New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-20
Entire List Declines as the
National Guard Gets
Ready for Mexico.
SELLING INCREASES
TOWARD THE CLOSE
Metal and War Stocks Lower
with the Railroads-MOney
Rates Held Steady.

The order for modelling the ma
tional guard that came over Sunday
made il appear less certain that We
were to be kept out Of war. The stocl
market went lower-not in any panicky
fashion. but with a pretty steady anc
general decline that brought losses II
standard issues Of TO points or So
and of up to Z in the specialties. Nc
matter how long the possibility of in
tervention had been confronting US OF
how little active warfare in Mexico, il
II comes, may affect the general bust
ness of the nation, there were a gooC
many speculative holders Of stocks
who thought it wise TO clear up then
positions, so as TO avoid any possible
trouble. At the same time purchasing
power was naturally restricted.
Yesterdays liquidation was for the
most part from speculative sources OF
no very substantial character. Unit.
the last hour dealings were on rather
q small scale. Then a new wave OF
selling forced prices down, until tho
close was at about the lowest levels
of the day, and nearly three-quarters
Of a million shares had changed hands
This late pressure brought out the
usual rumors Of some special bad news
which had not reached the market, but
IL appeared rather a combination OF
short selling and closing out Of &C
counts as stop orders were reached or
margins became impaired
At the start losses were limited 20
a point or two. Some slight irregu-
lar recovery followed, and for a while
the market was hesitating, rather than
positively weak. Scattered liquidation
was soon resumed. The early after
noon was comparatively quiet and a
little steadier until the late reaction
set in.
Stocks of concerns with property in
terests south of the Rio Grande were
practically not weaker than the rest OF
the list. In the last two years they
have had opportunity TO discount a
good deal of the Mexican uncertainty.
Active Intervention should result in
making our investments in Mexico
more valuable, and the amount Of dam
age that can be done TO properties
there is limited. Mexican Petroleum
with point drop, Jared the worst.
United States Smelling got down more
than 4 points and American Smelling
and Greene Consolidated Copper over 3.
The railroads joined more freely in
the decline than they have in former
times of weakness, but this was TO be
accounted for by the fact that specula-
ton in the carriers was greatly in
creased in the last month or so. Losses
of points or more were fairly com
mon. New York Central, which suf-
fered from, the disadvantage of re-
fusal of higher passenger rates in this
state, and Southern Pacific, with a line
in Mexico, were not much below the
other transportation issues.
Among stocks that had particularly
benefited from the war abroad losses
wero pronounced, metal stocks proving
especially weak. The argument that If
this country were TO become involved
in hostilities domestic war orders would
be added to those from Europe had lit
tie weight yesterday. OF course the
metal stocks were under the disadvan-
taCe of a less favorable trade outlook
Butte and Superior broke over points
in fairly heavy selling Crucible Steel
was under pressure carly in the day and
ended 4 points down. The automobile
issues were not particularly active, be-
ing in better position because Of last
weeks house cleaning, but losses here
ranged from to II points
Lowered bids for government bond;
told of expectation that unless Difficult
ties with Caranza became less pressing
the United States was expected TO ap.
pear as a borrower. This had no in.
fuence on funds for stock market pur
poses. which were available at rate,
practically unchanged from those at tn,
close Of the week. Sterling exchang,
was shade lower in anticipation Of ;
possible calling back of our balances
from London because Of our own great
or needs.