New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-12
Dealings Still Restricted
Trend of Prices to
Higher Levels.
SOME UPTURNS IN
WAR ORDER GROUP
! Gold Received from Canada on
British Account-Call Loans
at IA Per Cent.

Dealings in securities yesterday
were still under restraint, but there
was discernible some tendency toward
/ improvement. This was shown princi-
pally In a few speculative favorites,
and gains on the day OF any size were
not many. but at the close most OF the
active issues were little higher than
the final levels Of Wednesday. Dealings
were on a slightly larger scale than on
the day before. with the professional
element showing a little more conf
dence.
The question Of submarine activity
was relegated TO the background and
more attention was paid to negotia-
tons on the border between our Off
GERS and representatives Of the Next
can government. Peace talk as indeti-
mite as ever was still in circulation in
spite of denial from Washington. with
out any apparent effect on the course
Of prices. The railroads failed 10 dis
play any OF the strength that early IN
the week had been ascribed TO their
comparative advantage in case of peace
and here and there in the war group
tentative advances were made.
Declaration of the usual dividend on
| Union Pacific brought no great disap-
pointment, as hopes aroused when Nor
/ folk e. Western made its extra dis
bursement had been gradually dlssi-
pated. Union Pacific itself rose frac-
/ tionally after the announcement and
| the other carriers and the rest OF the
! list were unmoved. Rock Island fell
back and the refunding As were heavy,
I but the debenture 5s continued to i'm
prove. as plans for reorganization
were being perfected Elsewhere IN
/ the railroad list changes were gener-
ally insignificant.
/ Revival of rumors of arrangements
( looking toward reorganization of the
/ Mercantile Marine Company was fol-
| lowed by the customary active upturn
in its securities. The common got up
nearly points, the preferred more
than 5, and the bonds also rose, all re-
tanning a good part of the improve
ment at the close. The copper stocks
were dull most of the day. Steel held
above Wednesdays figure in q small
amount of trading.
Prices at the opening were not
greatly changed from those Of the
| close of the night before, and the
early trading was featureless. Before
the morning ended. however, encour-
aging reports from Mexico served as
pretext for Improvement. In the al
ternoon the volume of business was
small and prices moved in uncertain
fashion, with a slight tendency toward
reaction at the close. Covering OF
outstanding short commitments was
the principal factor in such rises as
attracted attention.
/ Sterling exchange was held steady
again, with cables actively purchased
consistently by bankers interested in
maintaining rates. Receipt of more
than 100000 in gold from Canada
bv the fiscal agents of the British
government here was understood 10 be
a special transaction in payment OF
purchases in this country. The gold
came from the Bank of England's de-
pcsitary at ottawa. which shipped such
large sums to this country last year,
and further imports from the same
source are expected.
Abroad the Bank Of France reported
another loss of around Sl9,0OO,OOO in
gold, apparently a further proof that
the gold supplies Of the Allies were
being handled so as 10 avoid undue
strain on London. The Bank of Eng
land gained about s9.0O0,00O in gold
and, in spite Of an increase in loans
and in deposit liabilities, the reserve
proportion was strengthened.
Funds for stock market purposes
we're available in more liberal guam
titv, call loans renewing again at
per cent and being made as low as y
for the first time in months.