New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-20
Early Break Soon Checked
Selling Renewed at
End of Session.
DEALINGS NOT BIG
ON GERMAN CRISIS
Trading Quiet in Mid-Session-
Banking Confidence Shown
in City Bond Sale.

The stock market met possibility OF
cutting of relations with Germany
with "a considerable degree Of compos-
ure. Announcement overnight that the
President was to address Congress on
the submarine question was followed
by sharp break at the opening, and
there was heavy selling, much of II
from out Of town, for a brief period
thereafter. Strong support checked the
decline and there was little recovery.
Business quie:ed and prices held
steady until just before the close,
when renewed selling sent some issues
lower than they had gone in the morn
ing.
At the start liquidation was on a
heavy scale. with the wire houses con-
tributing more than their proper
tomato share Of the offerings. Prices
rave way throughout the list. Rail
roads started with losses Of more than
4 point and IN the war stocks the
breaks extended 20 or g. This early
decline was checked before the first
half hour had ended. The market was
full of good sized buying orders on a
scale down, and bargain hunters had
put in bids not far below levels pre-
viously prevailing.
Dealings in the first hour amounted
10 less than 100000 shares. no great
total when the nature Of the emer-
gency and the broad list Of issues now
active is considered After that bust
ness decreased while the market
waited 20 learn what the President
would tell our national legislators.
After word had come from Washing
ton that we had threatened 70 cut off
diplomatic relations with Germany I'M
| less that country abandoned its present
methods Of warfare against passenger
and freight carrying vessels prices
held steady and In some instances rose
a little.
Selling pressure was renewed JUST
before the close, but was concentrated
in the more speculative issues. Bald
win Locomotive. Studebaker. Mexican
Petroleum and others of the war group
fell back rather easily. United States
Steel. which, after it's opening break
Of point, had yielded only !. OF a
noint further and had held its recov-
cry for the greater part Of the after
/ room, went a shade under its low OF
the morning. Final prices showed
both railroads and industrials at their
lowest average figures Of the year.
The text Of the Presidents message
is expected to be made known before
to-day's opening and the response of
the country 10 this turn In our inter
national affairs will be more evident
There WIS provided yesterday re-
markable test Of banking sentiment at
this crisis in the sale by the City OF
/ New York of S55,000,000 of AZ per
cent bonds. Bids were not closed until
o'clock and practically all the large
offers came in after the tenor Of the
Presidents speech was known. While
the number of bids was not large. the
city was able TO obtain the funds 1t
needed on the most favorable terms
since 1909.
In business circles the possibility OF
a break with Germany or even actual
declaration of war has been viewed
with calmness. Such outcome has so
long been among the probabilities that
no shock TO trade or credit is antici-
pated There has been no evidence OF
apprehension, no decrease IN purchas-
ing Of goods. For one thing, business
interests are convinced that the imme-
diate effect would be 20 stimulate many
lines Of industry here. Our resources.
il is considered, would be turned more
urgently 10 the making of munitions.
We could do more toward supplying
the needs of the Allies. and putting our
house in order against emergency
would mean great purchasing OF sup
plies by our own government.