The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-08
FINANCIAL NEWS
AND COMMENT
Stocks Display Irregular Firm
ness, With Some Hcaviness
in the Motor Group.
RAILS ADVANCE AGAIN

Considering the importance Of Presi-
dental politics In the immediate banking
and business prospect the stock market
yesterday. In view Of the rather dubious
tenor OF advices from the scene OF con-
vention action at Chicago. gave q salts
factory account Of its position. Quoted
values displayed underlying frmness ex-
rept In particular quarters. where more
material reaction than took place could
not be regarded as deleterious. More
over the market showed a salutary re-
sponsiveness TO the application Of money
market brakes on speculative extravR-
gance In special directions.
On the whole the session suggested
that Wall street was still waiting on the
outcome Of the efforts at Chicago 10 pre-
vent a repetition OF the 1912 split be-
tween the Republican factions. While
there was plenty " contrary prediction
IN the Chicago dispatches. The substan-
tlal element Of the financial community
held tcrac.ously to the opinion that
patriotic necessity would compel the
restoration OF Republican harmony ana
give the country the benefit OF n con.
test hctween two strong parties.
Trading IN stocks was on n somewhat
diminished scale Of activity. but except
N the early part of the forenoon there
/ was no genera, continuation OF Tuesdays
selling pressure. In the afternoon there
was a good deal Of irregular improve
ment un'ier the leadership Of rails and
tho closing tone was fairly strong. Nor
we're industrials altogether neglected or
Disseminated against by buyers despite
the heavier movement of motor and re-
lated shares and the perx istence OF criti-
cal comment on the sluggish inertia OF
copper and other metal stocks at a time
u unprecedented prosperity for the metal
Industries.
by most obscrfers the aspects Of the
market were viewed with satisfaction
because Of the retirement OF the stocks
In the motor group and kindred shares
from the excessive prominence they had
hecn gaining. quite apart from the
questionable features Of the process OF
merging and expanding these descrip-
tions which has been going on OF late.
the invasion Of the financial field by the
new automobile Eichmonds with an APP
parent disposition to attempt an eNclu-
SiVo occupation Of tn. securities market
has created n problem which may have
| some bearing on the current stlf1ening OF
| money rates. Serious finance has plenty
10 cugage its attention in the provision
~ , market for the absorption OF for
eign liquidation OF securities. the extern
sion Of credit TO foreign borrowers and
the conduct of new financing for staple
domestic requirements. and IL may re
thu, the present money market repre-
s,rts efforts to curb excessive speciality
speculation. which might interfere with
more consequential undertakings.
The largest amount OF gold for one
days shipment on the present movement
VAS received from canada YESTERDAY,
tho consignment being $4,000 900. In.
crclsing the total current importation
to abou, SIS. 500. 600. II can hardly he
otherwise than that so great an impor-
ta,ior is taking place in pursuance or
"A procrtmlne Of assisting financial oper-
a,iors here connected with the interna-
tional exchange OF goods and securities.
The call loan rate Of renewal YESTERDAY
was advanced to 81, per cent. as against
z Der cent. on Tuesday. and the fact that
the arrangements OF large credits for
London figured among the causes OF the
ha rdening money market OF the month
became known during the day.