The Washington times., 1916-04-02

Though. aside from the securities
markets. no appreciable check has
yet become apparent in American
business channels. there is much talk
or the development OF caution In
nearly all departments OF trade and
finance.
The Mexican war cloud and strained
Serman relations are not the only
Factors which are contributing to
brinE about such a situation. Violent
rises In certain commodities. tho
made rush OF orders for many manu-
fractured products and the marked
eagerness of buyers in practically
Unprecedented as to. make the pur-
chasing public naturally hesitant
about booking orders at prevailing
: For many weeks bank eIeaYinRs
have been running at about 80 per
cent or more in excess of last year.
Bradstreet's index number shows that
on March / commodity values had
risen riser 81 per cent since the European
4 glance at a few wholesale prices
Will make tho extent of this rise more
realistic. At the beginning Of the var
March j Il was si,25. some of the oi other Si'
more striking comparisons are wool.
1n4. u cents: 1916 rs cents; pIg iron. 1914
$40; 1916, $50. Steel tiliets. 1874, $50:
LBS SI: Copper. 1914, 12k cents; 1916
But for the demands of the more than
10000 members of the four brotherho oods
railroads Of the United States might he
said to be launching on a period Of pros
perity that promises to break prece-
riort,, ..u.aZ. IA. ,., a.. a..
of line. showed In January gains in
gross revenue OF s34, ,901 900 in Comparison
with January. 1915. or 20 per cent: net
revenues increased s1e.s21 900, or So per
s2i,742 or n per cent; mileage increased
less than one-thtrd OF per cent; oper-
ting expenses IL per cent, and taxes &
per cent. These extraordinary increases
indicate how extensive has been tho re-
sumption OF business, since the increases
are due TO increased volume of freight.
and not to increased rates to any con-
siderable extent.
The improvement in gross earnings by
geographical divisions was most marked
IN the trunk lines, which showed an In
crease OF 80 per cent: New England
next, with 25 per cent increase: South
en- and Western. both Is per cent: and
southwestern per cent. The percent
.ages Of increase for net revenue vary
from Jos per cent increase for the trunk
lines, TO a slight decrease for the South.
western rOauS.
The steel market continues firm, with
producers unable to supply the demand
Many consumers have been informe,
that in certain ella sses Of steel. addi.
ttonsl sales cannot he made for deliver,
this year Many munition manufactur.
ers, unprotected from the standpoint ot
semi finished steel. are at a less 70 know
where they. will get steel in the event
Europe wishes TO place additional shel
orders In this country.
Thus far in March railroads have or.
dered s3o. 400 tons OF rails, most Of then
for delivery in 1917. The PennsylvaniS
IL expected to close contracts in a few
days for about 2oo.noo tons and the Eri,
for 1000 tons. The Lehigh Valley II
also tnuuirinE for Its next years supply
Owing to the fact that the rail- MILL
are booked to capacity for the rest q
this year, books for 1917 have been open
ed far earlier than in any other yea
eince the boom times around tsh
The first two months OF this yea
showed 37S,000 tons ordered compare,
with 375 .000 tons in the same period Il
1918. The first three months Of 1915, how
ever, will show close TO |. 100 900 or at tn
rate OF 800, 900 tons a year
Domestic rail buying is expected :.
continue even after the present IN
duiries are out Of the way as a nlImbe
Of smaller roads have not bought a
yet, and even the large Hines may max
further purchases as they have beel