New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-08
Irregular Advances in Qul-
eter Trading-Rail-
roads Firm.
NATIONAL POLITICS
CAUSES UNCERTAINTY
Automobile Group Reactionary
Call Loans Are Renewed
at 3l/a Per Cent.

Uncertainty still governed the stock
market. but groups here and there we're
advanced. and the general level was
higher at the close. Railroads were
dealt in on a fairly good scale and fur
isbed a good many advances. More
irregularity appeared in the industrial
list. where the automobile stocks were
prettv generally reactionary. The
amount of business done was consider
ably under that of Wednesday.
Among the motor stocks there were
losses OF from TO 6 points, with little
of the enthusiasm that marked dealings
in these issues at the end of last week.
Brokerage houses all around the Street
were offered stock in the new merger
by underwriters before details of just
what was included in the combination
and what were the prices paid had been
made public, and this did not do much
good 10 the automobile issues gen
orally.
The start Of the conventions at Chi
cago added to the disposition to wait
news of the outcome Of negotiations
between Republicans and Progresslves;
A report early in the day that Colonel
Roosevelt would run on an independent
ticket il Justice Hughes were noml-
mated, while not confirmed, caused more
or less anxiety, which keynote speeches.
did not dispel.
Rumors more than news received al
tention, announcement of rate OF pig
iron production last month the highest
the country had ever known passing
without notice. Toward the end OF the
dsv there was circulated story that
a ,.osrV rv,f~ FTnYa
Verdun. while another report, supposed
to have come from the West, had Yer
dun fallen.
The day started with prices close 70
the final levels of Tuesday. Norfolk &
Western. Reading and few OF the rail-
roads advanced. while the war stocks
made another tentative attempt TO get
higher without much success. BY noon
these early movements generally died
away and dealings were at very low
rate of activity. Toward the close
few issues were put higher, Reading
and United Fruit making conspicuous
gains. The coppers were as sluggish
as the day before.
Business in bonds were quiet on the
exchange and in the investment houses:
In about ten days the advance erect OF
July reinvestment of dividends and in
terest is expected to make itself felt IN
better public buying An immense
amount of our securities have been
taken back from abroad since around
the end of the last year, and dealers
stocks Of these will then, 1t Is hoped
find more permanent Judgement with
investors.
Money rates on collateral loans were
firm Yesterday, though the highest
reached on call was 3le per cent, at
which renewals we're made. Time &C
commodation was more firmly held
The great decrease in surplus here, &C
cording to lending institutions, is al
last making itself felt. Extensions oil
credit TO foreign borrowers and for do
nestle financing are not so easily &C
complished, now that the supply OF ldle
funds has been reduced.
This advance in the level OF return
on money in this city, with reduction IN
rates prevailing in London, is bringing
back some OF the balances which our
bankers have allowed to accumulate IN
the British capital. Additional credits
secured here by England and the con
tinued inflow Of gold serve to offset TINS
movement and hold exchange steady
From Ottawa S4,O00,000 in gold was re,
ceived Wednesday, bringing the total
since imports started in May up TO over
/ S35, 100000
Our exports of goods as they appear
| in daily totals announced IN this dis
/ trict are heavy. Board Of Trade figures
made public in London Yesterday show
| that the increase in British exports
/ last month was 100000 greater thar
| that OF imports. Since It is understood
that goods brought in by the govern
ment do not appear in these returns
and that shipments TO the Allies are
counted. this does not mean any lessen
] inc Of the strain on London.