New-York tribune., 1916-07-19
Stock Prices Again Move
Sluggishly-Dealings
Contract.
BEAR TRADERS ARE
NOT so SUCCESSFUL
Money Continues Easy, with
Shading of Rates on Fixed
Date Maturities.

The Wall Street stock market in its
main characteristics yesterday was but
a repetition of the session of the day
before, with an accentuation of dull
ness, if anything. Excepting in the
case of a few scattered issues it was
barely more than nominal affair. Alb
sence of the buying support requisite
to establishing a higher range of val
ues was again the chief obstacle in the
way of further recovery, although the
action of the general list indicated. on
the other hand, that the professional
traders were meeting with increasing
difficulty in operating successfully on
the downward side. This latter phase
of the market situation seemed 10 bear
out the contention of close observers,
who have held that stocks were pretty
well sold out on the recent decline.
Professional operators, who again had
the market TO themselves, sought out
weak spots with a fair degree OF sue
cess, but losses were not extensive
and many issues closed with substan-
tial gains, again giving the market an
sppearance of pronounced irregularlty.
Automobile shares. which had been
weak the day before. did better yes
terday, although WHY'S Overland SUI
fered another sharp decline, followed
by recovery. Metal issues, on the con-
trary, gave considerable ground for a
time, notably International Nickel,
Anaconda Copper, American Zinc. Unit
ed States Smelling and Butte and Su-
perior. Anaconda. at the bottom
showed a loss of points from its high,
but rallied to close only fraction on.
The strongest feature of the special
ties was furnished in Mercantile Ma
rine preferred, which moved UP more
than 2 points in respons to the publ
cation Of the favorable earnings state
ment for May. In the general way the
railway issues about held their own
with some of the low-priced shares OF
the group. attracting attention BY a
spirited upturn. Denver e. Rio Grande
common and preferred were especially
strong. the common advancing about 0
points and the preferred 2. Strength
here was attributed to the progress OF
tire reorganization of the Western Pa
ciic and allied Gould properties,
Easier tendencies were again IN evil
dence in both call and time money. yes
terday, with renewals made on basis
of 215 per cent. the lowest since the
furry of a week ago, when the renewal
rate went to per cent. New call loans
were placed as low as .214 per cent.
Fixed date funds and commercial paper
quotations also ruled lower Appar-
entlv the large arrivals of gold IN the
last week are having an effect on ster-
ling exchange rates, for sight drafts
on London at 4.7594 stood at the hign-
est level in several days. German eX-
change showed signs of renewed weak
ness. Francs were steady in the face
of the public Offering Of the , new
French loan of s1OO,OOO,OOO to be made
TODAY. Current railroad earnings
continue to indicate large gains com
pared with a year ago, and for, the
eleven months ended May 81 the lead
ing roads of the country reported a
combined increase in gross Of S457,7.5O,'
600 compared with the corresponding
period of 1915, while net gained s29h'
5000.