New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-05
MARKET NEWS
/ AND COMMENT
Submarine Crisis Causes
More Uneasiness-Set-
back After Rise.
PRICES ADVANCED
EARLY IN SESSION
Pressure in Afternoon-Final
Changes Irregular - Call
Money at 8 Per Cent,

Securities yesterday showed tho eff
feet Of more uncasincss over what was
10 be the outcome of our latest subma'
rinc difficulty. Early in the day there
was an attempt 20 carry on Thursday g
advance. but stocks were supplied in
sufficient quantity TO check the rise. lr
the afternoon traders sold the list
finding the war contract industrials
particularly susceptible TO pressure
Before the close there had been some
recovery md final changes were irregu.
lar. though most active issues ended
lower
There was no large amount of hqui-
dation. Some commission house sell
ing was Joined TO that by traders who
decided that the failure of the market
TO rise in the morning showed the time
was unpropitious for further upward
movement Dealings were smaller than
on Monday, the total amounting 20
moro than 100000 shares below the
miilion-share mark. in bonds a larger
business was done than on the day be-
fore, and prices after early firmnesS
showed some tendency toward reaction
in the late dealings.
Railroads were advanced in the lat
ter part OF the forenoon after the in
dustrials had begun 20 fall back. Ches-
apeGke & Ohio was particularly strong
in this upturn and advanced again IN
the last hour, making q maximum gain
OF more than 2 points. Reading. Union
and Southern Pacific and other promi-
nent railroads did well for a while.
but for the most part lost their early
Improvement and more besides. Steel,
after a fractional advance, ended more
than q point down.
The oil stocks were firm for n while
and then went back. under the lead Of
Mexican Petroleum. which in heavy
dealings fell nearly points from its
best and ended more than down on
the day. Losses of !. , and more
points were made in the war group.
American Smelling and Refining start
cd with good improvement, went up
more than points and kept a good
part Of its gain 70 the close.
There was actually little more known
about the submarine policy Of the Cen
trail Powers yesterday than during the
day before News from Washington.
however, indicated that the adminis,ra-
tion considered the situation arising
from the sinking of the Persia. follow
ing Austria's promises, a grave one.
For one thing. il was realized that Con-
gress was now in session and that this
might provoke action which last sum
mer was avoided.
The effects Of the beginning Of the
year monetary arrangements were WISH
bic in large bank clearings here and in
a frmer tendency in the local money
market. Call loans were made az per
cent, the highest rate touched in 1915,
and time accommodation was less
freely offered. Payment of a call for
part Of the proceeds of the Anglo
French loan added to the temporary
stifTening of money rates.
Sterling exchange was actively pur-
chased and sight drafts on London rose
70 new high on the present recovery
Exchange on Germany weakened, Ber-
lin checks selling at 75l{ for four
marks at the greatest discount yet re-
corded. Our foreign trade figures for
last week added more than $25O00.0 900
10 our export balance. Shipments were
larger than in the week before. reach
ing over $4,000 600, but imports at
nearly S3S,00O000 made one Of the
heaviest weekly totals seen for some
time.