New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-07-15
Stocks Rally with Vigor
at the Close After Early
Weakness.
SHORTS REPURCHASE
TOCOVER CONTRACTS
Call Money Rate Goes Lower
Again. with Some Loans at
2la Per Cent.

After early weakness yesterday, with
n continuation of the nquidating proc
ess in evidence on preceding days this
week stocks rallied with considerable
vigor in the closing hour. Recoveries
in many issues ranged from : 10
noirts and more. and the majority Of
the leading stocks closed with substan-
tial net gains on the day. Action OF the
list pointed more than anything else 10
a disposition on the part Of the pro-
fessional traders. who have been con,
sistently hammering stocks Tor seVeral
DAYS Of late, TO cover their snort com
mitments in anticipation OF the week
end recess. There were some stocks,
However that did not follow the gen
eral trend among them Tennessee COP
per. which fell more than points to
24l4, and closed 3Ss points of.
On the early decline, before the al
ternoon rally set IN, many active issues
dropped 10 new low prices for the move
ment. among them Crucible Steel, bald
win Locomotive. Mexican Petroleum.
American Locomotive and some OF the
motor specialties. Crucible SteePs ac-
tior was typical of many OF the war
issues. The stock sold as high as o.
AT the outset, fell back 10 63Ss. ana RAJ
lied al the close 10 66l2, showing net
fractional loss. Railway shares, as
rule. did not rally so vigorously as 'he
fast moving specialties. but TINS was
exclaimed by the fact that the decline IN
tbis GROUP has not been nearly so ex-
ten~ive. United States Steel, which led
in point Of activity, moved within
fairly wide range, selling as low as
say and recovering at the close TO o412,
an advance on the day of q.
Once again the action of the market
demonstrated its utter disregard OF cur
rent news developments. 30 lar as
could be determined from outward OBJ
servance. little attention was paid by
the trading element to either the Mex
can developments or TO the fresh al
vance of the British and the reports
that Austria might seek a separate
neace. On the other hand, u was per
hans significant that the rally IN stocks
al the close Of the day should nave oc-
Cured simultaneously with signs OF
cssier money conditions supplied in the
lower rates on call money and the lndl-
Gated Improvement in the cash position
of tho banks. Call money renewed at
tho lower rate of 3l5 per cent, com
pared with a recent high OF . per cent,
and new loans were made as low as ~
Nor cent. against 6 per cent on Tues
dav Currency movements during the
week indicated a gain in cash by the
Clearing House banks Of S37OOO'OOO:
contrasting with a loss a week ago OF
$50 600. 600 Another arrival OF S3,Ooo',
coo in gold yesterday brought the total
influx of the metal from Ottawa for the
week 10 S12.00O.OO0 and the total move
ment 10 date above Sl65,00O,OOO. Re
Election of the higher Bank of England
discount rate appeared in the marking
up i'm London of the interest rates on
british Treasury bills. the three months
bills 10 So per cent, the six months TO
-. per cent and the twelve months TO
G per cent.
Evidence of the tendency Of money
toward increasing frmness IN the IN
terror was furnished in the announce.
ment Of the Federal Reserve Board OF
an increase from 10 Az per cent on
thirty 10 sixty day commercial paper
for the Chicago district. New and
higher rates were also set for the Kan
sas district. The foreign exchanges
were quiet yesterday. with firmer tone
discernible in both sterling and marks.
Francs seemed to be unaffected by the
announcement of the new SlOO'OOO,OOO
French loan. offering of which is TO be
made next week at 90 to yield 5s4 per
cont