New-York tribune., 1916-07-20
MARKET NEWS
AND COMMENT
Industrial Shares Lead the
Way in Vigorous
Recovery.
PRICES ADVANCE
ON LIGHT BUYING
Shorts Are Active in Covering
Contracts-MOney Rates
Continue Easy.

Issues that were the weakest on the
decline of the last fortnight were, as a
rule. most conspicuous for their
strength in yesterdays vigorous up
turn in the stock market. Sharp recov-
cries occurred in many of the indus
trial speciaties as a result of the COW
ering of short contracts by operators
who had extended their position during
the recent period of reaction. The sold
out condition of many issues made the
recovery easy of accomplishment, prices
moving forward without any great
amount Of buying. Thexe was not much
increase in the total TDusiness, with
the days turnover again falling short
Of the half million share mark.
As has been the case with the mar
ket for some time of late, news devel-
opments played only small part IN
shaping the course of prices, and the
buying of stocks came almost entirely
from professional sources. Some sig
nificance was attached TO the fact that
the market displayed the strongest tone
in weeks on the day of the public Of
fering of the new French loan. Rail
way issues, while they held firm, did
not share to any great extent IN the
advance in the industrial end of the
list. This tendency was attributed to
the railway labor controversy, as there
is a disposition in important quarters
to wait on the result of the efforts of
the railway managements to obtain the
assistance of the authorities at Wash
ington in bringing about arbitration of
the questions at issue.
Among the industrial shares that re-
covered most vigorously yesterday was
United States Industrial Alcohol. which
rose more than points. Gains of 3
points were registered in Maxwell Mo-
tors, New York Air Brake and American
Locomotive, while Baldwin Locomotive,
Marine preferred and Crucible Steel
moved up more than 2 points each. Ad-
vances of point were common in other
issues. Anaconda's rise of more than 2
points made it the feature of the cop
per group. and impressive strength of
United States Steel common, which left
off a point higher. helped sentiment.
News of the steel industry. as pre-
sented in the weekly reviews of the
trade journals, bears out the current
contention that the foreign belligerents,
Wnlle lNtN may pidtt lev hoAt i"i -
munition contracts in this market, must
nevertheless continue TO come here for
the raw materials. Buying from the
other side assumes special Importance
Just now, in view of the fact that do
mestic consumers are not in the market
to the extent they were earlier in the
year. The crop outlook seems more
favorable as result of better weather
conditions, and from Kansas comes the
report that the wheat crop in that state
will exceed all former estimates and go
above l00,000000 bushels. Corn is suf-
fering from drouth in many parts of
the crop belt.
Money rates reflected state of COM
parative ease yesterday, with renewals
Of call loans at 212 per cent, and some
new loans placed at per cent. No addi-
tional gold was brought in yesterday,
although sterling exchange rates again
tended toward higher levels, with sight
drafts quoted at AIS 1916, the highest
in fortnight. Some talk was heard in
banking circles of British collateral
loan similar to that just completed by
the French government.