New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-01
MARKET NEWS
! AND COMMENT
Irregular Gains Early in
Day Followed by Set
back Toward Close.
TRADING CONTINUES
ON SMALL SCALE
A Few Railroads Advance
Around the Opening-Anglo-
French Notes Improve.

Trading in securities was resumed
after the holiday without much add
tional interest being shown in the deal
ings. and the days turnover was not
greatly above that Of Monday. Prices
moved in uncertain fashion during the
forenoon, making irregular improve
ment, and after halt around the mid
die Of the day losing practically all the
ground gained before the close. The
bond market was better than that for
stocks, both in the amount Of business
done and the frmness of prices.
At the opening there was some at
tempt to put up the railroad stocks,
which made itself most manifest in
Lehigh Valley. Reading and Canadian
Pacific. Lehigh added to its improve
ment of the two preceding sessions
and rose to its best in more than three
years. Announcement of the British
governments purpose to prevent IL
possible transfer of control OF
Canadian Pacific to this side had a
little sentimental effect on the course
of that stock Reading got up point
or so. This improvement was only
temporary. Lehigh ended a traction
lower and Reading more than POM
down.
After the first hour trading interest
turned to the industrials and num-
Der Of special favorites got up a point
or more. Mercantile Marine preferred
the DAYS most active stock, was at one
fvtc In
noon business was on a small scale and
prices sagged, with considerable press
ure by the short interest toward the
close.
In the copper stocks movement was
confused. but the group, in spite of IN
dividual instances of early tirmness,
closed lower. If, as reported, large
syndicate holdings in one of the newer
issue have been distributed more nat
ural market, and one that may better
reflect good trade news, should be eX-
Announcement that the du Pont
Powder Company would pay out some
S1l 100000 Of the Anglo-French notes
as part of a special dividend did not
cause any weakness Of the issue on the
Exchange. Instead, large business
was done in the notes at prices that
eoualled the best of the year.
Dispatches from London indicated
that because of the coming tax on IN
come from our securities there would
be some direct sales to this country,
though it is still expected that the bulk
of such legislation will be done
through the British Treasury, and so
will not prove as disturbing to our
market as would a great volume OF UNI
organized selling. However the securl-
ties are TO be handled, they have not
vet shut off the stream Of gold, 81
100000 in bars being received from
Ottawa. which makes more than So
100000 sent in by the British govern
ment during the month.
Sterling was held steady at 4.15A Tor
demand. while French exchange rose to
its best for some days, principally IN
adjustment TO the improvement IN the
Paris rate in London. In the local
money market call loans, as on Monday,
were made as high as 3 per cent and
the lowest was 2I2, at which renewals
we're made. Otherwise end OF the
month requirements caused no ten
dencv toward firmness.
Heavy inquiries for pig iron for for
eign account are reported by trade
publications and large orders for shell
making steel are expected. In some
lines of finished and semi-tinished ma
terial, however, there is further ten
dency toward lower prices.