New-York tribune., 1916-06-24
Standard Stocks Hold Well
as Speculative Issues
Make Further Losses.
TRADERS NERVOUS;
DEALINGS UNSETTLED
Short Selling Uncovers Stop
Orders in the Industrial
List-More Gold.

ne StanQard issues olu lhiilH "e'i ii'
Yesterdays market. but the more speeu-
lative part Of the list was under con-
siderable pressure. The uncertainty
still prevailing over what we are going
20 do in Mexico and the consequent dis
inclination 20 make new purchases
gave traders operating on the bear side
an excellent opportunity TO try out
weak speculative positions. Al the end
Of the day. after alternate declines and
rallies. the railroads and the better in
dustrials we're irregularly changed, not
far from the final figures Of THURSDAY,
while losses Of from / up 20 points
appeared elsewhere.
There was nothing from Mexico 70
show that further attacks had been
made on our troops or that any hostile
action had been begun on our part.
Negotiations were reported under way
IN Washington TO avoid actual warfare.
Preparations. however, for supporting
the rights Of this country continued
In the middle Of the afternoon II was
announced that the National Guaro was
10 be hurried TO the border as soon as
each command was ready, and TINS was
followed by a renewed decline IN the
market that lasted until slight upturn
came at the close.
Al the outset losses were not eA-
tensive and there were a fair NUMBER
Of gains. Prices rallied little IN the
carly dealings, but there were many
soft spots. and traders said the market
was full of soft spots, so decline
ouicklv followed The market steadled
later and held fairly well until the de
cline Of the afternoon. The final up
turn was not particularly impressive
resulting as it did. in the main, from
covering of short commitments.
Stocks particularly weak were those
that had been raised through specu-
lative activity until prices attained hau
laid them open to attack. As It hap
pened in most instances these were not
the ones that could logically be eN-
pected TO suffer through war IN Mexico
The metal stocks were stlll under press
ure. but a number Of the coppers made
better resistance than on the DAY De
fore and American Zinc and Butte anu
Superior were up point at the close:
Future reductions In quotations lot
conner in London brought reports OF
weakening of the market here. IL was
+rue that. as has been the case for
rOmc time. StEOlQ ldIAe NNAN va 49, =
g, limited amount Of the metal at con-
cessions, but large producers made no
reduction in their prices. This is the
dull season i'm the copper business as
in many others. II remains to be seen
how much the increased production or
he metal and the efforts Of London TO
depress the market will serve TO hold
back domestic buying.
Tennessee copper followed the un-
expected announcement overnight or
suspended dividend with a bad
break. It opened more than 5 points
down. rallied a little, extended its loss
10 over 6 points in the afternoon,
and closed not much above its lowest.
Last year the stock changed hands as
high as 20, on talk Of great profits be-
.ng realized from copper and from
rulphuric acid, which did not appear
in the recent annual report. Fire that
put a chemical plant out Of business
was given as principal cause for fall
ure 10 declare dividend.
Among other issues 70 show special
weakness was Industrial Alcohol,
which got down ~ points, but rallied
sharply toward the close. Reading
got out Of hand early in the day. but
recovered quickly, and ended only a
small fraction down. Mercantile
Marine preferred fell back, making a
maximum loss Of more than 4 points.
United States Steel. which next TO
Marine preferred was the most ac-
tive stock, was held steady, and ended
a shade higher.
Lending institutions were still dis
eliminating rather sharply in regard
% collateral offered but funds were
10 OF about Tho 1arra1o "a
on the day before. Call loans were
not made higher than per cent, and
we're renewed over the week end at
2&. From known currency movements
a considerable addition TO the funds
Of local banking institutions is ex-
pected. Money continues to flow 10
this centre from the interior, and gold
imports, which may now appear TO
heen heavy, S4,600O0O more coming
from Ottawa yesterday.