New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-06
Automobile Group Rises
on News of Mergers
Reaction Later.
STANDARD ISSUES
FIRM AND INACTIVE
Railroads Improve EarlyLA
Few Industrials Advanced
Time Money Higher.

Mergers of automobile and allied
concerns furnished the principal ex
citement On the Stock Exchange yes
terday. For a while the spectacular
advance in these issues of Saturday
was continued. but the leaders are toe
high priced to attract much Of specu.
lative following and there was consid-
cradle reaction in the latter part OF
the day Standard stocks were firm
and rather inactive. Whatever may be
the final statistics on losses in last
weeks naval battle, it is apparent, for
the present at least. the control of the
seas, in which this market is interest
ed remains mistaken. Railroads did
we'll for a while early in the session
and a few industrial specialties were
advanced. but practically all worked
lower around the close.
In addition to the speculative inter
est that always attaches TO a merger
Of large properties, the automobile in
dustry is one that particularly appeals
to the Imagination. The public has
long been RECALLED with accounts of the
wonderful efficiency with which manu-
featuring of these goods is conducted.
The war. with its demands for export
and its profits, that enabled our own
people to buy cars, brought TO naught
direful prophecies as to what was 60
ing TO happen in the motor business
made in the depression of 1914.
To those who refuse TO consider the
automobile as anything much more
than a luxury plans under way for
combination of producers at this time
of unusual prosperity seem discount
ing a future that Is most uncertain.
II NAV be that self-moving vehicles are
TO take a more important and more
permanent place in our economic sys-
tenn than is now apparent and that
again the automobile trade will con-
found its critics. Still. it must be re-
membered the manufacturers them
selves have pointed out that present
profits must not be considered perma-
nent.
Gains Of to II points were made on
the exchange by the automobile stocks
yesterday. though in most instances
only a small proportion of the advance
was held TO the close. Willys-Overland,
after rising 10 points, ended down .:
Maxwell. Studebaker, Chandler and
General Motors closed higher.
Mercantile Marine certificates. COM
mon and preferred, supplied about one
fifth of the half-million shares or so
done during the day. The preferred
performed the long predicted feat of
selling at par and changed hands a
good fraction higher, ending above 49,
with a gain of more than points. An
nouncement of a reorganization plan
was predicted, but none came.
The war stocks had period of favor
in which a number got UP point or
more. Canadian Pacific more than
made up its loss of last week, Norfolk
& Western added 10 its series OF high
records and Chesapeake & OHIO and
Reading were strong early IN the day.
Some Of the copper stocks started a
little upward movement that was not
well sustained.
Sterling exchange was steady at
around 4.75%l for demand. No further
gold imports were announced during
the day. though more are expected.
report from the Far East that Japan
has announced her intention of trans
ferring her gold reserve from London
IN New York may have some connec-
ton with this movement from the BANK
Of England's supply in Canada.
Locally money was firmer, time &C
commodation following Saturdays an
uouncement Of loss Of surplus WIN an
advance to the highest levels oil inc
wear. Call loans were placed at from
% TO 3 per cent, with renewals al Vhe
lower fgurc.