New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-12
Sinking of Norwegian
Freighter Brings No
Acute Weakness.
IRREGULAR CHANGES
IN SMALL TRADING
A Few InduStrials Improve for a
While-Another Loss in
Bank Reserves.

There was not the same amount OF
present enthusiasm in issues concerned
with Mexican interests in yesterdays
dealings. and most OF those which had
risen tho day before lost part Of their
Improvement In few OF the indus
trials there was for a time some show
Of strength. Crucible Steel, Mercantile
Marine preferred and Industrial Alec
hol advanced, but not all Of the gain
was held Standard issues were dis
posed 20 20 lower and the close was lr-
regular.
Early in the session news that a
Norwegian freighter. with Americans
In the crew. had been sunk without
warning was exaggerated for time
by market rumor into loss OF trans
atlantic passenger vessel, but there was
no pronounced weakness. The incident.
however, did serve 10 point again 20
the uncertainty created by Germanys
armed merchantmen policy and our dis
approval.
Dealings Of less than a quarter o.
million shares. while considerably
above those Of the Saturday before. ala
rot represent more than weekend ad-
justment Of traders market position.
The list % issues dealt IN was narrow,
and many OF these we're only for one
hundred or two hundred share lots.
The day started with prices little
better In few instances was this open
ing Improvement extended more than
q few unimportant fractions. the sink
ing Of ne Sel;us taking from the mar
ket whatever vigor ~ might otherwise
have shown. Prices a. the finish were
. little up from their lowest. leaving
changes on the DAY for the most part
o. fractions.
Crucible steel. the most active stock
ca the list lost ell Of its early gain eX-
cept q small fraction. American Smelt-
ing and Refining fell back more than
roint. and Mexican Petroleum over ..
United States Steel was exceptionally
quiet. moving I'm narrow range ana
closing fractionelly lower.
Announcement Of shortage OF
freight ears on lines in this country
and n Canada. for the first time in
more than two years, brought no trad
ing interest 10 the railroads. 4 sur
Llus Of some n 600 cars a. the begin
ming Of February had been changed 20
demand for more than 10000 above
the available supply. a. a season when
ordinarily transportation slackens. In
larse measure this need or ears IS
caused by the congestion al seaboard.
due 10 lack Of ocean tonnage. and fur
nishes another instance % the abnor-
NAL conditions brought by war
Another reduction in loans OF Clear
ing House institutions. amounting 70
more than SlS.000,00O. appeared in the
statement of conditions OF members
YESTERDAY morning Demand deposits
were more than S26,000000 lower, but
with this reduction in reserve require
mcnts. reserve held. contrary 10 eX-
pectations. was reduced nearly $4,000
900. This meant a loss Of over 81 ,0o0-
600 i'm surplus.
Sterling and frame exchange were
.;cady yesterday in 2 small amount OF
business and marks made no further
loss. Il was announced that the re
ports from London OF a large credit
arranged here against American securi-
ties as collateral were untrue. The
British government mas been gather
ing In our stocks and bonds. and il
was announced when the mobilization
scheme was first proposed that some
81 these might be used AS a basis for
loans. II the Allies need for funds
here outruns ability o. our market
readily 70 absorb sales collateral loans
will doubtless be svsiled Of. For the
present sterling is maintained without
difficulty, in spite Of such exports from
the Port of New York As the nearly
S4S.O0O.O0O reported last week and the
So 900. 900 Of the week before