New-York tribune., 1916-07-18
Stocks Develop Increased
Irregularity in a Dull
Session.
CALL MONEY RATE
GOES LOWER AGAIN
Renewals Made at 3 Per Cent,
Against Recent High of 6-$2O,.
100000 More Gold Arrives.

Money market considerations held
first place in Wall Street discussions
yesterday. The stronger cash position
of the Clearing House members, as re-
vealed in the Saturday bank statement
reflected in a further easing of money
rates a development which made for
more cheerful sentiment in financial
circles generally, but which brought no
marked response in the days price
movement in stocks. After displaying
some improvement at the outset, with
a continuation of the recovering move
ment begun at the close of last week,
the market relapsed into a state OF
irregularity without definite trend.
Dealings contracted sharply, the total
turnover falling under 100000 shares.
So far as could be observed, there was
no evidence of any increase In puollc
interest, and the professional element
still continued to hold the upper hand.
Automobile shares and some OF the
munition issues were under speclai
pressure, while the railway list dld
little more than hold its own. Close
observers of the action OF the market
complained more of the absence OF buy
ing support than the pressure OF offer
ings, which, with the exception OF
few scattered issues, were light. and
originated mainly in professional quar-
tiers. Prices were somewhat hrmer at
the opening, but the failure OF the re-
covery to bring any substantial buying
invited fresh selling, which soon gave
the list an appearance of pronounced
irregularity, which it held to the close.
Among the weak motor features were
Willys- Overland, which lost more than
4 points; Chandler Motors, which de-
clined about points, and the Maxwell
Motor issues and Studebaker. VI the
war stocks, Crucible Steel and BALDWIN
Locomotive gave signs OF fresh weak
ness, and United States Industrial Al
cohol dropped below par again. Some
of the strong spots were inactive issues
like American Tobacco, which sold up
10 points, and Sears, Roebuck. which
ended 3l1 points up. While the major
ity of the railway shares moved mar
rowly, without important change,
Union Pacific declined at the close and
left off a point down. Despite the re-
ports of severe storm damage IN the
South, the shares OF roads operating IN
that part of the country were unaf-
fected.
Further evidence that the furry in
call money rates the fore part Of last
week was largely due TO temporary
causes was supplied yesterday IN an
other decline in the rate. Renewals
were made on a 3 per cent basis, com
pared with a recent high of 6 per cent.
Some new loans were negotiated as low
as 2 per cent. A week ago the rate
scared to per cent at the close. In
addition to the marked change for the
better in the cash position of the banks,
due to the increase Of SAL ,OOO0OO IN
surplus and the large contraction OF
loans, the resumption Of gold imports
from London by way Of Halifax served
to help the money situation, yester-
days contribution approxlmating s2O,-
100000
While gold has been coming in stead
ily from Ottawa since early May, and
there have been few shipments from
London direct to New York, this is the
first arrival by the Halifax route since
last autumn, when several big snip
ments were made. The total of the cur
rent movement is now nearing the
5000 900 900 mark, with every indica-
tion that more is to come. The rate at
which London is sending US gold
strengthens the belief held in we'll in.
formed quarters that the supply OF
British held American securities is run
ming low, despite the recent imposition
of a prohibitive income tax by the
British treasury to force out such Sc
curities. Sterling exchange was unaf-
fected Yesterday by the fresh gold ar
rival and held steady. Francs, on the
other hand, were somewhat firmer.