New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-21
War Stocks Weaken Late
in Session, After General
Recovery Earlier.
NO WIDE ALARM ON
NOTE TO GERMANY
Commission House Offerings
Well Absorbed - Call Loans
Made as High as 3 Per Cent.

Instead % the food Of outside sell
ing that some expected would folio"
publication Of our threat to Germany.
liquidation BY the public yesterday VAS
in comparatively small volume. Al the
openinr there was sufficient support to
absorb offerings without difficulty and
traders who had sold short repurchssed
and sent prices higher. Opening gains
were extended in most cases and
price. generally held firm until after
noon. Lending institutions, in recog-
rition Of the international uncertainty
and the insecure position Of some Of
the speculative issues, were more
stringent in their requirements, and IN
tho war stocks there were further
losses in the late dealings that sent
prices in many instances beneath the
lowest OF Wednesday.
Traders, with only Saturdays two
hour session between yesterdays close
and Monday morning. we're not dis
posed TO do much in the market beyond
adjusting their position over to-day
holiday Commission house selling
that represented the closing out OF
more speculative long accounts con
tinued. This was, however. in no great
volume and generally was well abb
sorbed. A. the end Of the day. after
little upturn AZ the close, active IS
sues were irregularly changed with
4
Such information as reached the
market from tho German Embassy az
Washington indicated delay IN ber-
Inns reply 10 our demand for reforma-
ton OF its submarine policy. OPINION
as TO the result of German considera-
ton of the issue was divided. In some
quarters IT was held that the CONNER
cial interests in that country, grow
ing stronger in influence since the mil
itarv partv had so obviously failed TO
make good It's boasts Of easy conquest,
would he able TO force concessions so
as to save the good will OF our neu-
trail market to aid in restoring Ger
manv's commerce when war was over.
To others il appeared that nothing
in the last wear had given any reason
TO suppose any substantial modification
OF Germany's submarine policy could
be expected. Even should some con
ciliatorv reply mean a delay in sever
ing diplomatic relations. II is argued,
more vessels with Americans on board
might be expected to be attacked con
/ trary 70 international law, with break
with Germany following the first OF
fence and declaration OF war the sec
ond. Even at worst. however, little ap-
prehension was shown as 20 the result
upon our business or finance.
In the money market there was fur
Their tendency toward higher rates. As
on Wednesday, call loans were not
made under 2i4 per cent, which was
again the renewal rate. Some loans
were made yesterday as high as per
cent for the first time since the be
ginning Of the wear. Time accommo-
Gation was not so freely offered, some
institutions Withdrawing from the
market The reported movements Of
currency for the week so far do not
/ indicate any increase IN transfer OF
! funds from this city 10 the interior.
Exchange on Germany continued TO
60 higher until cable transfers sold
as high az So cents for four marks,
rise Of almost 3 cents this week.
/ Francs we're shade easier and
, sterling held steady. The detailed fig
ures Of our foreign trade for February
showed that the great increase In ex-
ports last month was principally m
manufactures ready for consumption,
with some gain in goods for further
use In manufacturing This marked
the shipments Of munitions and of sup
plies to be made into ammunition.
After present contracts for ordnance
work are filed, the bulk Of war sup,
plies will. according TO present belief,
20 out in the latter class.