New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-24
New Low Levels for Year.

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The Presidents speech and the text
Of our letter TO Berlin were published
throughout the country on Thursday
morning without bringing any impor-
tant movement toward unloading Sc
curities. There was further liquids-
tion which. after an abrupt drop OF
point or two ST the outset. was taken
care Of without much difficulty, and
losses later in the day were generally
confined to stocks in which the volume
Of previous speculative purchasing was
heaviest
Average prices Of representative rail-
roads and industrials went 10 new low
levels for the year, both in railroads
and industrials, on Wednesday. Thurs
day and Saturday, but these low fig
ures were far above the worst Of 1915.
The amount of stock held on margin
by weak speculative purchasers wait
ing 20 be sold had been lessened. and
lending institutions, in lowering the
valuation al which unstable issues were
admitted as collateral. further strength
ened the markets position against the
next shock that might come. On Satur-
day selling was resumed, and losses,
particularly in the more speculative
issues, we're considerably extended.
Much Of the selling was from traders
who worked to force liquidation OF
weakened speculative accounts, but n
coed part was from alarmed holders
all over the country
II was in the war stocks that the
greatest losses occurred. This was be
cause in such issues were the heaviest
speculative long accounts, not that the
threat Of break with Germany or
probable declaration of war by this
country particularly affected this group.
The position Of these stocks had been
weakened by the growing conviction
that the time for large munitions con-
tracts from abroad had passed.
Makers Of ammunition here have
been told that the Allies now have the
ordnance question well in hand. OPP
tons for renewals OF contracts placed
last year have been allowed 20 lapse
There are still large purchases of ma
terisl-copper, iron and steel-extend-
ing well into 1917. but the actual manu-
facture of munitions will, so far as pos
sble, be done abroad, and no great
volume Of such business IL expected
from our own government in further
ance Of military preparedness.
Bond Orders Withdrawn.
The bond market quoted and bust
ness was small, as orders were with
drawn because Of the uncertainty OF
our foreign affairs. Bond prices slipped
back little in the absence of invest
ment demand, and in the bond houses a
period Of dull dealings al lowered
levels was looked for until the outcome
Of the submarine dispute became
clearer. There was, however. no in
crease Of offerings and no disposition
20 realize on holdings at any material
/ concessions.
New York City's public Offering came
/ on Wednesday. and important bids
were turned IN after there had been OPP
I portunity to learn the nature Of the
/ Presidents speech. The $4,000 900 Of
ffty-year az per cent bonds went a. a
better price than a similar issue had
received IN 1914 before the outbreak of
war. Investment houses in the price
they were willing 20 pay for the city's
obligations expressed their confidence
M the investment capacity Of the coun-
try no matter what should happen.
OF course, the city bonds are in an
unusually strong position should
trouble come. They are particularly
favored by Institutions. and for indi-
viduals form the best kind Of collat-
cral. Then, too. should increased gov
eminent expenditures mean an addition
10 the impost on incomes, their being
tax free would make them even more
desirable.
General Business Calm.
General business, which has all along
viewed the possibility Of break
with Germany with the greatest calm.
displayed no apprehension over the
latest phase o. the difficulty. Even
" tho utmost that could be expected
should occur. 10 was felt there was no
great cause Tor anxiety. II this coun-
try should be forced 20 declare war on
Germany. the end Of hostilIties, with
the expected collapse Zoo prices in MANY
( lines. would be brought nearer. This
would be Offset for while By the
stmuIau ion 20 many branches Of IN
due'fy a. the government spent ma
tonal funds DO preparation for de
f.ncc
the international difficulty. it was
fSl'. would bring some hardening Of
money rates. A. present. as CONNER
oal lenders view d. the demand Of