The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-22
FINANCIAL NEWS
AND COMMENT
stocks Have Another Day Of
Liquidation and Dcclin-
ing Prices.
METAL SHARES LEADERS

There was another weak session IN the
stock market yesterday following Tues
! days partial recovery from Mondays
sharp decline. In a general way tho list
exhibited symptoms deno,ing the infu-
ence of rather common reactionary forces
and the action Of the market might
reasonably be regarded as a response 10
familiar factors and not altogether a
result Of particular or novel causes.
Dealings were again on an expanding
scale. although the volume of transact
lions still constituted only a moderate
total. The degree OF activity indicated
was IN large part the measure OF sell
ing pressure applied. particularly in the
afternoon. which was the weakest period
Of the day. There was only a feeble
rally toward the close and the final tone
was heavy.
Conspicuous exceptions 10 the general
course Of prices were furnished by some
OF the motor issues and by Rock Island.
which was aggressively bought. presuin-
ably in connection with the pending re-
organization OF the property. Rails In
the main and some OF the standard In
dustrlals exhibited underlying frrnneas
In COMPARISON with the rest OF the list
but a large variety of industrial shares
participated In the downward movement,
the leading features Of which were the
zinc stocks, followed by the coppers.
Steel descriptions were not 40 much ar
fected. or at least offered better resistance
TO pressure than other metal shares.
Obviously the Mexican situation en-
tered into the influences OF the day. The
financial community II not prone TO In
dulge in overoptimism about the pacint
event OF the Mexican crisis. but feel:
confident that any outcome OF the Mex
lean difficulty will not impair business
and financial conditions. Nevertheless
stocks continued to act az they do quite
Invariably In the approach OF a country
m possible or assured war. n the con-
Z tingent prospect OF war with It's tratf
OF uncertainties naturally conduced t'
more or less depression of sentiment
In such an atmosphere reactionary con
side-ations OF diversified origin woulc
ordinarily be effective, and Wall street
was speculatively disposed Yesterday II
take sudden notice OF the softening proc
as which has characterized most Of
he metal markets lately, particularly FOL
spo.tcr and copper.
Weekly reviews Of basic industry 70
port that the steel market is quieter
without any pronounced weakening o'
quotations, however, and Il may he
suspected that other metal 'rades are
only Passing through ~, interval oi
erica reduction which " = an inevitable
recoil from extremely abnormal advance!
and is appropriate TO the season OF th'
wear. The more widespread apprec!a
ton which now obtains that prices n
many metal lines have been lowered Is
according 10 the records OF experience
likely to accompany some arrest OF de
cline. .
Yet in the mood 81 the moment s'oci
market conditions lent themselves =
bearieh trading efforts. which tou''
s%reculative positions sensitive 10 pres
sure and tire dealings yesterday included
a considerable quota of real liquidation
Incidentally the Governments weekly re
Dor, noted the persistent prevalence o
u~nseasonable weather over large and i'm
portart agricultural areas.