New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-15
Strong Support Checks an
Early Break - Prices
Recover Later.
AUTHORIZATION
is WELL ABSORBED
Selling Pressure Ceases After
First Hour - Negotiations
for French Credit.

The nervousness with which Thurs
days market closed was in evidence at
the opening yesterday, but the break
in prices was checked by prompt sup
port. Commission house liquidation
was heavy az the start and more than
"a quarter Of a million shares were
dealt in during the first hour. The
case with which these heavy offerings
were taken after the early declines
brought reinsurance. Prices steadied
aud selling diminished. In the after
room there was fairly good recovery
;hat I'm case Of many stocks more than
made up the losses Of the morning.
The difficulties with Germany and
Mexico seemed no lighter overnight,
and the Presidents public warning that
il might be necessary for this country
20 become involved in war for the
benefit Of humanity naturally added to
apprehension. News from without
played little part in the later reversal
of market sentiment The best that
could be said was that no further
alarming news came from our Ilttle
force endangered in Mexico and that
10 some there still appeared possibility
Of the German crisis evaporating IN
CORES poUutHCc-
To traders concerned in more i'm
mediate market movement the Mexican
difficulty appeared 10 present the more
pressing possibilities of trouble. Bank
ing interests were still disposed 70
consider the danger of break with
Germany. with further complications
after this had been accomplished. In
the early break losses were generally
Confined 10 q point or two. The strong
.Lpport offered caused a good deal OF
repurchasing 10 cover short commit.
,nents. and advantage was taken OF
this 20 put up q number Of industrial
speclalties that formed the forefront
If the afternoon advance. 1t was in
tho war stocks that this late improve
mont was most conspicuous. The
nature of this movement may be Judged
from the fact that early in the day
representative of the Allies fiscal
agents here on his arrival from Europe
rad said that munitions plants IN Eng
land and France were now turning out
such a tremendous output that these
countries were now relatively moe
D ondent Of the United States in the
matter of war supplies. =.
Announcement that local bankers had
purchased from the New Haven s25,-
UUO.UUU or tne 81 per GENT Vhe yea
,cliatera notes gave further evidence
of the excellent state Of the invest
r.cr. market. With the 100000 from
earnings the proceeds Of this issue
-ill enable the company to pay of
100000 per cent notes maturing
go the first Of next month.
The low price Of French exchange,
Yesterdays further decline sending the
rrice down 70 below COS francs to the
collar for Paris checks, has brought
r ercantile buyers into the market.
Purchases by uptown importers were
feature OF the days dealings. and
there was recovery-the first in more
han a week-that sent the rate up TO
c.O5i2 al the end Of the day.
That negotiations for further cred
its for France were under way was con-
frmed by the financial representative
OF that government here. He pointed
out that no war orders were placed
in this country by France until ar
engagements had been completed for
their financing without purchasing ex-.
change, and belittled the feeling OF
nervousness which had caused the pres
ent drop in rates Of exchange on Faris.