New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-30
MARKET NEWS
AND COMMENT
Prices Fairly Firm, but
Trading Shrinks to a
Small Total.
GENERAL UPTURN
IN FINAL DEALINGS
Favorable Railroad Earnings
Call Loans at 3 Per Cent
More Gold Imports.

Another small days business. on a
scale even under that of Saturday,
showed that there was no present spec
ulative impulse strong enough to over
come the disposition 10 make the most
of holiday possibilities. Unlike Satur-
day, however, stocks were rather firm.
Throughout the day small advances ap-
peared here and there. and just before
the close there was fairly brisk up
turn.
The day began with prices practically
at the closing levels of Saturday. Then
the automobile stocks improved. Gen.
eral Motors, whose rise last week on a
small amount of business was so spec
tacular, lost practically all of this gain.
Declaration of a higher dividend by
Chandler Motors helped the rest of the
group.
The railroads did fairly well, Read
ing getting up over 2 points and Lehigh
Valley rising TO its best since the re-
opening of the exchange. Norfolk d
Western greeted an excellent report
for April with a new high record.
Practically all the statements of rail-
road earnings presented during the day
showed good gains in gross and net,
anthracite carriers furnishing about the
only exceptions.
The death of James J. Hill had been
expected and did not disturb the course
Of prices. He had not been OF late the
active market figure he was some years
ago, and the railroad empire he did so
much TO found is now so well estab-
lished that il is not shaken by the death
of one man. Northern Pacific, which
had gone n point lower around the
opening, failed TO weaken further after
the news from st. Paul, and closed
fractionally higher. Great Northern
was quiet and steady. and Great North
ern Ore ended q fraction down.
In the industrial list American and
Baldwin Locomotive and Industrial Al
cohol made maximum gains OF point
or more. United States Steel was firm
on a small amount of business. The
copper stocks were practically un-
changed and generally neglected. Ken
necott alone received any attention, and
this stock ended a shade lower.
British government officials, in e1-
planning the necessity for the addi-
can securities not deposited with the
Treasury, said that the supply being
offered had dwindled, but that the ex-
pectation of an additional impost was
now bringing in larger supply. On
the London Stock Exchange it was
noted that while there were a number
Of offerings of American bonds because
of the new tax there was practically
nothing done in stocks.
In the mean time another shipment
of gold, amounting 10 81 100000. was
brought in from ottawa, though Parlia-
ment was told that there was limit TO
this expectation. Sterling was steady
and little was done in the exchange
market, in spite of the approach of the
end of the month. Call loans were
made as high as 3 per cent again and
were renewed at 2i1, for time accom-
mediation was practically unchanged.
The Controller of the Currency an
nounced that national banks in reserve
and central reserve cities had reported
on the call of May ! that resources had
increased over S250,000,000 in less than
two months-no small tribute to our
banking strength.