New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-13
MARKET NEWS
AND COMMENT
Another Waiting Session
Dealings Light and
Prices a Bit Lower.
TRADERS SELLING
HAS LITTLE EFFECT
Washington Advices Forecast
Break, but No War Over
Submarine Dispute.

Expectation that at last the breach
between this country and Germany was
10 widen into an open break meant an
other day Of limited, professional deal
ings in securities Business was at
about the same small volume as on
Tuesday. Traders made some attempt
toward bringing on liquidation without
any appreciable increase in the amount
of stock offered United States steel
whose movements are usually Of great
weight in determining the trend Of the
market. was depressed point ~ the
first half hour and sent a fraction lower
in the late trading, but no general
weakness followed a. either time
The course of prices, so far as any
thing with so little momentum could
be said to show any course, was down
ward Price changes. however. even
in the more unstable issues, were small.
Before the first Hour had ended there
was sufficient buying TO check the de-
cline and a mild recovery followed.
Around noon prices hung steady. Later
there was further improvement, with
an irregular reaction around the close.
A few new industrial favorites had a
disproportionate share of trading at
tention and were advanced a point
or so.
As TO what will be the response Of
the market TO a break with Germany,
should one come, there was no agree
ment. Prices of stocks have declined
in anticipation Of such an outcome, but
with no large increase Of selling orders
from commission house customers. OF
course. the question of what would fol-
low severance Of diplomatic relations
is most important. According 20 what
came over the wires from Washington
yesterday Congress. when the issue
was put 10 ii, would not speak Tor
war.
Germany's submarine attacks arc APP
parently more than ever before making
dangerous ocean traffic with her en-
emies, and there is no sign that She
Will moderate her efforts. This means
that American lives may be expected
again 10 be imperilled. and there may
be no further step 20 be taken beyond
a declaration of war. Then will come
the question whether this country, like
japan, will be at war without actually
fighting Sending our troops overseas
seems inconceivable. but at the end OF
one vista that appears as the ultimate
possibility.
The international situation that faces
us is sufficiently grave 10 warrant
hesitation in security markets. hat
prices give way only slightly and that
there is no rush OF apprehensive selling
is due. apart from the fact that the
German crisis has been market I'M
fuence for almost a year. 20 the Won
derful business prosperity that the
year has brought. Whatever may be
the outcome Of our present difficulties.
whether or not preparations for wal
result in orders that surpass the great
contracts received from the other side,
there are immense profits already
made.
Basic industry has sold its output
far in advance. The Steel Corporation
has just announced untitled tonnage
on its books enough to occupy its mills
for the rest of the year. The big cop
per producers have disposed Of all they
can turn out for around seven months
ahead az remarkably high prices. The
railroads are busy as they have not
been for years. Yesterdays report OF
a surplus of $3.50 idle cars on the first
Of the month. against shortage of
20.55l on March ]. is the result OF
clearing up the freight congestion. So
confidence is mistaken.
The uncertainty Of this country s
foreign relations offers an additional
reason for postpOning relief for French
exchange i'm an Offering OF new loan
in this market Paris checks went as
low as 6.O5 francs for a dollar yester-