The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-07
FINANCIAL NEWS
AND COMMENT
Rcactionary Tendencies in
Stocks-Various Con-
tributing Factors.
CALL MONEY 4 PER CENT

terday to furnish explanation II not oc-
casion for the display Of irregularly re.
dictionary tendencies in the stock market.
although In the alterations Of recent
advance and decline. with dealings
largely Of professional origin. the mere
chronology Of the market might suffice
10 account for the action Of the session.
Trading was on a scale OF further ex-
pansion. although total transactions were
only In moderate volume. The net re-
suit was an irregular array Of price
changes at the close. but the course Of
quoted values was In the main down
ward after midday and the final o
was rather heavy, with indications that
professional trading effort was engaged
in the application Of selling pressure to
force the pace OF reaction.
Following some early and rather gem
eral recessions the market: was taken in
hand In the first hour and moved rather
strongly during the forenoon under the
leadership of the rails. II was soon
found that industrials were offering in
fairy liberal supply and efforts to
advance them were abandoned, but
they were supported by the frmness of
the railroad department, where Norfolk
and Western went through the daily
process of establishing a new high level
and WAS assisted by Reading, and Louis.
vile and Nashville. among other In
fiuential descriptions.
S''er "nIu-sessioh 'he movement iasseu
ana as trauihg contracted prices re
'eued. Seiiins was encouraged by Nne
sHpec'S OF INC list anu d stimulus u
ueriine was PROVIDED o! a rather sharI
'a'i IN 'he N~ercah''ie Marine prererreo
Snares' "hicn was explained on th'
theory that "A good many holders uer,
'keIN 70 he disappointed by the discoN'
cry mat the new capital plai
contemplated the discharge or back divi
o'hds on the preferred hroug pay
hlents from accrued surplus and as earn
lngs permitted and no by coinmutini
them through the Issuance OF some new
security. AS a matter or fact the favor
able outcome OF the company's Difficult
ties, which seems now to be In sight
promises TO be a wholly c~ommendabl
accomplishment OF financial intelligence
and judgment and particularly credit
able 10 the Wallace committee. repre-
senting the preferred stock holders, whic'
has steadfastly pursued a policy of pa
cihc purpose calculated to lake the com
pany u OF receivership and place IL 4
a position OF independence under IN
control OF the shareholders. to the sa,
isfaction Of all the interests involved 1
the troublesome problem OF readjustin
the company's affairs to the condition
Of advantageous opportunity which IN
war has created for the shipping In
dustry.
Before the opening OF the market IN
news OF the tragic death OF Lord Eitcf
ener. Great Britain's Wal Secretary an
military idol, was published in the flnar
cial district. In some speculative uuai
ters there was a disposition to II a
adverse construction on the event, whic
accounted for the early selling OF stock,
The prevailing IMPRESSION Of TIA. nnan,i.
market seemed. however, to he tha
whether or not the death Of Kitchens
was to b. attributed to German enteI
prise in the frightening Of the long II.
Of spectacular performances OF the &c,
man navy II was not, In the light Of II
record OF last year. such a loss to n
British conduct OF the war as 10 MAX
It any factor in the military ~reckoninl
incidentally the most important advice
bearing upon the wal we're those whic
described the address Of the German In
periai Chancellor, apparently droppin
for the time being the peace p%ropagand
which Berlin recently avowed.
What chiefly affected the stock mark,
OF the day was. IL anything, the unce
ain stage OF Presidential conventio
politics as set forth in the Chicago de
patches. Next to this there was man
ses.ly soma Tendency 10 react from n