The sun., 1916-11-25
FINANCIAL NEWS
AND COMMENT
stocks Go Up on Exchange as
Call Money Rate Goes
Down TO | 81 Per Cent.
INTERIOR FUNDS ARRIVE
1ndmstrials Rise Rapidly Tn
der Lead Of steel. Which
Gains 3 81.
INTERIOR FUNDS ARRIVE

Money went down yesterday and stocks
went up. The prevailing rate for call
money was I per cent. but after most
NJ the loans had been made II was found
that the supply Of funds greatly ex-
cecded the demard. and In the last hour
Tire rate dropped frs, to .is per rent
and then at the very close to Ia per
cent.
Loans made yesterday carry over tn
Monday. and the low ate at the close
signifies an abundance of funds for what
ever speculation or business is necessary
r. desirable. II also points to a good
bank statement to-day. for the rate OF
call money on Friday furnishes a better
prophecy of the bank statement than do
all the reports Of currency
The high call money rate on wedncs-
day and Thursday attracted funds from
mary interior places. That interior
money swamped New York and Boston
money in the call money market yester-
day. Moreover. Il IL reported on the
highest authority that a very large gold
shipment Is on its way to New York. and
the receipt OF this gold will. as was ex-
pected when money touched 5 per cent.
on Wednesday. keep down money here
below the rate in London. .
This ease In money naturally st!mu-
lated bullish speculation In stocks. In
some previous days of the week money
brokers had been obliged to call or Gus
toners for higher margins in order 10
curtail loan or supply additional collat-
eral for the banks. When II was found
that yesterday. the big loan day OF the
week. was the easiest day OF the week In
respect to money. brokers naturally en-
couraged their customers to increase
- AoI FhA "a
Spouse was eager.
In the Industrial lis: advances were
rapid and most OF the active industrials
closed at or near to the high point Of the
day. steel common led with a gain OF
%. points and a closing price OF l26's,
which was the high price.
There was n little more attention to
the railroad list. The railroad shares
gained ground. or at least recovered
some OF the ground lost on previous days
OF the week. In some OF them buying
was a bit heavier. but there were no
grea. outstanding movements IN the rails
"a there were in many OF the irdustrlals.
The best that could he said OF them
from a marke. standpoint. for yesterday
only. was that appreciation OF the rare
security OF the railroad shares and the
rich surpluses built behind them Is slow.
Investors as we'll as spectators In
stocks were further encouraged by the
resumption OF dividends on Railway
Steel Spring and by the declaration or
initial dividends on Steel OF Canada and
Atlantic Gulf and West Indies. This
last disbursement was s. a share on
common stock. In addition 20 the regu-
lar S1.:5 on the preferred. and was a
| practical reminder Of the great change
In the shipping business in this country
In the past two years.
Bankers and bond dealers found a de-
mand for the foreign government issues
that have been brought out this week
even greater than had been expected.
The most sceptical person In Wall Street
could not question the truth OF the
statements that the $50. 900 900 French
Municipals. the $50, 900. 900 Russian
Governments and the 100000 chinese
Governments had been heavily sub
scribed. Abundant proof nj these state
mrnts, IL any were needed was supplied
by arrangement for the Offering Of
British Treasury bills. Argentine Gov
eminent obligations and the $50, 600. 600
American Telephone and Telegraph
bonds.
The call money market showed clear
~ enough that there was money enough
for speculation. The bond market
demonstrated that men with money In
this country are confident.