New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-10
Attack or Cymric Has No
Direct Effect on the
Course of Prices.
WAR STOCKS LOWER;
SOME RAILS ADVANCE
Disturbing Reports from Mexico
Easier Trend in Money
Sterling Still Says.

Between Mondays close and tho re-
opening Of trading yesterday morning
there was received word Of the torpc-
doing Of the Cymric, an unarmed
freight vessel with Americans in the
crew. According to such news as
reached the market in business hours
il was inferred that the attack had
been made without warning. The ir-
regular course Of prices, practically a
repetition of that Of the day before,
shows how thoroughly expectation Of
an immediate break with Germany had
been dissipated. in spite Of our reitera-
tion Of our position in our latest note.
IL may be. of course, that II viii later
appear that the captain of the White
Star liner tried TO escape after being
warned by q submarine, or possibly
that the commander of the underwater
craft had not received the orders OF
which We were told i'm last weeks mes
sage from Berlin.
However this may turn out, 1t was
evident that our recent threats OF
severance Of diplomatic relations were
not being taken very seriously IN the
financial district. Business in stocks
was a little smaller than the day be
fore. and again there was great irregu-
larity. Railroads, in furtherance Of
the notion that peace stocks were 70
he favored. rose early in the day, with
q general less advance than that Of
Monday, but yet one that carried a
few issues above the best prices Of the
day before. Munition stocks were
lower. though here too the movement
was not equally pronounced in all
members Of the group.
The later movement was again con
fused. Standard carriers fell back,
while some of the low priced railroads
we're actively advanced following q rise
in Rock Island that sent that stock up
over points. Reports that the diff
ferent interests in the stock and IN the
debenture bonds were getting together
brought strength not only to the stock
but TO the refunding g. and debenture
IS as well. Rock Island was the most
active stock on the list with dealings
Of around $4,000 shares.
Trouble i'm Mexico seemed 1T the
opening TO have reached a more critical
stage. as 10 was reported that the
MlfnQTdWdl OF our lIQuIN Edu utNli Nt
dered by the Carrauza authorities. This
was denied later. but calling out the
national guard Of three states to help
patrol the border showed that no con-
fdence was felt in the ability Of the
dc facto government to prevent. fur
ther raids. Mexican stocks were lower
in the early dealings and failed TO
show much rallying power.
Sterling exchange sagged further. in
spite Of banking support, demand get
ting a little under 4.75"s in the pound
The dull investment market, which has
made this an inopportune time TO dis
rose of British holdings of securities,
lis the reason given for failure 20
maintain sterling at the levels where
IL was so long held steady. Heavy
shipments Of munitions, first predicted
for last fall. are now well under way.
OF the exports Of nearly $4,000, 900
last March, agricultural products and
mineral oils provided only about SIP
600 900, while last year they were SAC
100000 greater i'm exports Of less than
1927 100000.
The local money market is gradually
getting back 10 an easier basis. Call
loans were made as low as per cent
for the first time i'm more than a week,
and institutions that withdrew for a
while arc returning as lenders