New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-10
Industrials Rise in Late
DealingS-War Stocks
Most Prominent.
RAILROADS HIGHER
IN THE FORENOON
Trading Waits on Convention
Reports for Good Part of
the Session.

Though business on the Stock
Exchange closed while nominating
speeches we're still being made in the
Republican convention at Chicago, the
political developments Of the day
seemed 70 encourage a new trading ele-
mcnt. A number Of industrial stocks
were actively advanced in the late
dealings and part of the railroad list
improved How much this was due 70
belief that efforts toward bringing to-
eethcr Republicans and Progressives
increased the probability Of prepared
ness forming a more important feature
81 our national policy was uncertain,
but this was the explanation generally
given for a rise that showed its prin-
cipal influence in the war group.
The railroad stocks which have been
so responsive 90 purchasing of late ad-
vanced early in the day, gains of
point or more being fairly common
among the leaders. At the same time
there was considerable profit taking,
and as the morning went on this had
more influence and prices fell back.
The early afternoon was quiet, though
the war stocks began to harden little
as reports came from Chicago OF prog
ress toward harmony.
To those looking for indications OF
underlying hrmness in the list the &C
ton Of United States Steel yesterday
gave considerable satisfaction. It's
turnover. around 10000 shares, made IT
the most active stock on the list, and
IN the late upturn II went more than
3 point higher 10 above So, closing at
its best. Most Of the other issues
prominent in the late advance were OF
a less stable character.
Crucible Steel held its gain 70 the
close. ending more than points higher.
Net advances Of and points or more
we're made by American and Baldwin
Locomotive, Westinghouse and Car and
Foundry. The motor stocks were un-
usually quiet on the exchange save for
Studebaker, which was firm all day and
ended . points higher. The coppers
did little. steadyng after they had IN
the morning displayed a tendency
toward further weakness.
There was no relaxation in the money
market. Call loans were made again
AZ @ p per cent and were renewed over
until Monday at 8, the lowest THIS
frmncss of call money is resulting IN
greater OcmauO lOI HAcu uaNc luiu0f
which are firmly held, most of yester-
DAVIS business being done at 81 per
cent. Mercantile paper was purchased
i'm small quantity. and more passed at
874 than at the lower rate OF pa re-
served for the choicest names.
The weeks receipt of gold from OF
tawa was brought up 70 nearly ST.
100000 by another importation Of 81
100000. There was also deposited at
the Assay Office S1400.000 in German
gold coin by q local bank. This. 1t
was explained. had been held since be
fore the war and was brought out by
the diminishing reserves in this city.
Business reports and statistics at the
wees end showed why political I'M
certainty had done no more than to
cause hesitation I'm securities. Trade is
now showing more the midsoason quiet
and buying is less urgent, but bank
clearings are making remarkable gains
over those Of a year ago. which were
themselves in excellent volume. Rail-
roads that publish weekly statements
of gross earnings made better com
parison with the previous year last
month than they had been doing.