New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-28
Stocks Recover - Shorts
Repurchase and Strong
Interests Buy.
EARLY UNCERTAINTY
SOON PASSES AWAY
More Confidence About Mexico
Favorable Market News
Well Received.

With no improvement discernble in
cur dispute with Mexico, yesterday
security market made a complete about
face; and prices rose practically all day.
There was a brief period of uncertainty
around the opening, and then. as stocks
held firm, the short interest covered,
and the movement was upward until
the last hour, when profit taking caused
some reaction. In banking circles con
fdence was more freely expressed that
this disturbance to the South meant lit
tie after all TO our national welfare,
and accumulation by strong interests
encouraged traders.
For the time. at least, liquidation OF
weak speculative accounts in any vol
ume seemed 20 have been completed
with Mondays selling. The general
outside public still did little, but
traders-the professional element tina,
had been so bearishly inclined about
made UP its mind that the decline had
.un its course. OF issues which had
coveries that extended 10 or points.
Part of this improvement was lost ID
the late trading, but gains of l and :
points or more were fairly common
among the more active stocks at the
close, and losses were few.
In the main the days recovery was
ascribed 10 conditions within the mar
ket itself, TO the clearing out OF over
extended speculative positions and 10
the purchasing that had put stocks IN
stronger hands. There was some news
Of the day construed as favorable, but
most Of this was such as has often been
ignored of late. An early report that
Crucible Steel had received war or
der from Washington received much
more attention than did its late de-
NAL.
An extra dividend of / per cent by
Central Leather and an increase IN the
Anaconda disbursement to the rate oil
IS z wear were better received than I'M
proved dividends had been for some
time. Anaconda ssgged a little after
the announcement. but rose 10 its best
of the day, more than 3 points aboye.
Mondays close, afterward. Some OF
the other copper stocks which had been
under special pressure last week also
advanced.
A number of the other war stocks
followed Crucible TO higher levels, In
dustrial Alcohol, with maximum gam
Of more than 4 points, making about
the most notable advance. The ran
roads got UP from q fraction 10 a point
or more Mercantile Marine issues re
covered from early weakness, but the
preferred fell back, 10 close shade
lower. United States Steel, the most
active. rose more than point ana
ended not much under its best.
There was deposited at the Assay
Office some SlO,OO0OO0 in gold bars
that came direct across the water from
London. When it is remembered how
large a proportion Of the goods we send
out must be financed through the Brit
ism capital, the export figures for Aay
give good reason for this inflow OF
gold. Exports in the month broke all
records with the immense valuation OF
SAT-. 900, 900. The greatest total Of i'm
ports yet reported, 1929, 100000, still
left a favorable trade balance for the
month that also was record breaking.
News Of what appeared to be the be-
ginning of the long expected advance
on all fronts by the Allies sent govern
ment issues higher in London, and IN
this city was associated with sharp
break in German exchange.