New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-25
Congresses Fear of Ger
man Dispute Sends Stocks
TO Lower Levels.
VOLUME OF BUSINESS
NEARLY DOUBLED
Whole List Declines -- Wal
Group in Lead-Some Recov-
cry in the Late Dealings.

Our dispute with Germany over her
use OF submarines changed yesterday
from a merely restrictive influence on
trading 70 q cause Of pronounced weak
ness that sent stocks, at their lowest,
down from one TO three points. LiQuida-
ton of speculative accounts was per-
sistent until the latter part Of the
afternoon. Then Washington dispatch
es indicated that Congress was not
likely 20 complicate matters by inter
fering with the Presidents programme
and there was some recovery.
The curious turn of events at Wash
ington. which placed the President "a
insisting that Germany observe estab-
Ishcd rules of international law in its
underwater campaign and Congress as
threatening 20 forbid Americans 10
travel on armed merchantmen perpieX-
ed the market at the start. opening
prices were only shade lower. Losses
we're quickly extended, however, as the
possibility Of friction between amer
ent branches of our government caus-
ing serious complications was more
thoroughly realized. In addition, &C
counts of fear Of war in Washington
brought some apprehension mere.
roughly classified as the war group,
were first TO show pronounced weak
ness but railroads, coppers and the rest
ioined in the decline Selling for the
/ short account reached no great volume,
evcent in a few issues and this meant
that the afternoon upturn generally
did not reach any large proportions.
In abrupt contrast TO previous SEES
sions of the week in which dealing had
been around the 100000 share marx
Yesterdays total was nearly double
that figure. Steel was dealt in TO the
amount Of $4,000 shares and fell more
than a point, closing a shade under 80,
not quite a point down. American Can,
following the remarkable result IN the
government antitrust suit that failed
10 find il guilty and yet lett 1t not eX-
onerated, declined over two points.
Part Of the recent rise in this issue
had been based on expectation OF VIC
tory in this case and the courts action
proved considerable OF a disappolnt-
Consideration of the du Pont divi-
dend of part of its holdings of Anglo
French bonds brought active dealings
in that issue yesterday. The bonds
fell to "a, only a shade above the low
est az which they had been dealt in,
hut there was some recovery before the
end Of the day. Other large subscrip-
tons by munition makers 70 the Allied
loan are known and more are guessed
az. That such holdings might be ex-
pected 10 come upon the market was
recognized when the underwriting
syndicate was dissolved. Distribution
| such as has been made by the du Pont
Powder Company does not necessarily
mean that they will be pressed for sale
without regard TO price received.
The submarine question overshadow-
ed all other news Of financial moment
Yesterday. More railroad earnings
came 10 hand carrying out the tendency
Of those published Thursday with gains
in gross not fully carried into net. A
number Of industrial concerns an
nounced enlarged or resumed dividends.
evidence Of business prosperity which
was completely ignored.
I The vigorous onslaught which Ger
man forces are making around Nerdun
was watched with much interest. Such
dispatches as came in business hours
showed this advance had not yet
threatened a serious break in the Allies
line. How news Of such victories Will
affect the German government in It's
negotiations with our authorities re-
mains to be seen.