New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-09
Railroads Rise in Early
Dealings - Irregular
Upturn at Close.
TRADING LISTLESS
MOST OF THE DAY
A Few Industrial Specialties
Improve-Convention News
Overshadows Trading.

Railroads had the best of what trad
inC was done in yesterdays market.
A few were dealt in on a large scale
at an advance early in the day. though
this Improvement in most cases was
only temporary. Among the indus
trials q handful Of favored issues sup
piled the bulk Of the days movement.
II was not market in which much
interest was shown or OF which any
sustained action WAS to be expected.
Political news from Chicago absorbed
attention and left as much uncertain
~ as ever as 10 whether there would
be united opposition to the present Ad-
ministration.
For the first hour business was fair
ly brisk. The rails started upward,
some in vigorous fashion. Chesapeake
e. Ohio and Reading stood out among
the carriers. and when profit taking
brought reaction before noon Chesa-
peake held firm. Dealings became list
less save for a few special industrials
until the late afternoon. when a num-
Der Of issues, rails and industrals,
were advanced to their best Of the day
There was so little public participa
tion in the dealings and so much doubt
as to the political outlook that il was
mainly a specially market. Mercan-
tile Marine preferred, in which the
agreement OF protective committees
has still left sufficient uncertainty con-
corning back dividends to stimulate
trading, got up over a point. Railway
Steel Spring rose to high record on
good buying United Fruit was at one
time up more than points, at a new
high, and a good deal was heard Of
possibility of stock dividends or val
liable rights in connection with the
shares authorized early in the year
and still held in the company's treas
ury.
The copper stocks worked lower and
brought forth more attempts at ex-
PLANTATION of the refusal of the public
to get enthusiastic over present large
profits and the high price Of the metal.
The fractions were firm. United States
Steel. which on Saturday is expected
to make tonnage statement much less
favorable than those recently received,
was more active than il has been for
some time and made a maximum gain
Of nearly a point.
News dispatches from the conven-
lions at Chicago threw little or no
light on whether or not the Progress
sives would join with the Republicans
in nominating candidate against
President Wilson. Various reports as
to the prospects Of Colonel Roosevelt's
going TO Chicago were received with
attention. but found no reflection in
the course of prices.
The governments crop report
showed rather more deterioration in
winter wheat than had been expected,
Il loss Of 100000 bushels. Spring
wheat was put at the poorest condition
in years and with acreage considerably
under that of 1915 the forecast was
more than l00,000,000 bushels lower
than the 1915 WELD. The total forecast
for spring and winter wheat, 10000
900 was nearly 300.000,000 bushels be-
low last years record harvest. This
prediction of smaller wealth from the
followed two bountiful years for agri-
cultural communities, but is nevertheless
a loss TO our national resources.
Rates on money for market purposes,
which after so many months Of un-
interrupted ease have risen until they
have become something OF market
factor. were no higher yesterday. In
stead call loans, which had renewed at
81 per cent on Wednesday, were car
ried over at g. There was firmer
tendency in fixed date funds on col
lateral without appreciate change in
rates. The Federal Reserve Bank here
recognized the trend of the money
market in raising from 2 to pa per
cent the minimum rate for purchase
Of bank acceptances.
The British government sent IN more
than s3.OOO,OOO in gold from Canada,
making the total on this movement
over $4,000. 900 Again the futlllty OF
irving TO trace transfer Of gold at TINS
time of war was made plain in an IN
crease of more than s6,00O,OOO at the
Bank of England and Sl,OOO'OOo by, th,e
Rank of France during week IN when
the Allies have been sending US the
urecious metal in large quantity
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