New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-16
Stocks Sag-Traders Show
Little Initiative-PubliC
Holds Off.
COPPER STOCKS FAIL
TO CARRY ON RISE
AnglO-French Loans Go Lower
on Heavy Offerings-Easier
Trend in Time Loans.

Stocks yesterday had what is ordi-
nsrily called a waiting market. though
what traders were waiting for other
than for purchasers to absorb the
oversbundance of offerings was not
apparent. There was no great pressure
OF selling and the total Of dealings
fell TO around 100000 shares. but the
disposition to reduce holdings was gen
ersl. Probably the failure Of prices
70 rally vigorously from Tuesdays re
action discouraged traders on the long
side.
The course of discussion between
railroads and their employees was an
unfsvorable influence, as it worked
against that section of the list in
which advances had most easily been
accomplished. The actual break in
negotiations and announcement by the
unions that they would ask for votes
authorizing them 10 call strike came
when trading had ended. but there
had been practically no doubt that this
would be the result.
Louis meant little 70 the market. as
it was felt that the proceedings would
bring no surprises. Abandonment OF
the traditional policy of tariff for
revenue only had been foreshadowed
in the Presidents recommendation OF
q commission to study duties on i'm
ports. A period of intense national
ism is indicated by events across the
I ID INN M - ~
/ ing way TO desire for protection Of
| home industries needed TO round out
national development So far as the
tariff for revenue only proposed by
the Democrats four years ago is con-
cerned. il failed 10 produce sufficient
revenue before the war. and even
now. when our imports are breaking
all records. IL is still necessary 70 re-
tain the war taxes Of 1914 70 supply
funds for government purposes.
Talk Of new borrowing here bv
France and by Great Britain. together
with payment of Anglo-French bond,
Yesterday in the du Point dividend
sent this issue. which the week before
had changed hands at 96. down 10
95A Dealings in the bonds were the
heaviest for some time, and selling
WAS PARTICULAR! uieS"N cay 80
day.
Stocks generally showed only frac-
tional changes al the close, but most
Of these were downward. The coppers
proved a disappointment at their best
making only small gains. and gener..
allv ending with losses. A number OF
the specialties which had been ad-
vapced earlier in the week fell back
on profit taking. and in one or two OF
the railroads maximum losses extend
ed 10 point or So Advances were
few Maxwell Motor. Mexican Petyo-
leum. Nickel and Crucible Steel hav-
ing brief periods Of strength. Re
newed talk Of payment on back divi-,
bends due on the preferred helped
Crucible. Resumption Of the Z per
cent rate by Louisville Nashville
which had been paying since late III
1oI4 came after trading had ended:
More liberal offerings Of funds Tor
time accommodation resulted IN a
,riAe lower rates for the shorter
maturities. Call loans were renewed
AZ 3 per cent. and made as high as
az Sterling exchange was as STEADY
as ever. The steady inflow OF gold
from Ottawa continued. with the re-
CONT of S2.25OOOO. Abroad the Bank
~ England reported gold holdings
practically unchanged. Its loans IN
creased and deposits we're larger so
tbere was a loss OF more than liz per
I cent on the reserve proportion.