New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-30
MARKET NEWS
AND COMMENT
Railroads Under Pressure
in Last HOur-WhOle
List Ends Weak.
EARLY MOVEMENT
IN NARROW LIMITS
Copper Stocks Firm for a While
Sterling Exchange Up
Francs Go Lower.

Railroad stocks were under a good
deal Of pressure in the last hour Of yes
terday's trading, and leading Issues
went back a point or so. The selling
came from sources that ordinarily are
associated with foreign liquidation, but
whether this was the case yesterday, or
whether an attempt was made TO create
such an impression for its effect on the
market, was not clear. At any rate,
the whole list ended weak. Earlier IN
the day dealings had been Of pro
nounced professional character with
fluctuations unusually narrow. Traders
found a liberal supply Of stock for sale
a little way UP and gOod-sized buying
demand not far down. In between
prices went up and down easily on
small transactions.
The continuance Of Washington dis
patches indicating that Germany would
be called to account for jeopardlNng
the lives Of our citizens through her
submarine attacks, while it brought no
weakness in prices did prevent any ex-
pansion of trading. Mexico, too, was
source of some uneasiness though the
failure of Villa TO draw any large BODY
of people TO his aid against the pur-
suing American forces wac generally
taken as favorable.
Business was little mailer than IN
the two previous sessions of the week
and very quiet around the middle OF
the day. At the start changes were
small. A few speculative advances
after the opening were not well main
tanned, and after that, until the late
dealings. stocks moved up and down IN
uncertain fashion.
Crucible Steel, Mexican Petroleum,
International Mercantile Marine pre-
ferrel and similar issues supplied a
large proportion Of the dealings early
in the day. At their highest they did
not as a rule get much more than
point above tuesdays close, and gen
erally they weakened in the late de-
cline. United States Steel moved with
the railroads. sagging gradually toward
the end of the day, to end with trac-
tional loss. The copper stocks were
firm for a while on reports of new buy
ing from abroad. Reading, Union and
Southern Pacific and Canadian Paclhc
were prominent in the selling Of the
rails.
The coming struggle with the en-
ployes is the principal argument against
Tho railroad stocks. SO far as the pres
emit earnings of the railroads go, news
is all in their favor. More earnings
statements for February came to hand
Yesterday, carrying on the excellent
showing Of increased business already
made public. There is every reason TO
expect a continuation of heavy tratfic.
Export freight is large because Of war
needs, and, according TO best adyices,
should be heavy in providing material
for replacement and rehabilitation
when peace comes. How much Euro
pean selling may be looked for is un-
certain. There may be large amount
Of railroad securities already in posses
sion of the British authorities, but
common stock in our corporations mas
now been omitted from the list OF those
which the government desires 70 pur-
chase to steady exchange.
Some frmness in sterling yesterday
was ascribed 20 purchase Of remittance,
TO London Of proceeds OF stock sold
here. Francs declined sharply late IN
the day, getting down to about the
lowest of the present movement.