The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-10
FINANCIAL NEWS
AND COMMENT
Wall Street Reflects Hopeful
View Of Political Results
at Chicago.
I~NDUSTRTALS GO HIGHER

Hopeful views Of the political situa-
ton az Chicago were further reflected
In another display Of restrained strength
in the stock market. There was no evil
dence Of any adverse influence excrted
by Thursdays crop report showing the
backwardness OF the agricultural sea-
son nor Of any disposition to regard
quoted values as u~nfavorably affected
by the cautionary considerations con-
nected with the nrmer tone which the
money market IL now displaying or with
the contingencies of the European war.
The war itself seemed again to be rele-
gated 20 a plane OF Inferior importance
as n marketwise factor. although the de-
cisfveness Of the Russian successes
against Austria may have contributed
elements of support to the price struc-
ture by way of sympathetic communica-
ton from the sustained strength of the
London and Paris markets,
So great was the absorption OF Wall
street interest In the advlces from CHI
cago that It would he difficult to con-
strue the stock Exchange session as
other than an expression of financial
sentiment and opinion about the drift
Of the elaboration at the Republican
and Progressive conventions. The over
night dispatches telling OF efforts
through a conference committee TO bring
about an understanding between the
two conventions encouraged eXpecta-
ton of a united outcome OF the conven-
ton proceedings. The two platforms
very clearly afforded n basis FOR n nomi-
nation agreement. and The news bulletins
during the day suggested warrant for
confidence that the p~erpCtuation OF the
1872 split would be avoided.
II was this which was primarily re
sponsihle for the fairly steady progress
In strength which the stock market
made. Total transactions were still
maintained on n moderate scale OF ac-
tivity, which IL u denoted a waiting
attitude toward political vents did not
betoken hesitation. In the early deal
iugs rails continued the demonstration
Of improying capacities. but they were
not so conspicuous at any time as tn,
Industrial list became In the afternoon
trading. Particularly I'm the last hour
there was a pronounced direction %
purchases to the industrial department
and war munitlon shares participated
prominently IN the buying movement
although United States steel was tn
mos, influential feature. The close sac
strong
In the routine news OF the day AZ
intcrestiue item was the announccmen
Of the promptly successful subscription
TO the syndicate underwriting for th'
new and largest combination OF moto'
companies. Call money renewed at
per cent. Gold importations from can
ada were increased to about sil.
900, 600 on the present ipw. in~cidertalii
tho fact might he noted that l.oudui
dispatches report very heavy oferlnE'
of American securities to the Briiisi
Treasury under tho supcrtax just levied
but that the prefer ,s taking the form
chiefly OF loans. The Inference from
this rs that the securities thus rendorc'
available are likely to be pledged q
collateral for loans here. and that tn
quantity Of foreign liquidation TO he an
sorhed directly by our market Will b
propor,louately diminished. During tn
day the 1880. 900 of German gold whic'
has been held in bank vaults here sine
It's receipt a month after tho outhrcal
Of the European war was deposited a
the Assay Office.