New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-25
Railroads Lower on Talk
of impending Demands
from Employees.
u. S. STEEL SENT
DOWN BELOW SO
transportation Issues Fall ! and
. Points or More-Upturn
Toward Close.

Labor troubles confronting the rail
roads were emphasized yesterday by
the publicity campaign started in dc
fence by the roads. and this, added to
the uncertainty over dividend action
on United States Steel to-day, brought
a good deal Of selling pressure in
stocks. Railroads fell / and points
or moro. United States Steel broke
through last weeks lowest price to
under S. and the speculative indus
trials weakened as well. Bonds showed
some effect Of tho depression IN stocks
i'm a little lower prices.
The DAYS business amounted 10 less
than 100000 shares and the selling ioI
the most part came from specuiat.I,e
sources. The railroad stocks. wniie
holding fairly steady Of late, have SUI
fered from the constantly increasing
sunplv from London, with the puohc
disinclination 20 make new purchases.
ReDorts Of further large shipments OF
our securities received from London
made II easier for the short interest
TO depress the market Yesterday:
That the railroad employees OF the
country had been planning concerted
demands had been known Tor some
time and there was no reason TO doup'
that the unions would JOIN IN the &C
ton by large majoriues. ne ran
road manaCements' statement maui
public over the weekend, focussca at
tention on the Offset that IaDo'
troublos might furnish 90 the I'M
proved traffic. results OF Wn'cE nav
Of late been so conspicuous. II seemed
;r.orcoivable that the roads would re-
sis+ the demands Of their men 10 IN"
point Of submitting 20 country "'ue
strike. ...h
Arbitration. the usual end o. sucin
dien,i+es between labor and capital
customarily ends in higher wages. 10
weaker roads. lust beginning 10 snare
in the nations prosperity. such addl-
tional expense would be heavy Dur
den The higher rates. from Whlch 'ne
carriers have only recently begun 10
receive the benefit, were ln part 'nS
result 81 former wage increases. LaIg-
or navments 20 labor judging ny me
former experiences. would be sloWly
and reluctantly followed by higher
rates.
such arguments proved effective am
,,,,,ri+ion for hear attacks on the mar
ket Yesterday. The railroad list started
a fraction lower and gave way pretty
generally in the morning. In the noon
hour losses were extended with NeW
York Central, Union Pacific and Erle
under special pressure. Toward me
end OF the day short covering brought
some uptum, but losses of from good
fraction 20 a point or more were gen
eral. Southern Pacific, which pre-
scented q report of earnings for last
month which in large gains in gross
and net almost repeated the remark
able statement for November, made uo
almost all its loss before the close.
United States Steel held fairly firm
IN the morning, but gave way after
noon. getting down to S2ss. At the
close il rallied TO S3i2, with a net loss
Of a considerable fraction, after more
than 100000 shares had changed hands
during the day. lnconclusive argu-
ment as TO the probable action Of the
directors on the dividend to-day con-
tinued.
Money rates were about as in the
week before, though, with the accumu-
lation Of surplus funds here, an easier
tendency was manifest. Call loans
we're renewed at per cent. but were
made at as low as z for the first
time since the beginning Of the year.
Sterling exchange, III spite Of receipt
OF securities from London, was q tritie
lower.