New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-08
Speculative Issues Break
on No Large Amount
of Offerings.
SUBMARINE CRISIS
SEEMS MORE SERIOUS
Liquidation from Wire Houses
and Bear Pressure Send
Prices Downward.

The stock market yesterday was no
longer able TO ignore the increasing
gravity OF the position in which Ger
many has placed this country through
ignoring our protests against her reck-
less submarine campaign A Cabinet
meeting at Washington in the morn
ing, understood TO be considering the
course VIC should take, brought out d
flood OF alarming rumors. and security
prices gave way. Houses with out-of-
town branches were fairly heavy sellers
for a while. but the break was on no
large amount Of offerings, and the days
total business in stocks was only
slightly sbove that of the day before
At the start there was little change
from Fridays closing level. and the
familiar process Of advancing a few
specialtes was soon under way. This
limited frmness did not last long. how
ever. Issues recently favored m the
speculation were soon under pressure
and gave way easily. The market
ouieted after the first hour, but made
practically no recovery This encour-
aged the short interest 20 make a drive
AZ stocks in which the speculative po-
sition was weakest. and IN the noon
hour prices were sent down and
points or more below the close of the
day before.
Later news from Washington indi-
Gated that our government might send
another note TO Berlin instead Of
breaking off diplomatic relations at
once and selling pressure lightened.
In the late dealings the course Of prices
was irregular recovery in some in
stances reaching a point or more. The
copper stocks did well for a while in
the late dealings on a report that Great
Britain had placed another immense
order here for copper at the prevailing
high price for the metal
Yesterdays decline was made easier
hv the failure Of the rise earlier in the
week 70 attract any considerable out
side following and by the gradual re-
tirement OF short commitments made
the week before. Il took only q small
amount OF liquidation 10 start prices
a o..
ance TO the bear pressure of the noon
hour Some of the groups which have
been operating 10 advance particular
issues found that they had chosen
most inopportune time for such specu-
lative undertakings.
The governments crop report, while
pretty well discounted in grain circles,
added 10 the feeling Of disquiet in Sc
curities Winter wheat, according 10
government figures, showed the poorest
condition. at 1873 per cent. seen in
dozen wears. The wet, cold fall. made
ouate covering of snow and generally
bad weather conditions have meant an
unusual deterioration. With acreage
about II per cent under that OF 1918,
the indicated yield is 495,OOO,OOO bush
els, 100000 bushels less than the
actual harvest of last year. This how
ever. takes no account Of what is be-
lieved in the grain trade 10 have been
an unus ally large proportion Of aban-
coned acreage.
In the foreign exchange market
francs showed unusual weakness. Paris
checks and cables breaking 20 the rate
q under for a dollar. Only in the
extreme decline early in the autumn of
1915 have such levels been reached
since the outbreak Of the war Such
abnormal depreciation of French eX-
change naturally suggests arrangements
here for the benefit Of our foreign Gus
toners.