New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-30
Initial Gains on Rush of
Shorts to Cover Much
Reduced.
BRIEF BEAR PANIC
AS CARRANZA YIELDS
Trading Outlets Down and Prices
Sag After Excited Dealings
at the Outset.

The rush Of those who sold short on
the Mexican trouble 20 cover at the
opening when overnight news told Of
Csrranza's agreement to release our
soldiers sent prices higher than the
slight relief in tension actually war
ranted. Gains Of 10 points in rail-
roads and Of up TO 10 in the speculative
industrials were greatly reduced as the
day went on. This first sign that the
head of the de fscto government south
of the Rio Grande was willing TO admit
reason for giving way TO our wishes
was enough TO keep stocks above
Wednesdays closing levels, but we
are still sending troops TO invade Mexi-
co il necessary; the crisis is not over
ana buyers of stocks were few.
In expectation that Carranzs would
refuse our demand that the soldiers his
forces had captured be released traders
had extended short commitments al
ready large for liquidated market.
When the morning papers brought word
that what we had asked had been
granted there was an overwhelming
hurry 70 buy 70 cover these short
sales Offerings were held back and
initial dealings in the more speculative
stocks were attended with great con-
fusion. Industrisls opened from to 8
points higher. with Mexican Petroleum,
which had been selected as the fayorite
medium for a sale on the Mexican out
look, up as high as 10 points. Railroads
were up from ! 70 points.
These large advances lasted only for
q short time When quotations reached
the tape selling increased on proht
taking from the commission houses,
and before the first half hour was over
the market had steadied and prices
ssgged. From 10 10 II more than a
quarter Of a million shares changed
hands. about half the days total While
Washington dispatches indicated that
this unexpected compliance of Carranza
had brought hope that the invasion Of
Mexico might be avoided. there was
still sufficient uncertainty TO keep
down trading. In the last hour. after
considerable irregulsrity, an irregular
advance left gains OF ] and points
fairly common in stocks that were
most traded in Inspiration Copper,
Mercantile Marine and Steel were con-
spicuous in this late upturn.
News Of the day apart from that
concerning Mexico got little attention.
American Car and Foundry's report for
the year showing earnings of not much
above requirements of the per cent
dividend on the common. while far out
of line with extrsvagant rumors OF last
year, was not much different from
what had been looked for in weli-in-
formed quarters. Railroad earnings for
Nav presented showed fair advances IN
gross and net. The Bank of France
reported a gain of more than 100000
francs in gold and an increase OF over
100000 francs in circulation. The
Bank of England lost S5,000000 in gold
and loans TO the money market were
$50 100000 greater, this increase in ac-
commodation verifying the cabled re-
ports that higher rates IN the money
market were Sending borrowers to the
central institution.
Money rates here showed no sign Of
hardening as the enc Of the half of
the year approached. Call loans were
made within the same range as earlier
In the week. and rates for time accom-
mediation was practically unchanged.
Sterling exchange was steady, require
ments Of corporation disbursements on
the other side having already been met.
.