New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-15
Irregular Advance with
Copper Stocks Brought
Into Trading Favor.
MOTOR BREAKDOWN
NOT DISTURBING
Some Railroads Firm for While
Gold Imports Send Total
TO Over $51, 100000.

Yesterdays market shook itself free
Of the reactioanry tendency induced by
Tuesdays profit taking and made some
progress toward higher levels. The ad-
vance was an irregular one, speculative
interests who desired TO produce an
appearance of strength operating in a
few special issues. The railroad cor
troversy being apparently about TO Ell
ter the customary stage where manag-
ers and men refuse 70 come TO an
agreement and the unions arm them
selves with a strike vote before resum-
ing discussion, the carriers were not
considered favorable for bullish enter
prise. The copper stocks. so long dis
appointingly sluggish, were advanced
on buying concentrated in one or two
stocks, such as had started the war
group upward last year and recently
brought trading interest back to the
rails.
Inspiration, a comparatively new pro-
Queer, was the leader chosen yesterday.
IL was dealt in TO the amount of well
above 100000 shares and was advanced
nearly points 10 its best on record,
Some of the other coppers followed
this rise with maximum gains OF
noint or so. The need of the Allies for
metal 10 be delivered in 1917 was ON
phasized in industriously circulated
rumor.
An incident of much market interest
IL without any great influence on the
course of prices was the announcement
that the projected automobile merger
had been abandoned because OF com
plications which were not more definite
iv explained during business hours. No
matter what may be the future Of the
automobile industry, and one who looks
back upon the progress of the last
twenty years must admit that forecast
NAV be futile, the scheme abandoned
was one that deservedly met disap-
proval in conservative quarters.
Preparations were being made to mont
an immense issue of stock through
appeal TO the cupidity OF those who
wished 10 buy something they could
sell to some one else at a profit rather
than on any explanation as 10 assets
earning power or basis OF organization.
This elimination Of the attempt 10 cap.
italize unusual profits at this time OF
war met with disapproval in banking
quarters and the abandonment OF the
scheme was generally felt 10 have re-
moved an element of danger.
WHY'S Overland, the concern dealt
in on the exchange, which was to form
part Of the new combination, started
the day 26 points down, as the news
came before the opening. Sympathetic
weakness in the other listed automobile
stocks did not extend far, and most
ended the day higher. WHY'S itself
recovered good part of its early loss.
Trading during the day was for the
most part of professional origin. The
total Of above half million shares was
about the same as on Tuesday, with
dealings better distributed through the
day. Copper stocks began TO show firm
ness in the early trading, and in the
middle Of the afternoon some Of the
railroads made temporary gains. Re-
sumption Of dividends By the "Big
Four" on the preferred had been ex-
pected and was OF little or no market
influence.
Money rates were steady. call loans
renewing at per cent, which was the
highest. The British government sent
in over 100000 in gold bars, bring
ing the total received since this method
of making payments was resumed more
than S5l 100000.