New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-22
Sharp Recovery at Open
ing from Mondays Break
Prices Sag Later.
WAR STOCKS WEAK
TOWARD THE CLOSE
Final Figures Up from Lowest
Railroads Dull and Steady
Marks Still Lower.

Overnight consideration OF the pence
/ scare that was used 20 depress prices
on Monday brought reinsurance TO the
market and the morning papers con-
tanned nothing that looked Ike the
mysterious bad news Of which the Gay
before II had been feared that some
one had knowledge. Those who had
sold short the previous afternoon has
tened 20 buy stocks to cover their com
mitments. Opening prices Of the spec
ulative issues that had been weakest on
Monday were up /. and points.
This improvement was not carried
much further The case with when
prices had gone back in Mondays late
reaction made purchasers cautious.
After the early upturn trading became
dull and the market sagged. In the
late afternoon there was another
period Of selling by the short interest
that sent the less stable industrtsls TO
around the lowest of the day before
in some instances lower. At the close
there was little recovery from the set
hack. and changes on the day were n
regular. The Anglo-French bonds con-
tinued their rise.
The railroads were steady in the late
decline, but did little through the SEES
sion. Though the amount of our Sc
curities owned in England was SAID 70
have been exaggerated by market ru-
NOR. the fact that no further collateral
loan is In immediate prospect was
taken TO mean continued selling here
for London account.
At the start such issues as Cruciole
Steel, Baldwin and American Locomo-
tive, Mexican Petroleum, American
Car and Foundry, Lackawsnns Steel
and Can showed large gains. This
early strength was more than could be
maintained, particularly ss the COM
mission houses were sellers rather
than buyers. In the late decline some
Of these stocks were and points or
more below their best Of the morning.
After the first hour the volume Of
business was small, and the 100000
shares or so dealt in during the day
was the smallest recorded in five
hour session since week before last.
United States Steel was the most &C
tive issue, ending with fractional
gain, after rising over point and tall-
ing back TO its close Of the night
before.
Details Of the new issue Of $4,000,
900 or so Of per cent bonds 20 be is
sued by the Chesapeake & Ohio were
made public during the day. This will
enable the company to replace its S33,-
600. 900 Of notes with thirty year ma
turity. As it will still be provided
that large amount Of earnings must
he put back into the property, the stock
made little or no response 70 the an
nouncement Of the new financing.
The local money market was practi-
cally unchanged. call loans, as on Mon
day, being made at only one rate, 2
per cent, and time accommodation was
firmer for the longer dates. Sterling
exchange was steady, francs a triAe
weaker and marks weakened TO an
other new low record. Despairing of
getting securities through the British
blockade German bankers are offering
here underlying bonds OF American
railroads az prices 4 and 3 points under
the New York market. Payment for
these bonds is TO be made in. dollars,
in this city, and they are 70 be depos-
tied in the name Of the purchaser in
banks in neutral countries.