New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-07
MARKET NEWS
AND COMMENT
Reaction in Late Trading
After Advances Early
in the Day.
CALL LOANS MADE
AT FOUR PER CENT
Refusal of Copper Stocks to
Rise on Better Dividends
Hurts Rest of List.

Trading in securities continued TO be
principally that OF professionals. I'm
I'll the latter part Of the session differ
cnt groups were advanced without at
tracing any substantial following and
practically all Joined in reaction in the
late afternoon until final changes were
irregular. with more losses than gains.
Among the automobile stocks the ex-
trayagant advance halted. The cop
pers received the good news of in
creased disbursements without enthu-
siasm. and this rather dsmpened spccu-
lative ardor
News from across the Atlantic played
little part in the days transactions.
Perhaps the comparative steadness
with which the first disturbing reports
of last weeks naval battle was re-
ceivcd may be taken TO indicate that
for the present at least the market is
concerned sufficiently with our own
affairs to ignore any save the most
remarkable developments on the other
side.
The loss of Earl Kitchener on a
British cruiser of the Orkneys was,
II was felt. considerable OF senti-
mental blow to the Allies. How greatly
his actual services will be missed now
that he had accomplished so much IN
organizing the British army and had
undergone the tremendous strain of all
II L. .
far as the reports Of the deaths of the
Chinese President and the japanese
Premier were concerned, we are not
yet sufficient of world market to be
greatly affected by such news from the
Far East
Inconclusive dispatches from Chicago
as to the probable outcome Of the Re-
publican convention are unquestlon-
ably doing a good deal TO limit partci-
patton in the trading. According to the
general Wall Street point of view. the
present Administration is not favor
able 10 business and another split IN
the Republican party would be most
unfortunate. Not only would 1t insure
keeping the present government IN
mower. il is feared. but 1t would mean
that for another period We should sui
fer from the lack Of a strong. united
opposition.
Yesterdays dealings represented the
SPECULATIVE operations OF none too
substantial element. The opening was
irregular and was followed BY advances
in q few industrials and profit taxing
i'm others. Some Of the railroads went
hieher in the second hour, Reading,
Lehigh Valley and Norfolk starting the
rise and a few of the Southern carriers
following.
In the noon hour evtrs dividends on
Utah. Nevada and Chino Copper and
higher rate for Kennecott brought no
ir,Drovement 10 these issues. Instead
The zinc stocks followed declaration
Of disbursement on Butte and Su-
nerior similar 10 that OF last quarter
with considerable OF an upturn. In the
latter part Of the afternoon practically
the entire list weakened. Mercantile
Marine preferred. in which profit TAX
inc had been heavy all day. leading the
decline. Announcement of agreement
between stockholders committees was
disanpointine. as il said nothing apout
treatment Of back dividends.
The stifening in the money market
extended Yesterday TO call loans, whlch
we're renewed at 8 per cent and made
IN considerable amounts as high as 4.
Neither Of these levels had been
roached since shortly after the reopen-
inc Of the exchange. Another ship-
mcnt Of gold from Canada OF S2.0Oo'UOO
came ;a during the dav, but this neon
ir~ stream OF the precious metal is
being diverted from ordinary oanklnE
channels. most Of it going 10 the req
eral Reserve Bank.