New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-18
No Big Disturbance Over
Threat of Attack by Car
rama General.
TRADING DULL AT TER
DECLINE AT START
Volume of Business Small and
Losses Not EXtensive-Bank
Surplus Up.

Unpleasant rumors concerning Mex
leo that disturbed the market IN the
final dealings Of Friday were replaced
Yesterday by definite bad news tnaV
was officially confirmed during trading
hours. In spite Of the threat Of Car
ranza's general that there would be
an attack II more troops crossed the
border or if those already in Mexico
moved any way other than out, the mar
ket was not greatly concerned. For a
long time now we have been in the
midst of alarms over Mexico, and even
II hostilities are 70 result from this lat
est crisis this seems smaller affair
than IL did before war came in Europe
TO change our sense Of proportions.
At he opening prices were lower all
sroun1, and there was some selling IN
the early dealings, but pressure
reached no considerable volume, and
the setback was rot extensive. There
was even a little rally In the quleter
dealings of the second hour. Losses
on the day in few instances reached
much over a point. and were hardly
more than could be accounted for
through evening up speculative long
accounts placed when an upturn was
expected TO follow the convention in
Chicago. Even the stocks of concerns
with properties In Mexico failed TO
make any great decline, and dealings
in these issues were comparatively
light.
Reading with around $4,000 shares,
10 wi
10000 were the only stocks in which
dealings reached any volume. Reading
got down a little more than a point,
making up some Of It's loss before the
close. 81. Paul and Lehigh Valley also
made maximum losses of a point or
so. and other carriers fell back frac-
tiOnallv Steel closed at its lowest
one-half of a point down.
Crucible displayed considerable mod
Grafton in view of the disappointment
that came with the announcement of
the meagre disbursement of One-half
of ] per cent on account of back divi-
dends on the preferred. AT its lowest
Il was only a little more than , points
down, and his loss was reduced az the
close 70 a shade less than /.
On the week prices generally were
lower, the railroads having proved
rather Disappointing. In some quarters
failure Of railroads TO carry on their
rise has been laid TO foreign liquida-
ton. as well as 10 the breaking of
of negotiations with the unions.
Though Lon don has reported active
selling Of oUr.securities because Of the
income tax 10 be imposed houses that
have formerly distributed considerable
amounts for London when British hold
ers desired 10 realize here outside OF
official channels report that selling
orders from thevother side have not in
creased.
In London the market continued to
decline. apparently sobered a little by
the frmer money market, which has
checked the advance that came from
investment Of proceeds of sale Of Amer
lean holdings. Discount rates held
steady at their higher levels, but on
this side sterling gave no indication
Of any disposition 10 follow up Fri
days improvem ert, instead ending
slightly lower. From Canada S4,OOO,OOO
in gold came. 20 Dring the movements
total up 20 over SCI 100000.
Within our own territory higher
money rates quickly attract loanable
funds This was, shown again IN fur
Their Improvement i'm the position Of
Clearing House institutions here, as
outside lenders took over more of the
burden of supplying the stock market
with accom- nOdationS The statement Of
condition Yesterday morning showed
loans 2O.OO0O0O lower and demand de-
nosits down only 100000 Aggre-
gate reserve was more than S2l 600, 900
greater. and the increase was practical
iv all added 10 the surplus, which rose
70 more then S93,OO0000. against less
than $50 zoe 600 two weeks before. This
Improvement i'm surplus should make
easier such impending financing as the
public offering Of Sl00,0O0OOO Of bonds
secured by French owned collateral.