New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-09
Peace RumorS Send War
Stocks Down and Rail
roads Higher.
PROFITS TAKEN ON
RECENT ADVANCE
Irregular Price Movement in
Afternoon-Further Drop in
Sterling Exchange.

News over the week end was not suf-
fcient TO carry further the rise in Sc
curities. The German submarine
question lost its speculative stimulus,
and in its place came the raid across
the Mexican border and the suggestion
Of peace proposals, both of which
caused more or less uneasiness. Profit
taking was general. but was offset by
speculative purchasing in special
stocks and a spectacular If brief up
turn in the railroads. The course OF
prices was confused for the latter part
of the day, and changes at the close
among active issues were about evenly
divided between gains and losses.
The upward movement in the rail-
roads in the latter part Of the fore
noon sent these issues up ] and
points in rapid fashion, but here the
supply for sale increased and prices
slipped back. While speculative In its
origin, this rise was not illogical II
the war stocks were 10 be sold on posi-
bility that this time reports OF pre-
liminary negotiation toward ending
hostilities were 10 bring about some
definite result Hope Of higher divi-
dends in some of the carriers played
its part in the upturn as well.
At the outset there were soma con
siderable losses, particularly in the
Mexican group, and some of the war
munitions concerns also opened down.
There was gradual irregular recovery
until around the end of the first hour,
when trading suddenly shifted into the
railroads. After the upturn here had
run Its course the market moved IN
uncertain fashion. New leaders were
brought forward from time to time and
distribution of stock acquired last
week was made less evident by strength
here and there in special issues. Cow
ering of short commitments put out at
the opening had q good deal 70 do With
some of the late improvement.
The war stocks. in which last weeks
upturn had been most pronounced, did
poorlv as peace talk and profit taking
combined TO send prices lower. Maxi
mum losses of and points here were
general, and the close in the group was
not much above the bottom prices OF
the day. Among the copper stocks
there was little trading and compare
lively narrow movement. Mercantile
Marine certificates, less active than
last week, when rumor was so busy
with the future of the company, went
lower United States Steel was rather
heavy, failing 10 get above the final
prices of Saturday and closing good
fraction down.
Money rates were about the same as
at the end Of the week Call loans
we're not made above 21s per cent and
we're renewed at pa, their lowest.
Time accommodation was practically
unchanged. While recent flrmness in
rates for collateral loans has had little
effect on dealings in commercial pa
per, bankers are less disposed to agree
| that better terms for their funds may
not be obtained before autumn. The
continued reduction of surplus, the
large demands of business, may yet,
it is suggested. do something toward
/ bringing a better return on funds.
Sterling exchange went TO new low
on the present decline, sight drafts on
| London closing at 4.75es for demand
| Exchange on Sweden continued TO rise
as Germany transferred her credits
here to pay supplies needed from Scan
dinavia.