New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-13
Our Foreign Difficulties Again
Suggest Caution - Higher
Levels for Sterling.

disinclination of our people 20 enter
the untried field of international in
vestment As the loan was handled,
the public Offering at IS was oyershad-
owed by the opportunity for institu-
tons and individuals to enter the un-
derwriting syndicate at SO and eX-
penses.
This weeks decline does not neces-
sarily indicate a break in the Issue
when holders are free to sell at any
price. A large proportion of the S5OO,-
100000 was withdrawn from public sale
for permanent investment or to sup
port the issue. and this portion will
probably be fairly well held. Munltlon
makers, like other business men, desire
10 please their customers and may be
expected to refrain from doing any
thing unduly 20 depress the market.
There are, il is understood, investors
who have been waiting for the end OF
the syndicate 10 obtain notes at con-
ccssions. The obligations, payable in
gold in this city, and an obligation Of
the two greatest financial powers or
Europe. are an exceptional investment.
The time to maturity is so short that
each drop in price makes considerable
addition to yield on investment, and
this in itself should bring support when
the issue is freely dealt in.
Financial institutions 20 which such
paper appealed at a time OF cheap
money went into the original syndicate
and large individual investors did the
same. removing important possible pur-
chasers for the so-called public offer
ing. Munition makers interested in the
affairs of their principal customers had
also come i'm early. and SO the public
TO which appeal had been made was
limited. Outside Of this city the atti-
tude of German sympathizers unques-
tionably did much to keep down buying
In some quarters offering OF the
notes on the Stock Exchange last week
at low prices for delivery in two TO
three weeks after the syndicate is
wound up is considered a part Of the
same Teutonic campaign. Such sales
cannot readily be traced, but If made
by syndicate members they were In di-
rect violation of the underwriting
agreement. When the market becomes
a free one there will be opportunity for
friends and enemies Of the Allies to
conduct on the exchange such market
operations as they may wish. IL IS
understood. however, that no syndicate
support will be forthcoming.
Security Markets Uncertain.
Uncertain security movements in
markets narrowly professional con-
tjnued last week, unchanged by impor-
tant news from without. The Presi-
dents message, which traders had been
supposed to be waiting for, brought no
accession of business from the public
and provided no lead to the market.
Uneasiness over the possibility OF trou-
bic with the Central Powers of Europe
made caution in new commitments seem
advisable. and doubt over the result Of
the Anglo-French loan added TO the
spirit Of hesitation. Improvement in
the business world at home, Of which
higher dividends by mining and indus
trial concerns were only one token,
brought no encouragement that could
be reflected in price movement. Good
news. such as the Steel Corporations
great increase in untitled orders, failed
to advance prices and so provided bear
argument.
The Presidents message was much as
the financial district had anticipated.
The continuation of the duty on sugar
and the tax suggested on fabricated iron
and steel had been already discounted.
The plan for an investigation of the
.
Use Of kind word for the railroads,
but furnished little assurance of relief
from higher cost of labor and material
and rates held down by public reguls-
/ ton. The cost of preparedness prop
erly Will add to taxation, but 1t may be
that when Congress has duly consid-
cred the subject. additional tariff duties
may tahe the place of the internal
taxes suggested
The difficulty Of steering our course
Of neutrality again appeared as a mar
ket factor. For some time there has
been apparent q lessening Of the pa
tience with which our administration
has watched the activity here of Teu-
tonic agents. Prosecutions that brought
out the responsibility Of foreign gov
eminent officials for acts in violation OF
our laws were no longer avoided. In
vestiCation Of such crimes seemed
prosecuted with more energy. SO the
decision 70 demand the recall OF the
German military and naval attaches
brought little surprise.
The bitter denunciation IN the Presi-
dents message of the way IN whlch oui
neutrality was being set at naught, the
more incorporating tone of our de
mand on Austria for adequate repara-
ton for the Ancona attack, showed that
our foreign relations still held possibil-
itics of serious consequence. Suoma'
rinc activity transferred 10 the Med
iterraueau threatened 20 bring fresh
disputcs which could not we'll be met
with the patience that had marked our
Diplomatic correspondence IN the past
A report. which proved unfounded, that
AN American tank vessel had been SUM
by an Austrian submarine sent prices
lower in Wednesdays early trading
Though the loss Of the vessel proved
untrue. there was left the uneasy con.
sciousness that similar news might at
any time prove well founded.
Peace Talk Indefinite.
Peace talk from Europe last week
continued very indefinite. Reports
from the proceedings of the German
Reichstag brought 10 such popular
demonstration against the govern
ment's war policy as had been pred ct
ed. Nevertheless IN some influential
quarters belief that tentative propo-
sitions Of some kind may be expected
from Teutonic sources persists. In
an warning countries. as in the North
during our Civil War. there must be
some element Of the population that
desires an end Of hostilities. How
numerous thsc factions may be II Is
not possible for us here 20 estimate.
In France and England there seems
little question that Indignation against
the way iu which Germany has con
Quoted warfare makes suggestion OF
peace with Germany unbroken de
cidcdly unpopular. How far the Al
/ lies blockade has discouraged the Ger
man people is not clear. Private ad-
vices received in this city do not bear
rut sta tr,pr.est,v tL.f .fpriaa nl