New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-01
MARKET NEWS
AND COMMENT
Prices Jump at Opening
on News That Austria
Meets Our Wishes.
SECURITIES FIRM
TO THE FINISH
Clearing House Loans Expand
Surplus Is Up a Iriile-
Sterling Lower.

Overnight announcement from Lon
oon Of extracts from Austria's reply
that appeared 20 meet our demands and
remove danger OF a diplomatic break
that seemed so threatening was com
plete surprise TO the market, and prices
opened much higher. Stocks we're
strong throughout the day, and in
many instances opening gains were in
creased. Dealings expanded 20 nearly
a million shares. and in spite Of profit
taking the close was firm.
That Vienna in its reply to our sec
ond protest on the sinking of the An
coma would hold TO the unsatisfactory
position that had appeared in the state
ment of her Admiralty and in her first
note had been generally accepted. Ru-
mors that Washington expected rela-
tions with Austria would be broken OF
had been common. The market had
made up its mind that the text Of Aus
trla's reply would come out during the
holidays, and that the only question
would be whether or not the bad news
had been discounted.
Tho short interest on reading the
dispatches from London fastened to
buy back stocks. New purchasing was
also in evidence. and gains at the out
set ranged from substantial fractions
to . points or more. United States
Steel was particularly active, changing
hands . points above Thursdays close
practically at the opening. Dealings
throughout the first hour were heavy.
considerable profit taking being easily
absorbed. Around noon there was little
quieter trading and some recession.
Later the upward movement was re-
sumed in rather irregular fashion.
Gains on the day among issues most
active were a point or more among
the railroads and up to more than 8
points in the industrials.
United States Steel at its early high
touched its best price Of the year,
reached on Monday. Mexican Petro-
leum, in particular favor because of re-
ports Of amalgamation of oil prop
critics, made a maximum advance OF ~
points in the afternoon. Reading and
the Erie issues were exceptionally firm
in the final trading. Reading closing at
its best, up points. st. Paul got
above par for the first time in the year
and ended with gain of 3 points.
Railroads generally held Their i'm
provement better than industrials IN
the late dealings, but the whole list did
we'll. Bonds were also active, with
prices higher. The Anglo-French notes
did not 90 below 81. and ended at 81 2.
Dealings in bonds were more than ST.
100000 greater than on the day before;
Funds on Stock Exchange collateral
ended the year remarkably easy. Call
loans renewed at per cent and were
not made above 2i2. Time accommoda-
tion ranged from 2i2 TO pa per cent
for sixty days 20 3 per cent for SIX
months. The Clearing House state
ment Of position yesterday morning
showed. with surplus, at nearly Sll6:-
GOO 600. a trife above that of the week
before. Loans were S45,O00.000 greater
and demand deposits $59,0OO,OOO, but
an addition of more than S9,O00,0OO TO
total reserve holdings more than met
the added requirements.
The exchange market was quiet, ster-
ling reactIng little, TO end at Alb ole
for demand Austrian exchange de-
clined further. and exchange on Rome
also went TO d new low record.