New-York tribune., 1916-06-23
News of Carranza Attack
Overnight Fails to
Upset Securities.
STOCKS HOLD STEADY
MOST OF THE DAY
Professional Pressure at Close
Finds Weak Spots in War
and Metal Group.

Rumors OF trouble IN Mexico gave
way overnight 70 news Of an open at
tack on our troops by Carranza's
forces. but the market, after opening
losses that reached no great proper
tions. recovered and held fairly firm
until the late afternoon. Then pro
fessional selling sought out the weak
spots and found number in the metal
group and in issues where speculative
cliques had begun 70 grow tired of the
task Of holding up prices. Losses were
general at the end OF tho day, though
in railroads and other standard issues
these were in tho main confined TO
fractions.
During business hours there had
been received no official explanation OF
the clash at Carrizal, and In absence OF
detailed reports from our own officers
the government at Washington was dis
posed 20 wait before admitting state
Of war. As the market viewed IT,
chances of peaceful settlement seem
slim. Such uncertainty added TO the
uneasiness of those who had long pend
ing commitments on the bull side and
continued 20 discourage new purchas-
ing. .,
The early buying was principally
from traders and had the beneht or
good deal of covering by shorts when
stocks showed such resistance TO oae
rews overnight The railroads, United
States Steel and a few issues in the
industrial list did we'll while prices
held firm. Third Avenue on no large
amount Of business got up over points
10 its highest since reorganization and
held most OF its gain to the close.
There were soft spots throughout the
day. Zinc prices were lowered, and
this weakened the spelter stocks. Rock
Island was resctionary, the advance OF
the day before having apparently been
too enthusiastic, and the debenture 6s
lost part Of their improvement. lr-
regularity began to appear In the early
afternoon, the railroads holding fairly
steady. while industrial specialties
worked lower. Toward the close sell
ing pressure increased and in some
stocks prices weakened readily. Indus
trial Alcohol got down more than z
points. Butte and Superior 4, Tennessee
Conner over 8. while Crucible, Baldwin
and Rock Island added 70 their earlier
losses. This increase Of selling toward
the end OF the day, in view OF yester-
davis bad news. caused some fear OF
special knowledge of unfavorable de
velopments. and this added to the un-
certainty natural at such time Of in
ternational difficulty After the first
hour dealings had been small, but from
2 till 8 trading was on larger scale,
and the DAYS total was nearly 100000
shares.
The lessened demand for war metals
together with increased production,
came In for further notice. The big
inquiry from the Allies, of which so
much had been heard few weeks back,
was said 70 have been definitely with
drawn. Inspiration Copper received
news Of a 50 dividend with practically
no improvement, and this had its de-
pressing influence. -,
Call loans were made a slow as 212
per cent, but renewals at were one
quarter Of l per cent higher than on
Tuesday and Wednesday. Time accom-
modations held firm, with rates un-
changed. Immediate subscription TO an
Offering Of S5,000,000 of Baltimore e.
Ohio equipment certificates put out on
4 43O per cent basis furnished evl-
dence that in investment circles conii-
dence was still unshaken.
The inflow Of gold continues in large
volume, $4,000, 900 from Ottawa yester-
day bringing the total 70 more than
| s7i .O00.0 900. Sterling exchange was firm
while rates on Berlin went to new
/ low on the present movement.