New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-28
MARKET NEWS
AND COMMENT
Selling on Latest German
Outrage Soon Over
Recovery at Close.
DEALINGS REACH
NO GREAT VOLUME
Small, Irregular Changes on the
Day-Trading Light in
Middle of Session.

After an early reaction, in which
tho more speculative stocks went
down one or two points, there was
general recovery In the late afternoon
that made up most of the early losses
and left prices irregularly changed at
the close. News Of the sinking OF
the British Channel steamer received
over Sunday in no way lesscnod the
Apparent gravity Of the offence, bat
the selling at the start came mainly
from traders. Liquidation from com
mission houses was slight and was
practically exhausted in the first hour.
After that business slackened and
prices hung fairly steady, and the be
havior q the market brought some
new purchasing as well as consider
able short covering. On the day there
was more buying than selling Of
substantial character.
Washington dispatches !ntmated
this latest German outrage was likely
TO have serious consequences, but so
many times has this been reported
that little apprehension was aroused.
SO far as appeared from yesterdays
dealings, the traders again Overcstl-
mated the effect on security owners
Of German submarine attacks. Ac-
cording TO reports, the sinking OF the
Sussex was particularly ineXcusable.
The vessel was unarmed and carried
no munitions, and was sent 10 The
bottom without the slightest warning.
So many similar occurrences, however,
have resulted in nothing beyond dip
lomatic interchange that the security
market refused to be greatly alarmed
this time. The late announcement
that all Americans on board had been
accounted for helped In the final rally,
but recovery was under way before
this message came.
Prices gave way rather slowly at
the start, not many issues opening
more than a fraction under Satur-
days final figures. After few min
utes selling pressure increased, and
trading for the rest Of the first hour
was on fairly large scale at de-
clining prices. The war stocks. in
which speculative commitments have
been heaviest, showed greatest losses,
a number getting down more than
points. The railroads and copper
stocks held comparatively steady.
In the noon hour there was an n
regular beginning Of an upturn when
it was found that stocks were not be-
ing pressed for sale, and toward the
end Of the session prices were ad-
vanced rather easily, traders who had
sold short in the morning being com
PEELED to repurchase on d rising mar
ket. In few issues final prices were
/ or 2 points up on the day, but for
the most part changes at the close
were Of fractions. The days deal
ings, at a little over half a million
shares, were on o scale only q li:tle
above that prevailing toward the end
of last week The Anslo-French
bonds were heavily traded in at %
and 95B. Covering Of seller 30 short
contracts, put out at the time Of an
nouncement of the du 'Pont dividend
in the Allied notes, has been made
rather expensive.
There was practically no change IN
money for market purposes at the ie-
ginning Of the week. Sterling and
franc exchange were steady In Paris
exchange on London was lower, and
announcement that the Bank Of Eng
land had received about S5,O00,o00 in
gold coin was assumed TO represent
further transfer Of gold from Paris to
London.