New-York tribune., 1916-06-13
Broad Rise in Railroads
and in Stocks That
Tariff Would Help.
SOME LATE SETBACK
ON PROFIT TAKING
War Group Finds Little Favor
Call Money a Shade Easier
Foreign Loans Pending

The stock market followed the re-
suits at the Chicago convention with 4
broad rise in dealings that approached
thrce-ouartcrs of a million shares. Tho
advance differed materially from the
upturn that started late Friday when
u different outcome was looked for. In
stead Of an excited rush in war stocks
railroads and seasoned industrials i'm
proved steadily. There was some good
commission house buying, but outside
public participation was still limited,
and in the latter part of the session
professional profit taking caused some
thing Of a reaction.
The political situation has not wholly
cleared. as there is still a question as
TO what will become Of the remnant OF
the Progressive organization. Never
thelcss banking sentiment expressed
here and al other centres indicated
qualification At the type of man chosen
bv the Republicans In addition, II IA
generally recognized that in President
Wilson the Democrats will renominate
man who has learned something in
his term Of office and one who, partieu-
larly since the lesson of the war has
made business batting less popular, Will
be less ready to introduce programmes
OF regulation than he was early in his
present term.
Justice Hughes's message Of accept
snce furnished reason for favoring
stocks of concerns which might be eX-
pected TO benefit through the tradl'
tional Republican doctrine of protec-
tion after the war The Steel stocks
were a particularly strong group.
United States Steel rose more than a
point above 81 to its highest since early
in the year. Dealings in Steel reached
more than 100000 shares, making It
much the most active issue on the list.
The railroad stocks improved, the
more active issues showing at their
best gains of and > points or more.
The Republican candidate had SAID
kind word for the transportation indus
try and the platfrom had called TO at
tention the unfortunate results OF the
combination of state and Federal regu-
lation and promised a change. Besides,
hopes Of higher dividends were respon-
sible for buying Of some of the car
riers. though the dispute with the un-
ions has not vet been settled and news
of yesterdays conference was rather un-
favorable. Reading, New York Central,
St. Paul, Atchison. Erie and Pennsyl-
vsnia were dealt in on fairly good
scale.
The war stocks started well but ran
into heavy liquidation and soon fell
back. The coppers made little progress.
I'm the late afternoon a few issues were
rapidly advanced Butte and Superior
was strong, and Can moved up vlgor-
ously to end al its best with gain OF
more than > points.
The unexpectedly improved position
shown in Saturdays Clearing House
statement caused no relaxing Of rates
for time accommodation. Call loans,
however. were not made above per
cent. the level at which renewals were
made. Sterling exchange was pracu-
cally unchanged and no more gold came
i'm during business hours. News from
Paris that over S13,000,0 900 of gold IN
the Bank Of France was credited to the
Bank Of England shows one reason why
the imports here have not appeared in
the returns of the central institutions
ia London.
There was announced another loan to
Canadian province, Newfoundland
placing here S5,000,000 of three-year .
per cent bonds. Conferences are being
held in regard TO the coming French
loan which, 1T Is expected, will result In
an offering in time 10 take advantage
of the July reinvestment period De-
tails Of the Russian loan, it is under
stood, have been practically completed.