New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-09
MARKET NEWS
AND COMMENT
German Submarine Issue
Still Has Disturbing
Effect on Stocks.
LATE RISE AFTER
UNCERTAIN TRADING
Securities Heavy Most of the
Day-Call Money Firm
New Low for Marks.

The action OF Congress on the day
before removed for a while the diff
Guilty of divided counsels at Washing
ton at d time OF international tension
but it apparently put this country in
position where it could not easily
agree to German claims of right to
sink armed merchantmen without
warning. Outside participation in the
market was at a minimum, and the
traders showed considerable nervous
ness, which was heightened when the
German Ambassador was reported as
announcing the intention Of his gov
eminent to carry out its programme
of underSea warfare without moditica-
ton.
Stocks were heavy early in the ses-
sion, weakened and recovered irregu-
larry toward the close. Late Washing
ton advices indicated a better outlook
for settling the dispute with Germany,
suggesting that the Allies might give
assurances IN regard to arming mer-
chant vessels that would remove dan
ger of trouble from this source This
added 10 the late improvement that
came when traders who had been sell
ing earlier eyened up their commit
ments with late repurchasing.
Mercantile Marine, Butte and Su-
perior. American Zinc. Studebaker and
Mexican Petroleum were conspicuous
in the late rise, but the improvement
extended to more stable issues. Changes
on the day were irregular and in most
issues Of fractions. Except for the
last hour business was on a smaller
scale than on Tuesday. and the day
total was a little under that of the day
before.
At their lowest. losses of a point or
so were fairly common among issues
most active. and among the more spec
ulative industrials reached ? points or
more. Baldwin Locomotive, Mexican
Z Petroleum, Crucible Steel. Maxwell Mo-
tor and similar issues gave way rather
easily for a while. American Sugar
followed, with maximum loss OF 3
points, publication of its annual re-
port, which, with deficit after divi-
dends, showed that refining sugar had
not been made more profitable through
higher prices for the commodity.
Reading again displayed exception
al strength, rising more IMAM = points,
to IS, a new high price for the year,
on dealings we'll above those in any
other issue. California Petroleum and
Alaska Gold made some recovery. Butte
and Superior made a new high record
in the final dealings. United States
Steel. after rather small trading, closed
fractionally higher, at So. The rail-
roads were exceptionally quiet.
The firmer tendency in funds for
stock market purposes continued, call
loans renewing as high as pa per cent
for the first time this year Exchange
on Germany weakened further, sight
drafts on Berlin selling late in the
day at 1914 cents far four marks, a
new low price since the outbreak Of
war. Offerings of exchange on Ger
many have not reached any great total
this week. but purchasing is light.
Great Britain's seizure Of securities
shipped through Holland for this coun-
try has removed one possible source of
demand for marks. The large issues of
irredeemable paper currency in Ger
many have caused such doubt of its
ability to strengthen out its financial
position that not even the present
great discount from around 90 cents
for four marks, metallic parity, brings
in buyers.