New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-14
Prices ReactiOnary, with
Pressure of Selling
Not Heavy.
RAILROADS DECLINE
ON LABOR DISPUTE
Mexico Looms More Threatening
Russian Credit Here
Gold from Ottawa.

The reactionsry tendency TO which
Mondays early strength gave way was
in evidence in NEST of yesterdays
trading in stocks. Traders were in
clined to operate for decline, there
was little fresh buying from without
and news of the day was construed as
unfavorable. Selling pressure was not
heavy and in the early afternoon deal
ings were on a small scale, while the
day furnished considerably less bust
ness than had appeared in the session
before. Some issues improved, but in
the main these were not such as to IN
spire much confidence.
Difficulties in Mexico appeared to be
growing, as warning was given that
more state troops might be sent to the
border and a refusal Of Carranza's
demand that our troops be withdrawn
was being made ready. This was par
ticularlv effective in depressing some
of the stocks with property interests
south of the Rio Grande. Mexican Pc
troleum got down more than points
and American Smelling was lower.
Failure of the conference between
railroad managers and unions TO make
progress toward settlement OF their
dispute, while il did not cause much
actual weakness in railroad stocks, was
sufficient to check for the time the ad-
vance in this group, which has OF late
been furnishing the most substantial
portion Of the movements upward
Losses Of point or more were mace
by Reading, Chesapeake q Ohlo' lie,
high Valley, Norfolk & Western ana
St. Paul. part Of which we're recovered
before the close. Some of the low
priced railroads, on the other hand'
made considerable gains.
A protective tariff as the result OF
Republican victory in November no
longer seemed to be such a good rea-
son for buying stocks, and good part
of the gains Of the day before that had
been based on this argument were
lost. United States Steel, again the
most active stock on the list, fell back
a point and closed only shade above
its lowest. The other steel stocks
showed more or less reaction. Just
before the close some of the coppers
were sent higher, and Beet Sugar and
Marine were advanced, put
this late upturn was not particularly
impressive.
Money stocks we're steady, practi-
callv the only quotable change being
a high rate of 81 per cent for call
loans, against on Monday. Sterling
was steady, as $4000,00O more gold
from Ottawa brought receipts since the
shipments began to more than S4S,OOQ,-
COO. At the same time there was with
drawn q small amount of gold TO be eX-
ported TO Spain. While exchange mar
kets are now so disarranged that ar
bitrage transactions no longer bring
about the same equilibrium in rates
that normally prevail, at the same
time our extensions Of credit TO Great
Britain that have raised sterling above
its level in practically all other neu-
trial markets have turned rates IN these
centres against US.
To assist the Russian government
10 make payment here, our bankers
have arranged for a $50,0O0,O0O credit
to run for three years at the rate OF
6h per cent. Participation in this
credit will be offered TO the public, and
there is included t. make 1t more at
tractive right to u.s. a 15O,0O0,000 ruble
credit in Petrograd, or TO purchase
Russian bonds, both at the rate of 3
rubles for one dollar. This is little
above the current level of Russian ex-
change here, but compares with nor
NAL par of less than 2 rubles for one
dollar.