New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-17
Losses in Stocks Not Heavy.


With all the cause for apprehension
that existed last week, prices OF stocks
suffered comparatively little. Liquids-
ton Of commission house accounts was
heavy only on Thursday and for
short period Friday morning. The sup
port that came TO the aid Of the market
on Friday was amply sufficient to take
all the stock offered withou. material
effect on price levels. Speculative &C
counts are now in much better condi-
ton. some houses having been very
heavy sellers.
Following the reaction. there was the
usual talk that speculation might no"
run more into the railroads ana copper
stocks. Instead of announcing, AS mac
been rumored. large amount OF
orders from the belligerents on ms
return from Europe. representative
Of the fiscal agents OF the Alhes sara
that munitions were being manuiac,
tured abroad in great quantity ana
that little assistance would be required
from This country. Nevertheless, spec
Native interests committed to the war
stocks insisted on regarding TINS an
nouncement as a diplomatic evasion
and were understood 10 be preparing
for another spectacular campaign III
their fsvorites. ,.
The investment market, as dlstln-
euished from more speculative oeaHhg
in stocks, WAS quieter than IN me week
before. international uncertainty mas
shown its effect here in smaller pur-
chasing rather than IN sppreclaoiy
lower prices. The supply OF iorelgn
owned securities offered for sale tenos
~ take the vim out OF bond dealing
The city bord sale, scheduled for
Wednesday, may show the effect OF
nrevailing uncertainty in some reduc-
lion Of the volume Of bids and IN the
nrica received. but these obligations
arc in a class BY themselves, and the
sale is expected TO be pronounced
success. Last week Anglo-french
notes on the exchange lost good part
Of their recent rise, and bond prices
generally showed a slight tendency
toward weakness. 49,,
While there is large supply OF nlgh-
grade bonds being offered here from
London and Paris. there IS naturally
considerable hesitation IN the pond
market. How great are the resources
Of our obligations held by the Allies
ie ~ course. only matter OF CON
lecture. From the amount Of offerings
+. appears that they are still large and
many bond houses. feeling that prices
have reached their best levels under
present conditions. are doing little.
French Loan Under Way.
The new French loan In this country,
so lonc, expected, took more tangible
shape last week. According 10 an
nouncement by the financial represent
alive OF the French government hoe,
negotiations are well under way. II ~
understood that this Will take the form
Of 500 900 Of short term obllga-
tions offered 20 the public. Canada has
recently been able 20 borrow SIo,OOO'OVO
on unsecured 3 per cent bonds with the
greatest Of ease. but as our nelghDor
and as a country removed from the d.
rect effects Of war Canada is favored
borrower.
According 20 present plans the
French loan will be secured by coliat-
eral Of neutral countries. our own ana
South American securities. The french
Government has conceded that this ls
necessary 20 enable the Offering 10 be
placed with investors. The banks, their
idle funds diminishing as business
makes greater demands. are less dis
posed 20 carry the burden OF foreign
accommodation. There has been con
siderable discussion as 20 the figures al
which the securities were to be put IN.
but the result will be that they viii be
valued al reasonably low basis.
Meanwhile goods % be paid for by
the Allies are being exported in i'm
mense volume, shipments from this
/ port reaching SOB 100000 last week.
/ England, through sale % our securities
she has gathered together. can and does
/ hold sterling exchange rates steady.
! France has available only compare
b lively small supply Of securities with
; which 20 pay bills here. SO important "A
/ part Of her productive territory - oc-
] cupied BY German forces that with all
/ her efforts her exports 20 this country
fall far short Of squaring the account.
Exchange rates on Paris continued 10
rccedc 20 the new low levels for the
greater part % the week Last autumn,
before the Anglo-Frcnch loan was con
kIaCIed. PaIIa checks cold LcIa below