Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-06-23
REPORTS FROM MEXICO
INFLUENCE ON MARKET
Rumors OF Attempt to Prevent Hos.
tilities Cause Covering
Movement.
SENTIMENT CHANGES LATER
Street Believes Cnrranza Cannot Get
Out OF His Trouble With Mere
Apology, and Selling Movement Is
Started.
ny BRoaDAN WALL.

NEW YORK, June 2o.--Reports from
Washington to-day that Carranza would
attempt to prevent hostil!ties by apol-
ogizing for the slaughter of American
soldiers caused n slight covering move
ment In Wall Street. This carried
prices in most cases above the closing
figures of the previous day. But sober
after-thouEht led the Street to feel that
X would be impossible for the MeXicans
10 get out OF IL so easily, and another
down toward the close. Net losses
we're shown in nearly every issue when
the day ended. This declining move
Eotiations for large quantities Of copper
metal for the allies had been broken
off. This report is beiieted TO be true.
but II does not mean the end of the
war. 1t simply means that the pur-
chasers, having Manipulated the price
Of copper down in London. have been
surprised that the American producers
refuse to sell at the lower prices. AS
the allies must have the copper. the
American companies viii refuse To sell
cxceHLS prices made III America.
Perhaps Il was because of the failure
of these negotiations that the increase
OF Inspiration Copper Companys divi-
dend 10 SIS share failed TO advance
that stock. kennecott Copper Corpora :
ton struggled bravely 10 hold itself
up. but with small success. Insiders
the war lasts a couple OF years longer.
the present market price would he paid
out In dividends. and they will have
the stocks for. nothing. They would
be good enough then for the general
public which ia too wise 10 buy now
Wall Streets pessimism was increased
expert statistician, who is advising
everybody to sell everything and use
the money to buy foreign securities.
advice is proved by the fact that Lead
ing commission houses arc actually
accumulatiug stocks i'll the present
cumulated are more motor issues than
the brokers like 10 see iii small ac-
counts. Abandonment OF the big motor
combine has had the strange enfect, of
stocks. Brokers say many of these
purchasers are persons who have
bought cars and who are trying to pay
for their cars by trading in the stocks
The United States Steel Corporation.
In common with other producers. is
finding that the, American manufac-
tations recently established Steel can
be bought at liberal concessions. but
even with those concessions domestic
orders have fallen of nearly one-half
To add to the troubles Of the steel com
panies, the strike of ore miners in the
Lake superior region threatens TO
steel companies report that foreign
orders arc running as heavy as ever
and that the full quoted prices are
being paid. Rock Island continued in
speculative demand on the theory that
the assessment would he reduced TO
practically nothing by the new pre-
ferred stock. There is good buying of
underlying securities in both Rock
Island and Frisco.
The plan TO reorganize the Union
Paper and Bag Company by wiping out
all the Old stock and accumulated divi-
deHds With an issue of $4,000. 600 of
new. all OF one class. raises the uues-
ton OF the rights OF the common stock
holders. This plan recognizes the COM
mon stookholder by giving one-siXth
Of the new issue.