The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-11
FINANCIAL NEWS
AND COMMENT
KollfiS0 Developments Re-
4 strain Speculation In
Stocks. T.
INCREASE IN RESERVES

: &ouon0 1oVo1nQWUD O~vUgvAo0OWod
ne 0ers anano1sA situation yesterday.
A. . result trading w~s light. Ths syes
Of She financial District like those Of
an Shs rsse Of Shs country. wers turned
towar6 Chicago Aside from me devel-
opments a. ne Republican and Pro-
Nsssavs conventions little attention VA
paA 20 any Of the dayS happenings.
the oontinued Russian successes. the
rsnewsd German gains a4 verdun and
the untitled tonnage statement Of the
Uuftsd States Steel Cooperation all went
practically unnoticed in Wal Street. A.
. result Of The general centrins Of In
esrsst In the political situation the turn
0veP Of stocks wa extremely light and
market movements were for the most
Wrt without much significance.
Tho nomination OF Justice Hughes As
1he Republican candidate and the nomi-
nation Of Col. Roosevelt - the Progress
8ive candidate came too late to q m
influence on ths stock market. Slight
attention was paid TO the selection OF
Henry Cabot Lodge N the compromise
candidate by Col. Roosevelt. and the
overnight news from Chicago was 40
conflicting as to supply no incentive for
operations on either side Of the stock
market
United States stee1 registered Q wide
opening M the majority OF the indus
trial list began the two hour session
at prices close to or better han those
at which they closed on Friday. Little
attention was paid to the railroad stocks
n The prices Of these issues fell of
fr~Actionally Is tho session progressed.
Toward the close OF the market An easier
tone became noticeable. those having
profits preferrin9 to take them rather
than carry stocks over Sunday. fearing
political developments hat might have
. depressing effect on prices.
Tho United States Steel Corporations
unflled tonnage statement was about
what had been expected and showed an
Increase OF 1os.247 tons. bringing III.
total OF untitled orders "a Of May 81
UP 10 9.937.79s tons This compares
With s.s29.53i tons or April 80 and A.
2s<,6ss o n on May 81. 1915. The In
creass in the tonnage had no effect
whatever on the market in Steel COM
mon. that stock closing at $50. of !.
point from the previous close.
The weekly statement Of the Clearing
House banks was satisfactory In that
ehO WI Z '''N' tho"Su al
Of $16.422.es0 from the previous week.
that item now totalling $72.273.3o0. A
veal ago II was Sl~s5.l66.500. It Is evil
dent thai the banking institutions that
are members OF the Clearing House ere
taking steps to strengthen their o.
serves. as shown BY the recent deposit
Of German gold In the Assay once by
the National City Ban That the stiff
fleming in the call money rate 10 also
having Its effect on loans Il shown by the
act that there was . decrease Of $751;.
$4,000 in hat item from the previous
week. the loans now amounting to S.
S8I 1893. 900.
Gold I o the amount Of Ss.soo.eoe was
received from Ottawa n deposited In
the Assay Onfoe. bringing the total re-
ceived in tho present movement up to
S%4.125.0O0. The export OF the metal
to Cuba continued. 3l.o0o.oo0 being
withdrawn from the Government de-
positary here for that purpose yester-
day. Time money was Arm. but quiet,
md tho foreign exchange market was
'thout feature.