New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-09
Selling Pressure Removed
on Expected Delay in
Submarine Case.
PRICE LEVEL LITTLE
CHANGED ON DAY
Some Early Reaction, with Rally
Later-Surplus Reserve Drops
Under SlOO,OOO,OOO.

Probable delay in any definite out
come to our dispute with Germany
prevented any further important press
ure on security prices, and .yester-
days two-hour session was princi-
pally given up to traders weekend
adjustments. Opening prices were not
far from Fridays closing levels. The
copper stocks made some recognition
of the immense war order announced
the day before by starting little
hrmer than the rest Of the list, but
didn't continue the improvement. A
tentative advance was begun in few
Of the war stocks. but was quickly
halted. and prices were lower all
around in the first hour.
Before the close, covering OF short
commitments brought general rally
and final prices we're little changed on
the day. Just before the end Of the
day zinc stocks were rapidly advanced,
10 close with considerable gains.
Business Of around quarter of q
million shares was az about the rate
Of activity that has been prevalent
for the last two weeks. Bonds were
quiet and steady.
United States Steel was compare
lively more active than IN previous
sessions of the week. At one time II
had been depressed a considerable
fraction. but it rallied to close un-
changed With few exceptions, small
fraction represented the changes as
result of the days dealings. In the
more active issues gains and losses
were about equally divided.
So many times the market has
started 20 adjust itself TO break with
Berlin, only 10 see trouble averted or
postponed. that even i'm the present
emergency. with domestic political
considerations eXerting strong press
ure on the administration toward
more determined course. some pacific
solution seemed not impossible. How
this was 20 be accomplished there was
little notion, particularly as advices
from the other side indicated that in
discriminate torpedoing of vessels en-
gagged i'm business with the Allies was
meeting with popular approval In Ger
many.
a very heavy loss in surplus re-
serve appeared IN the Clearing House
statement of actual condition Of mem
Der institutions yesterday morning.
The corporation financing of the week
had increased loans some S29,000,00O
and demand deposits were S2l 100000
higher This addition TO deposit LA
bilities wa. responsible for only =
small part Of the S24. $4,000 reduc-
ton in surplus Aggregate reserve
holdings were more than S20.000000
under those Of the Saturday before,
with a loss Of over S14.000,000 in
specie held I'M members vaults. There
has been an unusual call for funds
from outside, which has been largely
met through the Federal Reserve
clearing system.
As il now stands. the surplus has
fallen 20 about S99.000,000, the small
est since the new banking act reduced
reserve requirements. About six
months ago the surplus was over
S224,0OO,0O0. With the practical cut
ting of Of the flow OF gold TO this
country. and continued requirements
FOR expanding business here and for
extension Of credit 10 our foreign
customers and purchase Of our securi-
ties from abroad, the available supply
OF loanable funds is rapidly diminish
ing. The surplus shown yesterday
was s46,O000OO under that reported at
the end Of the year.
In the exchange market yesterday
francs went a little under their low
level established the dav before. but
elsewhere there was little change.
The total Of daily exports announced
during last week, around Sis.OOO,OO0,
while well under the record set the
week before, is still large and con-
siderable proportion of our shipments
now consists Of munitions, 20 be paid
for by the Allies.