New-York tribune., 1916-02-26
Liquidation Ceases with
Lessening of Tension
at Washington.
RAILROADS STRONG
ON THE RECOVERY
Securities Rise as Traders Re-
purchase-Early Gains Well
Maintained.

Thursdays liquidation was not con-
tInued In yesterdays market Traders
NJ the outset sold on the theory that
halter relations between the President
and Congress did not remove the threat
OF trouble with Germany. Commission
horsa offerings, however. we're hgh''
;,..rruptions of telegraph facilities py
N. storm possibly helping to keep
down such business At any rate 'ne
professional element soon discovered
hat u was alone in selling and oegah
20 cover. Prices rose easily on I'M.
r.purchasing and held good deal o.
,be Improvement until the end OF 'he
day. ,.,.;..,,ori,. u,all in
tho unturn. Reports of progress III
,,eootiations with the coal miner ;
befned the coal carrying roads some OF
s,.bicb made gains Of points or more
Conner stocks advanced from frac-
,;on 20 point or so. The speculauVe
;ndustrial group recovered a gooa palt
~ the losses Of the day before out II,
H. brief advance the railroads sIooo
out conspicuous. - .
Trading fell OF again TO around the
.o,r levels of earlier IN the week ana
few issues were heavily dealt IN. amer.
;can Woolen, purchased in anticipation
~ The initial 3 per cent dividend, hau
,bs largest share Of the days business.
Steel improved a fraction on a TURN
over Of around 10000 shares. Paeihe
Mail advanced in the afternoon 10 emu
5 points higher s.;o,
from Berlin that attacks without warn
inc on armed merchantmen might De
post-pned from the scheduled date OF
The first Of the month hastened Ihe
sbort covering that brought on the
morning rise. Washington aoVlSes uui-
inc the dav were of far less alarming
character than those which had pre-
cipitated the decline Of the dav before.
News that the former Secretary OF
State was taking part in the intrigue
against the President tended TO lessen
its importance.
The German assault at Nerdun con-
tinued to depress prices in London
consols and the new war loan making
further fractional losses. The eX-
change market here. however, ignored
the DEVELOPMENTS on the battlefield.
Sterling improved, demand rising 10
4.76is in the pound again, and francs
were firm. Exchange on Berlin went
lower, sight drafts selling al the rate OF
% cents for marks, against the pnce
Of rs asked by bankers with German
affiliations two weeks ago.
Call for the last instalment OF pro-
ceeds Of the Anglo-French notes by no
means indicates scarcity of British
credits here. Securities are being re
turned from the other side in large
volume and preparations are being made
by the British government TO take over
as loans holdings of those owners who
have not cared to sell outright.
London dispatches spoke of coming
negotiations with France for loan
here Of around 5000, 100000. II. as un-
derstood. this is to be secured BY col
lateral. il should appeal to quarters in
which the Anglo-French notes, based
merely on the credit of the issuing ma
tons, were not satisfactory. The
nature Of the collaboration it is sug-
gested that some French bonds may be
included and the length the issue will
lun will Of course have much TO do with
determining its popularity. Uncer-
tainty over the future course of inter
est rates is still sufficient TO make
short term issues more easily placed.