Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-06-29
TECHNICAL CONDITION
CAUSE OF WEAK MARKET
Excuse Given Is Expectation That
Carranza's Message TO President
Will BE lmpcrtinent.
MEXICAN STOCKS WATCHED
big" People Beginning to Pick Is
sues Up Again in Leisurely Man
ncr-Story of U-Boat Visit To l..
S. DiScourages Optimism.
BY BROADAN WALL.

NEW YORK. june oS-EApeCta;ior that
Ca-!anzas message 20 President Wilson.
which IS expected any hour Will he what
tho American public Will consider ;rsrerti-
neni, was used to-day in Wall Street as an
excuse for weak market, The true rsa-
son 70. the weakness was the technical con-
d!,!on !; VIII bear repeating over and over
little people are still holding their war
stocks automobile shares and spGc'al pets
The b.s people are beginning TO pick
stocks Up again IN .eisuTe'N 'hhnnTs. lHoE
srochs mis- summer but they 20 no; eN-
pect to pay oucrcn; prices FOR them Trey
Wi! retire from The market on rallies , nnH
let the shorts pay the rising prices. t,f"-
fessioral traders understand the situation
tracts with the coni.tence thai even the
risk @. rallies does not o>erea!ance the
F IN adai,.Sa 10 the technical situation
news 9: today was OF character, TO DIS.
.. the T.boat visiting New York oi, Bos.
the the boat had actually hsen sighted. OF the
made. ISil be OF vast Importance I" AineT'V"
IN In the fir first place !, will emphasize the
need OF preparedness ny pIgv!nE imS ,e"S =,
billy Of attacks on Ane tdr p%F's THIS ~
would have thrown the Street into a SpaSm
Of excitement II the visit han cone ne nrsa
That issue ia gone now. but The Uboat is
said TO be carrying many million ddl!ars
Of American securities that the Germans
have been unable TO ge, 20 market through
or the boat viii be celebrated by Wall
Street boars in fitting manner. Tho
MeStoan stocks were watched to-day by
many an important trader who d'a no,n.ns
active. Mexican Petroleum. with It's - oSV
shares being the most active STOCK on ,nc
sne,tins we're both extremely quiet. Tho
speculative fraternity ionnH .MeN1VH ~. az
roiegm s Gst pEpns1 che theory Of
fessionnl traders that MeNican p es, tnaf
has more than dseounGa a an eExpe ei there.
fore that in the event OF war being actually
declared. Mexican Petroleum VIII drop omlS
shoud carranza's mcssass 10 W 81 n 9 9s
& any way psasS S IN Mek Fa.T Petroleum
70 PGin,s dav OF two no, only is tho stock
Thoroughly iiquidated. but persons 81 familiar hnn,
salves in position TO buy 1t freely. As 40
per cent Is tied In the treasury and as iu'iE
individual investors it is not likely mat
there is more than 20 per cent OF the stocN
When one considers that physical apo
prasal gives the stock a raina Ton OF S'no
possibilities Of excitement in the next few
Aside from the Mexican issues, the pos
.ibility Of war with Carranza is not caus-
Ing much excitement In tn" street hccauSn
sion and the immediate business arising
from the war will not he al !rpor,a nee
compared with the orders that have
been placed here by Europe.
Four or Ave corporations Increased nlvi-
bends or paid extras. one OF ihcm was tho
Colorado Fuel and Iron COMPANY. which
declared so per cent on lis preferred stock
paying UP TINT much Of accumulated divi-
bends. St. Paul did not increase its divi,
dends as innocent traders tondly expected
II would 90. No railroad Is JUSTIFIED II,
paying out dollar of extra money until
the wage dispute Is settled.
The Department of Commerce almost
startled Tho bears by Announcing that for
all records Exports for the month We're
March. which may be a record for all tim"
Exports for tho twelve months endins,
May 81 Were silSs. o00.oNo. in increase OF ST.
!ro.hHo.0oo over tho previous lively, months.
This Increase alone t. equivalent TO the total
capta!izatio OF the United states Steel
est ON record the figures being 81: Oco, 600.
OF sil,ooo.000 above the previous record.
which was made In April
Trade balance OF tho United states for
May 100000, and for ,he twelve
months s2o26. o0c. 90 These figures acknowl-
edge the attitude OF the public in hanging
on ~ its stocks. for tn" ordinary cit!zeu
cannot understand why stocks should sell
higher and higher.
new YORK. June os-.Mercsntt!e paper,
-. y g. Sterling, sixty-6ay bills e; de-
i7and. .i7i% cables s'.7d ZIG Rar silver,
steady. Railroad nonds. irregular. Tim:
ioars. steady s!Ttv DAYS. "'.GSA. ninety
Iays. s.. q t. tx months. iltii, call money.
stc-dy. ruins rate. -.