New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-03
General Selling to Take
Profits Sends Whole
List Downward.
RAILROADS WEAKEN
WITH INDUSTRlALS
Copper Stocks Join the Decline
Good Buying at Opening
Soon Overwhelmed.

Securities fell back yesterday under
no great amount Of pressure, with
losses of up to points and more in the
railroads and 4 in the industrials. Less
confidence appeared of proper settle
ment of thee dispute with Germany,
the morning papers bringing another
intimation from the President that the
honor and integrity of the United
States might make II necessary that we
should be drawn into war Dispatches
from Germany received during the day
indicated that the reply to our demand
for an immediate modification of the
method of submarine warfare would be
an evasive one, and in the closing hours
of business report was received OF the
sinking of vessel bound from this
country 10 Belgium.
A good deal of substantial buying
appeared at the opening, but this was
followed by heavy offerings that quick
~ prevented any upward progress.
Profit taking was general all day. The
munition stocks which had made such
extensive recovery were particularly
weak and the coppers, in spite OF re-
ports of immense production and sales
far in advance at high prices, gave way
rather easily.
The railroads, with a general decline.
suggested that selling was in progress
for London account TO strengthen ster-
ling exchange. New York Central early
in the day rose point and held part OF
its improvement 20 the close, but this
was exceptional. Reading lost over ,
points and Lehigh Valley, Erie, Norfolk
& Western, Baltimore & Ohio and st.
Il 81 "a or
Mercantile Marine issues, while
quieter than on Monday, were still &C
lively traded IN and after a brief pc
Rod Of strength around the opening
fell back. 10 close with a loss Of frac-
ton on the common and of point on
the preferred. United States Steel end
ed at its lowest, a point down. In the
war stocks American Locomotive, with
maximum loss of points, was par
ticularly weak. Anaconda and Ameri
can Smelling and Refining got more
than points below Mondays lose.
The market was plainly uncert ain.
Should the expectation that a break
with Germany was 10 be averted prove
in error the recovery Of last weeA OBJ
viously went altogether too far. If our
letter TO Berlin may be judged as mean
ing what it said. suggestion Of com
promise would be promptly rejected.
The uncertainty arose not only from
doubt as to whether Germany would
consent TO modify the submarine cam
paign on which her people based such
hopes, but also on whether Washington
would this time make good its threat
or would delay as before.
Call loans were renewed a. pa per
cent after week OF renewals at 214,
and were made as low as per cent.
Rates for time accommodation were
practically unchanged. A further reac-
ton in sterling exchange carried de-
mand down TO 4.76 in the pound for the
first time in about two months. There
is still standing TO the credit of the
London Clearing House banks s50,000,-
600 obtained here last December and
the supply Of British-owned securities
for sale is understood to be still large.
SO in foreign circles no important
weakness in sterling rates is looked for.
In preparation for the French credit
operation here, it was reported from
Paris, the French Minister Of Finance
will soon issue call to owners of Sc
curities Of neutral countries 70 deposit
them with the Treasury. Francs were
a little lower yesterday.