New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-04
No Further Rush TO Sell
on Result of Naval
Engagement.
GENERAL LIST FIRM
IN QUIET DEALINGS
Motor Stocks in Spectacular
Upturu-Further Loss in
Surplus Reserve.

No pressure Of selling following re-
ccipt overnight OF further details OF
the naval battle of Jutland. AS trad
crs saw that prices were firm at the
opening. they covered the short lines
put out the afternoon before, and a
slight rally followed The rest Of the
session was like Fridays, before word
came Of the engagement at sea. A
few special issues showed exceptional
strength and the general list held firm
on a small amount Of business.
The automobile stocks were ad-
varced in rapid fashion, new high rec
oris being reached on the stock Ex-
change and on the curb. This move
ment extended 20 issues that had no
connection with the impending com
bination. General Motors rose 81
points on a small amount OF business,
and Willys-Overland at its best was
UP 20. A maximum gain of points
was made by Studebaker and Of more
than II by Chandler.
Norfolk & Western again went TO a
high record. more than points up.
making It's gain for the week nearly
II points. Elsewhere the railroad list
was quiet. Canadian Pacific, which IS
not included in the list Of stocks be-
ing collected by the British Treasury,
alone showing any weakness. Mer-
camille Marine certificates got UP near
Is 70 the high price of Friday, as
rumor had u that the reorganization
plan would be agreed upon this week
United States Steel was quiet, ending
unchanged.
London prices were watched yester-
dav with more than usual interest and
cave some reinsurance when IL was
seen that government issues were only
a shade lower in spite Of the uneX-
pected reversals 10 British naval pres
tice. During business hours no eX-
PLANTATION came TO account for Ger
many's apparent victory where she hac
been considered weakest There was
however. a general disposition 10 walt
before admitting that the successful
fcrav meant that the Allies control OF
the ocean might be endangered.
Exchange rates on Friday were quiet
and steady. Another consignment OF
cold. amounting 20 s2,5000OO. brought
fbe total received 70 more than $50
000. 600. In addition to this method OF
meeting debts here. it was learned, the
securities which are being gathered IN
England and France are serving as col
lateral for demand loans on this SIDE
mis- furnishes the Allies with funds
70 meet maturing obligations and
since the borrowing is being done az
4 per cent. offers our lending lnst!tu-
tions better return on their funds than
that received on ordinary call loans
This IS. however. only temporary
expedient until the public can be mace
Al euppIv funds. as there are limits 70
tbe amount of accommodation our
hanks can offer. The surplus mere Us
ebrinkinr steadily. standing al less
rFan $4,000. 900 yesterday morning,
loss Of more than 100000 during tne
week and Of nearly S115.00O,oOO IN iouf
months While loans were cut down
~earlv $4,000. 900 and demand deposits
,,ore +ran S23.OOO,OOO, there was Joss
of s13OO0OO0 in aggregate reserve
A,,eren-1v the transfer Of funcs 10
~ interior. through payment Tor sup
riies sent abroad, is still drawing on
local funds.