the Mexican crisis. The dis
position of the financial community
seemed to he to wait on Mexican occur
rences. especially with the holiday inter-
ruptions which are Immediately ahead.
Government bonds displayed increased
n, aviness. and there was more tain
about special Government financing on
Mexican account. but the fundamental
situation Of the securities market and
tn. basic circumstances OF the money
market do not permit any depressing in
f~erences to he drawn from the outlook
for new offerings Of public loans. do
nestle or foreign. The French loan.
which has been long under negotiation.
seems to be nearing q conclusion. and
other foreign borrowings here are III
IrocesS of arrangement.
" will he no very heavy task To ac-
cnmmodate the extra requirements II
our own Government because OF Mexico.
a'd attention hardly needs to be dt-
rectcd To the fact that funds will he
provided in this way only for eNpeidi-
ture in the purchase of tho roducts of
our industries. thus maintaining the
,ountry's foreign and domestic COM
m.rcs. which has reached such a stage
Of profitable expansion.
Reports in circulation Yesterday In
dcat.d a good deal Of activity AZ wash
I. gton IN the direction Of contracts Tor
military materials and supplies. Adj
wees from the stee, trade showed an in-
ceased foreign inquiry Tor munitlon
-. ..A-la
m yht affect our manufacturing ability
to turn out finished munitions for en-
port. The possibilities In respect 10
Mexico continued 10 distract notice from
tie posture Of the European war. with
is vigorous extension Of hard fghting
rn all fronts.
Much OF tho routine news 81 the day
Was OF an encouraging tenor. An eAcel-
zion was the Governments weekly
weather report, which disclosed the uu-
changed backu ardn.ss of the agricul-
turIl season..
Statements ~ railroad earnings Tor
MAY were gratifying IN the last degree
Various sat Lsfacto;y dividend detltra'
ions were made. including a $40 extra
disbursement on American Zinc. together
with the r,gulir quarterly disbu. seileit
The reeunptlun of dividends on the ON.
,.rio and Western shares and the pro-
vision for a partial discharge or the i''
,unulii.d dividends on Colorado Fuc
and Iron preferred.
THE weakness Of marks was the Yea
trrc of the foreign exchange market
presumably in reflection Of the ang
! meuted strain 20 which the war is sub
,.ctUNC Germany.
The importation of gold from Canada
vas increased to about SllI,too 90" hS
10 dircc, 81 ipmeut OF more than 5000.
O0o 20 philadelphia. 1t : plain iht'
his inflow of gold must be made ~,
.lsis for fur ;her foreign financing here
III, i. Is equally plain that IT is strength
cn!nc materially the already strong pr'
~i,iou of our banking system.