New-York tribune., 1916-07-08
Professional Operations
Force War Issues
Lower.
CALL MONEY RISES
TO Az PER CENT
Railway Shares Act Well-Crop
Report About in Line with
Expectations.

The process Of readjustment OF the
war industrial issues went further on
the exchange yesterday. when prices
renerally sought lower levels IN con
,nuation Of the selling movement OF
The dav before Professional opera
,ions on the short side combined with
a small volume Of liquidation to force
prices Of the leading stocks OF the mu-
milton and metal groups substantially
lower. and. although moderate reeov-
cries set in shortly before the cloSe'
many OF these issues ended the daN
ono or more points of Railway shares.
which. IN Keeping with their snow o.
resistance IN recen; days. were hrm
early in the session. eased oil ior O."
,ir,c. but closed comparatively steaoy'
In fact. the tendency of the rails STANDS
out as one Of the gratifying features O.
;he market al the moment.
A. time Goes on the CONVICTION seems
70 be gaining ground that the NolHhie
If war business from the other slde is
rsridly dwindling. and that. while there
viii probably be buying Of raw mate
.,als as long as the war lasts. the to'al
Of new orders Of finished munitions
such as shells and military equipment
will nc small compared with the erOi
nous orders placed IN this market ID
wear. In other words, II appears SCI
evident that unless the uneNpec'T"
ba,re,s very soon many of the newly
created war mumuon plants III
courtrv. whose mushroom growth al
tor me outbreak of the war furnished
ono Of the striking features OF the lh-
Justrial boom. will have 70 be dlsmsh-
.lod and converted back into factories
eor turning out the products OF peace
Ac.ion Of these shares in recent weeks
1as indicated that there mas oeen
rococnition among far-sighted speSu-
Iators of changing conditions III '"'S
new field OF enterprise. u
T,cidon+allv the Street talked again
,esterdsv Of peace bssing It's discus
.,ors -, tho progress of the Alles IN
heir combined offensive. wnlcn IS HV-
cented in many quarters as perhaps
tbe beqinning Of the end. Inc meta
markets continue TO reflect the ne"
clement Of uncertainty lnlected INV
me situation by the absence OF ne"
war business on any large scaie. NpeI-
tor was quoted much lower nere
terdav. while copper went OH sn"'PIE
:, Tondon. where the quotation LOT
electrolytic IS the eGulValen'
corts against 29 cents on this slue'
g. fo~ the local trade has shown no
,1clination 10 meet the decline abroad
sl.bough nervousness undoubtedly eN-
ste among American producers a. 10
.bo;r ability TO maintain prices al 'he
crrrent high levels. Mexican news
nIaved only a small part IN the nlarAe'
,ss,erdav. the acceptance OF the Gar
,sD1a nronosals by this governments
rassin0 without much commeRt
Fvi5ence that the period OF easN
money has passed was supplied yes'eI
lav nv another sharp advance IN tne
ali rate. this time 10 4l2 per cent 'he
bicbest since December. IVA he"e"
ais too. were made a. new hlgh o.
nor cent. Banks this week nave oegH
calling loans on conslderaD'e S0"'e'
presumably In connection WIN '"e w
man6s of the hslf-year settlements.
Indicated currency movements |
week point 10 a heavy loss ,Do oon
bs,ks estimated at more tnan S0u'OVV'-
o1o a. IN large part 20 the heavy IN
come tax payments. me luhuS WI.
Lee f~mer. and IL was learned tnat
chicago bankers had refused loans 70
Neu York bankers for sixty days a.
~ ,er cent. Prospect Of an carry an
,orncement Of the new $lOO,OVVVOo
FTencb loan and the possibility OF
United States government loan nav. hSoe
oyerted a sentimental effect on money
rates Foreign exchanges were very
Tbe Governments bulletin YESTERDAY
nm the condition Of the growing crops
wbile unimportant as market factor
reyerthelcss proved OF interest IN ina
:, gave the first report on corn, 'ne
,sreest Of the cereal crops. A cohui
Ion ~ 50 was disclosed, compared WIN
so wear ago and ten-year average
- al with an indicated WELD OF
% see GOO 600 bushels. compared WIN
a. sctyai harvest of 3,O55.00O,o0O bush
,is in 1918 Condition Of both spring
"a winter wheat improved during
Inc with an indicated combined NleIH
- 20 nOo 600 bushels, compared WIN WIN
@@prproximately AZ 1,oOo.oooooo.OoO ousnt.S ,'bsa,
Ta., Tnt, Gear The carry over o. "eiI "hesl
Croro the 1915 crop is abnormal win
- IS, 80 600 bushels left on the farms on
1nlv / compared with 2S9'2'OVo ouS"-
cls year ago.