New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-07-01
MARKET NEWS
AND COMMENT
Railroads Firm for Most
of Day-Weak Spots
in Industrial List.
TRADERS WAIT ON
NEWS OF CARRANZA
War Stocks Weaken Toward
Close-Call Money Rates
Rise TO 4 Per Cent.

The market yesterday awaited wha'
Carranza was 20 do further, and lapsed
into a rather small professional affair
Prices. with benefit Of recent liquida-
ton and a much enlarged short inter
est. held firm most Of the day. Tho
traders tried out issues that seemed
weak and depressed a few stocks prin-
cipally I'm the war group. On the
other hand, standard railroad stocks
improved, and fractional gains prepon-
derated throughout the list at the
close. Dealings of well under half q
million shares were much smaller than
those Of the day before. which had
been swollen by the early upturn.
Around the opening, weakness in
some Of the speculative industrials eX-
tended into other departments, but the
course Of prices soon turned irregularly
upward. The railroads advanced
around noon. the leaders making gains
of a point or more. but this upturn
was only temporary. Toward the close
reaction set IN that in few stocks
brought sharp losses.
Publication in the last hour of what
purported TO be an outline Of Car
ranza's attitude toward the United
States far from conciliatory-had
more or less 70 do with the late de-
cline. The Marine stocks. Cruclble and
Baldwin gave way easily IN this late
pressure. Baldwin ended more than y
points down, and Crucible, Mercantile
Marine. common and preferred, ana
Mexican Petroleum made net losses OF
over q point.
Alcohol lost more than 4 points early
in the day, but made up most Of this
before the close. United States Steel.
with a total of around 10000 shares,
rose vigorously for while, but ended
unchanged. Buying Of Steel seemed TO
come from good sources. and the action
e this leader for a while helped in the
better feeling In the market
The end OF the half year saw money
on call rise late in the day 10 per
cent, equaliing the high price Of the
wear, made early in June. Renewals
eniug Of call loans was not considered
particularly significant az this time. In
addition 20 ordinary requirements of
the season there is the drain OF pay
ment to the government for the income
tax and the immense surplus that last
year kept rates steady has been largely
drawn down.
A reduction Of reserve in clearing
house institutions Is expected 10 be
reported to-day. The flow of gold from
Canada has ceased, imports this week
being limited TO shipments received
direct from London. IL may be that
some Of the precious metal previously
brought in will. however, find it's way
into vaults Of local clearing house i'm
sti-utons
The gold sent 20 us by the British
government in the last two months has
been sufficient 10 serve as cover for
an immense amount Of credit. Il is, of
course. not 20 be expected that pur-
chases in this country can be paid for
In gold. If We are 10 sell Europe we
must invest In securities she has 20
offer either her own or those she has
acquired from this and from other neu-
trial countries. This must be done by
the investing public, not by the banks
whose main business is extending tenn
porary accommodation The French
loan, the next opportunity 70 join in
this assistance toward financing ouI
exports, is said 20 be making satisfac-
tory progress.