New-York tribune., 1916-02-27
German Capture OF YER
dun Fort Sends Stocks
TO Lower Levels.
EARLY HESITATION
TURNS TO WEAKNESS
Final Prices About the Lowest
Clearing House Surplus
Reduced Sl7,0oO,OO0.

Capture by the German forces OF one
Of the forts encircling Verdun resulted
In q general weakness on the Stock Ex-
change in yesterday's late dealings. Al
the start there was some hesitation and
q few speculative advances. but the
whole list turned downward toward the
close. Railroads lost about all their
Improvement Of the day before, and in
the !ndustrials the decline was OF
greater extent. Bonds were fairly
steady.
The setback in the market was ac.
eompanied with no great expansion OF
dealings, and represented IN the man
readiustment OF traders positions, Be
fore resumption of business on Mon
day. II was argued, news from the bat
tie lines IN France might be OF most
disturbing nature. That the fall OF
Verdun. should this be the result,
would open the way 10 Paris, rs Lon
don dispatches intimated, was not gen,
orally feared. but 10 was recognized
that il would be serious blow TO those
countries with which our business and
1napcial relations have grown so close.
Opening prices for stocks were little
changed. Railroads gave some sight
indication Of carrying on Fridays I'm.
provement. presenting number OF
small fractional advances, while indus
trials were irregular. The early move
ment was confined TO few issues
Som. OF the war stocks weakened soon
after the opening. American Locomo-
tive, which for some days has been
talked of as about TO beneflt by spec
ulative advance, got up over points
but this was all lost before the close
Dealings in this issue were the largest
of the day. -.
Most of the railroads improved lit
tie after the opening. but Reading was
vigorously purchased and advanced
nearly 2 points on good volume OF
business, though only fraction of this
jmprovement was held. Steel fell back
8 considerable fraction 70 under 81.
In the industrial list losses Of from
point TO or more were fairly general,
and closing prices were around the
lowest.
Another unexpectedly large loss in
reserve holdings appeared in the Clear
inc House statement Of conditions at
the beginning Of business yesterday
Aggregate reserve, which had been re-
duced around s16,00O,000 the week be-
fore, was more than sll,000,0O0 lower
An expansion of s48,000,000 in loans
and Of 100000 in demand deposits
meant, with the loss or reserve, re-
duction Of S17,000.O00 in surplus. The
excess reserve went below sl35,0o0,OOo
for the first time since early IN last
spring.
Sterling exchange was firm around
4.76k for demand and exchange on
Berlin was steadier. Foreign trade fg-
ures for January showed exports OF
more than $3.50 100000, some $1,000
900 below those Of the month before,
but SCI ,0o0,0 600 larger than in January
of 1915. Imports were heavier than in
December. and the favorable balance
for the mon. .h was about sl5l 100000.
Detailed statements showing the nat
ure OF our shipments will appear later.
but since it has already been announced
that our principal agricultural exports
were cons derably under those OF a
year ago it may be assumed that mu-
nitions made up a good deal Of the in
crease Such shipments are paid for
by the Allies credits here. From the
Port Of New York daily totals Of ex-
ports announced during the week
amounted 70 over s32 100000, little
larger than those of the week before.