New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-22
MARKET NEWS
AND COMMENT
Raid on the Metal Stocks
Starts General Break in
the Afternoon.
MEXICO FURNISHES
BEARISH RUMORS
Traders Succeed in Putting up
Prices in Early Hours
Bond Buying Light.

After an attempt to continue the
rise Of the day before had died away
the market turned downward rather
sharply yesterday. Traders, having
decided that if prices could not be car
ried higher they could be depressed,
attacked the most vulnerable portion
Of the list. the metal group, and sue
ceodcd in uncovering stop orders and
bringing out considerable stock. Other
issues that had been advanced until
their position was insecure were also
nut under pressure. and then the de-
cline became general. Before the close
the downward movement was checked
and prices rallied little, but ended
not much above their lowest.
The Mexican difficulty, having pro-
duced break and recovery. was natu-
rally due TO bring period OF uhcer-
taintv until new developments gave
lead 10 the market. Rumors OF an at
tack bv Carranza's forces on our eN-
nosed troops and of a call for volun-
teers were used to put stocks lower
Actual news of the day included the
shutting down of a copper NINE ana
the recall of MeMcans from botGer
cities. <,
There was. apart from such forced
foundation as was brought out by
bear raids. practically no public par
ticipation in Yesterdays dealings. Inc
market was a thin one, and TINS maze
il easy for traders in the first hour OF
two 10 advance stocks. Steel got up
nearly a point. the automobile group
went higher. and the railroads and
miscellaneous assortment Of lndustrlals
were firm. This advance, however, had
practically no following
BEFORE noon the trading element on the
floor turned bearish. The enc STOCKS
were singled out to be sold and gave way
easily. Then some of the copper weak
ened, and industrials, such as Marine
nreferred. Beet Sugar, Mexican Petro-
ieum and the motor stocks, fell back.
At their extreme decline the more
active railroads were down point or
so. about cancelling the Improvement
of the day before. In the industrial
list the setback went from l TO .
noints the zinc stocks furnishing the
greatest losses.
Rock Island held firm practically all
dsv. II was the most active stock on the
list. with q turnover of around o5'OOO
shares. and closed at its best, up 8
points. while the debenture 5s also adj
vanced on heavy buying. Reports were
current that at last announcement OF
a plan was near which would put the
road on its feet again.
The heavy turnover in Rock Island
issues brought the days bond total 10
more than S5.0OO000. The bond mar
ket in general, however, was rather
quiet. The prevailing uncertainty over
how deeply this country VIII be IN
volved in Mexico naturally tends TO
reduce investment buying. Particular
Nv is this working to limit preparations
for reinvestment Of July corporate dis-
bursements, which al this time should
be felt among the investment houses.
though lending lnsltu-
tions are not so well supplied with
funds as they were a while ago, there
is an immense amount of idle money
i'm the country, the placing Of which, 1t
is felt. is only postponed by the pres
ent crisis.
In the local money market yesterday
there was further hrmness IN time ac-
commOdation for the longer matEUties.
Call loans renewed az % per cent, I'M
stead Of 3. which had been the rate
since early in the month. Sterling eX-
change was held without important
change. while rates on Germany worked
q little lower.