New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-26
Prices Weaken on Word
of Americans Lost in
Submarine Raids.
TRADING RESTRICTED;
LOSSES NOT LARGE
Small insignificant Changes in
Early Dealings-Bank Sur.
plus Lower Again.

Reports that Americans were miss
ing as a result Of the torpedoing Of
vessels near tho British Isles turned
dull, irregular market into one that
. gave evidence Of pronounced weakness.
Losses, however, did not reach any
great extent. ia only a few cases
amounting TO point or more. Bust
ness was small, and principally con
fined to that Of traders whose inland
out dealings on most days Of the week
had left a small amount Of commit
ments 70 be evened up before Sunday.
News in the morning papers oF sub
marine attacks on shipping had added
10 the hesitation that had been the
prevailing characteristic OF trading
since Monday. Opening prices were a.
about the final levels Of the day be-
fore, and movement in the first hour
was in general without particular SIC
niicance. What appeared TO be Off
cial announcement that Americans were
lost when a Dominion liner was sunk
turned prices downward. Details were
lacking, but recent accounts OF SUD
marine activity had shown that at
tacks were generally being made with
out warning.
The Allies have sent TO our govern
msnt their refusal 10 consent 10 any
uroposition TO disarm merchant ships
in return for concessions from Ger
MANY. Instead of any more humane
81 lg fIgrQFfnTo
fTirpitz from the head OF the German
Admiralty. the uudersca Doa,s APP
near 20 be operating with little IA
card for the nationality OF vessels at
fackcd or for observance OF any OF the
customary rules Of civilized warfare.
Yesterdays response TO loss OF Amerl-
can citizens. measured in actual move
meut of prices. was slight. Had the
news come al time of such markets
as were being engineered the week pc
fore the effect might have been much
more unpleasant. The need OF eau
tiou in such times of international
strain is again emphasized.
From Mexico reports continued con-
Gicting and unsatisfactory. villa was
At the same time said TO be surrounded
by our troops and those or the Gar
rama forces and to have escaped from
his pursuers. A. least nothing Iur-
Their came TO strengthen belief IN the
joining Of the bandit by troops oil the
de facto government
Another loss in surplus. when SEM
II 10 the lowest since early I'm 1914,
appeared I'm the report OF clearing
House institutions Of conditions yes
terdav morning. Loans were reduced
moro than S9.O0O.O00 and demand de-
posits over S20,O0O,0OO. but aggregate
reserve was SlO.O0O000 lower This
more than made up for the decrease IN
reserve requirements, and tho excess OF
about $4,000 600 was some SHOOU,uOV
under that of the week before. The
interior is calling back funds and our
bankers are availing themselves OF the
higher rates paid for the use OF money
in London.
The steady maintenance Of sterling
has overcome the reluctance Of bankers
70 trust TO getting back their funds at
approximately the same rates OF e%-
change at which they were advanced.
Demand sterling last week moved with
in the narrow range OF 4.16lt 10 4.16's
in the pound. Even after the payment
of Yesterdays call part of the proceeds
Of the Anglo-French loan arc still aval l.
able. and yesterday there was made
known plans Of the British government
Tor an additional supply Of credit here
through deposit as collateral Of our
bonds lent by English holders.
Shipment of 100000 IN gold 10 Yu-
catan yesterday furnishes an instance
Of special export or gold in response
90 foreign government needs, Of
which We may see more when the war
Is over and Europe is rchabilitatinG her
currency. I'm this particular case the
Eisal hemp disposed of is being mar
keted under government auspices.
banking conditions in Mexico are cha
otto. There is practically no such thing
s. a stable rate of exchange and Mexi-
can authorities are able 20 make spe-
Cial terms as they desire.