New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-02
MARKET NEWS
AND COMMENT
Another General Decline
Followed by Lull and
Late Recovery.
MORE CLOSING OUT
OF WEAK ACCOUNTS
Short Covering, After Failure of
Drive in the Afternoon,
Sends Prices Higher.

The Presidents demand of Congress
that it put itself on record on the sub
marine question brought disquiet to a
market already disposed to uneasiness
on the first day Of Germanys new
policy Of attacking armed merchant
men. Liquidation IN the forenoon was
heavy and prices gave way throughout
the list. When this selling from the
commission houses exhausted itself
prices hung for a while around their
low levels. Traders tried 70 depress
the list further and bring out more
stock, but met no success. Accordingly
they repurchased, and their covering
operations caused an irregular upturn
that lasted to the close.
At the worst Of the reaction most
active issues fell under the lowest
reached on Monday, and losses in the
more speculative industrials ran to ,
or points and more. In the afternoon
recovery a good deal of this decline
was made up, and changes on the day
were irregular and generally Of frac-
tions.
Only a few OF the railroads suffered
any considerable losses in the carly
setback. and their lowest was only a
shade under that Of Monday. Reading
was at one time two points down and
ended a point lower. ST. Paul was also
under some pressure. United States
Steel. traded in ex-dividend. was heav-
lily sold for time. getting down Delo"
so, but ending more than point above
its lowest with small fractional loss
Dealings in the morning were on
large scale. but trading died away un-
til the late afternoon. The days total,
about 100000 shares, was under that
Of Monday, and the list OF active issues
was not so broad. Save for the more
speculative issues, bonds were quiet
and fairly steady. The Anglo-French
Is were dealt in at 93's again, the low
Price Of Monday, but recovered before
the close.
In yesterdays and Mondays decline
there has been good deal of the
cleaning out of weak speculative &C
counts that the market has needed.
Commission houses have been closing
cut weak accounts pretty generally
and stocks so sold have been finding
Judgment in stronger hands. fair
size short account had been built up.
and market conditions are better than
they have been for a long time.
How much this readJustment has dls-
counted possible bad news is uncertain.
At least il will enable unfavoreble de-
velopments to be met with less din
Guilty. Among the untoward events
which the trading public places among
immediate possibilities is the fall OF
Verdun. Yesterday, In absence OF any
claim Of German success in this dlrec-
ton. there was some hope that the as
sault was going badly. Wall Street
however, has had wholesome respect
for the Teutons' siege guns ever since
the fall of LieCe and would not be sur
prised were they again able 70 reduce
Notifications against which they were
directed
So far as the diplomatic question az
Washington IS concerned, the principal
fear now is in the chance of loss OF
American lives on some passenger yes
sci sunk in accordance with Germany
latest plan Until this apprehension
becomes less acute news OF domestic
importance. such az the excellent earn
ings for January by the Pennsylvania
and New York Central systems and
heavy equipment purchasing made pub
lie Yesterday. may be expected 10 have
little effect on the market.