Evening star., 1916-07-29
CLOSING IS IRREGULAR,
ON VERY LIGHT TRADING
Low Ebb of Midsummer Dizziness in
Stock Market Is Reached
Today.
Such Changes as Occurred Resulted
From Settlement of OutstAnd-
ing Contracts.

NEW YORK, July 2s.-The low ebb
Of midsummer dullness In the stock
market was reached today. dealings
for the two hours falling to minor pro-
portions. Many of the more representa-
tive issues were not quoted at all. and
such changes as occurred resulted from
the usual settlement of outstanding
contracts.
United States Steel, Mexican Petro-
leum, the Marines and Pennsylvania,
the latter displaying some heavlness,
contributed more than their share to
the very slim overturn-
The bond market. where prices tended
lower, was the real feature on recurrent
offerings in large volume of interna-
tional issues.
The closing was irregular.
Changes Mostly Nominal.
Irregular changes. mostly nominal. but
mainly upward, attended the dull and
narrow trading Of today's initial opera
tions. .,
decline which was soon recovered, and
such special issues as Mexican Petroleum.
Marine preferred. Industrial Alcohol.
Studebaker and Baldwin Locomotive were
slightly higher Rails also maze % modeIate N
folk and Western, Illinois Central and
Canadian Pacific. 1nternauona! issues
again featured the bond list, with rela-
lively heavy trading in Anglo-French 5s
at a concession, while the new French
notes held at 9S, the subscription price.
Rail Earnings Less Impressive.
Traders controlled this weeks dull
and narrow market, the short interest.
for a time at least, making further in
roads on prices as q result Of the In
difference accorded the United States
Steel report and the extra dividend.
Heayiness of rails, which again be-
spoke fear of foreign liquidation. con-
stituted another adverse factor and FUR
nished the bears with additional am
munition.
scarcity of representative stocks Tor
manipulative purposes caused more or
less covering of outstanding contracts;
Besides United States Steel. increased
or extra dividends were declared ny
other Industrial companies. whose re-
ports for the second quarter or hal1
year indicated sustained prosperity:
Earnings of the railroads for June
thus far to hand are less Impressive
than those Of the months Immediately
nrecedine. but the leading transporta-
tion systems have yet to submit re-
turns.
Less Susceptible to Pressure.
Munitions and semi-war shares were
less susceptible to pressure IN con-
sequence of the placing of further Or
ders by foreign governments. but most
of these issues show marked deprecta-
tion from this period a year ago, wnen
high records were the rule. Metal
markets manifest all their recent con-
fusion, copper making little headway
despite the increased demand.
IN its international aspects, heavy
trading in the new French notes at
the subscription price and fresh weak
ness in exchange on Germany were the
outstanding features. Remittances to
Berlin were within a small fraction OF
the minimum established some months
ago.
or credit were continued in an informal
Way and a shifting of Canadian OBJ
legations from London to this market
is indicated. 1t is not improbable also
that additional direct credits may be
placed here for account Of the Canadian
provinces.