New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-16
Irregular Changes at End
u FAY After Early Rise
in War Group.
DEALINGS ACTIVE IN
A FEW INDUSTRlALS
Won Papen Papers Disregarded
Uncertainty Over Mexico
Bank Surplus Up.

For q time In yesterdays short SEES
sion the speculative industrials rose
with additions Of point or two 70
their recovery Of The days preceding.
In this movement however, only few
issues Joined, and before the close
there had been reaction that about can
oelled the previous gains. Dealings o.
around 100000 shares made fair sized
Saturday total, with a few industriaIs
still accounting for disproportionste
share Of the days trading.
First prices were irregularly changed
from those OF Fridays close, and for "a
while the market showed no CERTAIN
trend. Around the middle Of the frs;
hour the war stocks and similar issues
started inward, more on further short
covering than on any important add
ton to speculative purchasing. Before
the end Of the session there was SUI
fcient profit taking TO wipe out most OF
these advances The professional ma
ture Of dealings was pronounced, and
70 traders Sundays interruption. in the
present state Of international affairs
means caution. So yesterdays session
was devoted more 70 evening up OF
trades than 10 any new commitments.
The news. printed in the morning
papers, OF documents seized BY British
authorities tending 10 incriminate @
German cid with outrages in this coun-
try had no market effect. That our
government had such evidence was ap-
parent when Won Papen's recall was de-
manded. II appeared from the cable
dispatches that nothing had been dis
covered that would definitely connect
the German Embassy here with viola
tions Of our laws. so the incident vas
considered as merely confirming what
our authorities already knew.
Mexican affairs continue 20 cause
hesitation, but developments in Wash
;ngton seem as yet too indefinite 10
warrant belief that the administra-
;ion's refusal 20 send an army across
the border 70 protect our citizens would
be overruled Even should Congress
force such action, 1t is by no means
certain that Il would be considered q
greatly disturbing influence 70 secu-
rifles. Our position in Mexico ha.
been unsatisfactory. Our investments
there have been largely unproductlve,
and those Of our citizens who have been
aiding TO develop that country's natu-
raj resources have done so a. great
risk. That sooner or later il would be
necessary for us 10 bring order through
arms In the territory Of our southern
neighbor has long been the conviction
Of many.
Yesterdays Clearing House state
ment, in an increase OF some S2S,OOO,..
600 in demand deposits, accompanied
by an addition Of less than 100000
30 loans and in an expansion Of over
sls.000,000 in surplus, showed the sea-
sonal flow Of currency TO this city.
Gold imports were responsible for only
about 100000 OF the S29,000,O0C
added 20 aggregate reserve. The sur
illus is now more than SIP 100000, and
ease of money seems assured, barring
unforeseen accidents, for some time 10
come.
The market for sterling exchange
yesterday was quiet, with rates a little
lower During the week bankers have
found no difficulty in keeping rates or
steady basis, and fluctuations have
been comparatively narrow. The re
port from London of purchases of Ar
gentine railroad securities there fo'
American account indicates al add
tional Offset 10 our balance on move
ment OF goods.