New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-03
Trading Checked and Then
EnliVened by Austrian
AncOna Dispute.
EARNINGS IMPROVE
RAILROAD CREDIT
Sterling Exchange Continues lis
Recovery, with Demand
Rising Above 4.74.


ss rule .n business n luil. used for
reckoning up OF accounts The sud
den revival of trade has meant in many
lines unusual activity AZ holiday sea
son. Ou the Stock Exchange. how
ever last week saw little new business
from the outside Great profits have
been accumulated throughout the coun-
tty. bat al present the public is slow
90 put them into securities.
40 The start Of the week traders
Thought they saw renewal OF aggrcs-
sive buying BY important interests
which had been lacking for some time
Prices advanced right through the list!
bat vigorous purchasing was not con
tuued after Monday, and little or no
new business from outside was stimu-
lated After Tuesdays consequent re
action markets became stagnsnt, so
far a. the general list WAS concerned
Fridays vigorous upturn on the I'M
official summary OF Austrla's coucilia-
tory message. emphatic as 10 was, came
principally from reversal Of position
by the trading element There was
comparatively little important amount
Of new purchasing by commission house
customers.
The diplomatic crisis with Austria
naturally was blamed for the dull mar
kets in the middle Of the week. II may
be doubted, though, how much specu-
lative Wall Street would have thought
Of the impending note from Vienna had
10 seen more Of such vigorous purchaS-
ing as that which sent United States
Steel TO 8 new high for the year or
had the public appeared in force in the
trading. TO operators of broader view
European affairs have laid restraint
on dealings for weeks.
The difficulty with Austria had
seemed to hold grave possibilities.
The submarine campaign in the Med
iterranean, which apparently produced
considerable advantage TO the Central
Powers, was a different thing from that
IN the Channel which Germany aban-
doned, ostensibly TO meet our wishes
but actually because II had become
vslueless. Whether Austria would
give up present gain for the possible
I
good will appeared very doubtful. In
addition u was not forgotten that sew
ersnce Of diplomatic relations might
easily lead 10 something more serious.
Other Troubles Abroad.
Il had not been only in this trouble
with Austria that international affairs
| have spelled caution to large interests.
/ The political situation in Great Britain
/ was considered far from satisfactory.
| That nation has undertaken 70 supply
not only sea power and money, but,
what has not been customary in pre-
vious wars, men by the million as well.
/ From such cable dispatches as came 20
/ the market II appeared that voluntary
enlistment would not much longer SUI
/ fee The draft riots here, still fresh
| in the memory of many New Workers,
show how CONSUMPTION may be resisted
/ by people naturally unwarlike. Though
we authorized CONSUMPTION a year after
our Civil War started, more than an
other year passed before IL was put
| into effect Events are moving swiftcr
with England.
SO far as actual hostilities were con-
cerned. the Allies, with whom our bust
ness grows constantly closer. made lit
| tie progress. The unsuccessful expedi-
/ tion that went 10 aid Serbia was penned
/ In at Salonica, Word came that Ger
man-Turkish force threatened the Suez
+ Canal and Egypt In the mean time, on
/ the western front, II was German, rath-
er than Anglo-French, forces that were
expected 10 attack.
Indefinite Talk Of Peace.
Possibilities Of peace, while still dis
cussed, were not considered immedi-
ate. The suggestion put out through
Switzerland OF terms on which Ger
many would end hOstilities were not
/ considered Of much moment From
/ what Is known here Of the state Of
mind Of the Allies there IS no proba-
/ bility Of their conserving TO any form
Of indemnity. In Germany, It appears,
/ the pressure eXerted by the blockade
on her commerce through depriving her
/ population Of desired food IS beginning
| to make peace seem more desirable.
/ Growing opposition TO votes for wal
/ credits, public discussion Of the i'm
mense debt burden that must be borne
/ after the war-these indicate popular
unrest, ard after all II is the people
/ even Of such country that have the
final word as TO the course of national
affairs.
All this uncertainty over the compli-
| cations Of war had It's effect on secu-
rity markets. II would, however, take
/ little to cause such checks TO trading
to be forgotten. When, after taking
account of the year, profits Of trade
| and return on investments have to be
/ spent, we may see the traditional Janu
cry rise. Good news Of domestic al
| fairs and money rates so low as TO en-
49, rr,f4 raa e.~I
powerful influences TO cOunteract those
! that arise from foreign sources.
Business in bonds last week was
quiet. with prices fairly steady. The
/ Anglo-Frcnch notes were an exception
/ in furnishing large business on the
! exchange and declining 20 90 q, more
than 4 points below the price at which
/ the issue was offered to the public.
/ There is, Of course, large quantity
Of these notes that have yet 10 be per
maneutly absorbed. Among the under
writers are many who do not wish TO
I tie up funds in the notes allotted to
! them at the expiration of the formal
! public Offering. In view of the i'm
mense supply, investment demand for
| the issue has been remarkable, and the
/ decline since a free market obtained
for the notes has not been more than
had been expected.
Erie Bonds Well Received.
There was announced during the
week an issue of about S2OO0O,O00 of
convertible bonds by the Erie Rail
road. principally for refunding pur-
poses. The bonds, when issued. were
Immediately dealt in at price above
that at which they are 10 be offered TO
4 stockholders. 4 number Of industrial
loans of small amount were also made
+ public. and January viii see d CON
a.