New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-02
Prices Fairly Firm After
Early Rise-Trading on
Small Scale.
SOME UPTURN ON
MEXICAN SKIRMlSH
List of Active Stocks Narrow
Clearing House Surplus
S2,4OO,0O0 Lower.

News overnight Of the successful
brush OF our forces with the Mexican
bandits was followed by an upturn in
yesterdays early trading In the stocks
Of companies with interests south OF
the Rio Grande. At the same time re-
purchasing TO retire short contracts in
speculative issues caused hardening IN
some Of the war stocks. Strength did
not extend throughout the list, how
ever, and the rise. such as it was, was
soon over. Prices held fairly firm TO
the close, but dealings fell TO small
scale. and the list of active stocks was
a narrow one.
The railroads received the wonder
full earnings statements Of the trunk
lines without any semblance of inter
est New York Central itself only
made UP a fraction of Fridays loss
and Pennsylvania closed only shade
higher on the day. United States
Steel had a total turnover Of less than
10000 shares and ended where it left
off the day before, after fluctusting in
q range of a quarter Of a point. The
largest dealings were In Kennecott
Copper. Crucible Steel and Mexican
Petroleum, but even here not much
business was done.
Word from abroad of German sue
cesses around Verdun emphasized
anew the possibility Of adverse devel-
opments from the scene OF warfare
but the Anglo-French loan rose TO its
highest for the year, 951s, with 80 FOR
single $500 notes. NJ developments
were expected in our submarine dis
pute with Germany, in view OF the an
nounced intention Of waiting week
or so for fuller details from the other
side. and none came.
Another week has ended with fresh
evidence of the unusual strength OF
the speculative position IN stocks
through the substantial nature of the
margins on which commitments are
carried. At the same time there was
no sign of any increasing interest IN
the market BY the outside pubic on
which a sustained advance must be
based.
The Clearing House statement
showed aggregate reserve OF MEMBER
institutions little changed from the
week before. Loans were some Sl0,-
100000 higher and demand deposits
increased about s12,000.000 With the
larger reserve requirements surplus
feli of about s2.400.000, to less than
Sl24.OOO. 600. This loss in surplus was
slight. considering that it came at the
end OF the quarter. when corporation
disbursements have to be provided for.
The steadiness OF sterling exchange
becomes more noteworthy when Febru-
ary's trade figures, announced yester-
dav. are taken into consideration. TX
ports Of nearly s410,00000o surpassed
the previous monthly record, set IN
December. by s50,O0O,0O0 Though i'm
ports we're far above those OF any
previous February, the favorable trade
balance OF almost S2l600O,OOO was
also the greatest yet reported. Snip
ments OF munitions are on an immense
scale. last weeks exports announced
from the New York district of over
s7s.OOO.000 running far ahead OF any
previous weeks total. With so little
remaining Of the proceeds OF the
Anglo-French notes and no addition
contemplated TO the London Clearing
House loan Of S5O000.O00, the disposi-
ton OF British owned securities may
he expected 10 be more OF factor IN
financial transactions.