Evening star., 1916-06-25
Helpful Examinations, However,
Noted as Result of OeveI-
opments Beyond Border.
FIRMNESS MAINTAINED
BY INVESTMENT ISSUES
Importations of Gold From Canada
Largely Augmented-Iron and
Steel Review.

NEW YORK. June 24.-Uncertainties
and restraints of the week were almost
entirely imposed by the greater ten
sion in the Mexican situation. Liqui-
dation which followed in the train of
developments across the southern bor-
der was helpful rather than otherwise
inasmuch as the elimination of numer-
Gus weak bull accounts served to
strengthen the markets technical po-
sition
1t remains a debatable question to
what further extent values are likely
to be affected by formal declaration
Of hostilities. should that condition
arise. Investment issues exhibited re-
markable frmness when prices of spe-
cialties were crumbling Rails were in
demand a every slight concession. and
United States Steel firmness was a bull
wark to other seasoned industrials.
Domestic conditions in general de-
noted some hesitation. inquiry for
iron and steel suggesting further re-
cesSions. with similar trend IN the
metal markets. CopperS owed their
heaviness to the lower prices abroad
and a diminution of demand at home.
In the trade itself there were signs of
overspeculation in all the baser metals.
Progress in Loan Negotiations.
Progress toward the completion of
negotiations with British and French
banking interests was reported. and
the details of the undertaking with
Paris are likely to be announced in
the coming week. The steady inflow of
British gold from Canada. which nov
has attained enormous proportions, is
believed in we'll informed quarters to
presage another direct war credit in
behalf of the British treasury.
Aside from steady weakening OF
rates to the capitals of the central
empires. the foreign exchange markets
were not materially altered. Rubles
responded to the further successful
movements of the Russian forces
against Austria, and the new Russian
loan advanced to a slight premium
In the open market.
Interest and dividend payments due
at the midyear will be the largest of
any similar disbursements in the his
cessions to individual wealth have
found no pronounced reflection in the
market for high grade securities.
With the Mexican situation still
hanging in the balance. the weekend
session of the stock market varied little
from its recent irregularity. Vulnerable
specialties were again pressed for sale.
though more moderately. but repre-
not making actual gains.
Results of Short Covering.
Operations were obviously profess
sional. and the general price improve
ment noted at the close resulted to a
considerable extent from short cover
ing. Rails were fairly firm at all
times. aside from some shading of
Reading. United States Steel again
featured the standard industrials and
Bethlehem Steel, on relatively few
transactions, made a gain of II points.
Motors also rose materially. but Mexi-
cans and coppers were variable.
United States Industrial Alcohol was
again the center of speculative activity,
scoring an extreme decline of 312 points,
only part OF which was regained. Ten
nessee Coppers gyrations were confined
TO narrow limits and shipping issues
eased slightly in connection with lower
freight rates. Total sales of stocks
amounted to $4,000 shares.
Gold Importations Increase.
Further imports of gold from Canada
brought the amount up to about $50. 00O,-
900. exclusive of direct shipments from
the Dominion to the Philadelphia mint,
which swelled the total to almost $780,
o00. 900. Foreign exchange markets were
unchanged in the absence of more than
nominal dealings.
Trade reports issued by leading au-
thorities indicate an abatement of the
rush that featured the business of the
late winter and early spring. but leading
jobbing centers continue active, with wide
distribution.
Another substantial increase of re-
serves was the most noteworthy feature
of the bank statement, that item ex-
panding almost SIS. 900 900. and bringing
actual excess reserves up to about $1I0-
000. 900. against $50. 900. 900 the first week
OF the month Loans in that same period
show contraction of slightly more than
$1i6. .G00. 900.
Todays bond market was narrow and
without especial features. Total sales
(par value), $l,410, 900
United States bonds and the Panama
issues were lower by y TO points. on
call during the week