New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-03
REVIEW OF THE
FINANCIAL WEEK
Security Prices Sag, with
Selling Pressure in No
Large Volume.
LITTLE APPREHENSION
FROM GERMAN CRISIS
Daily Business at Half Million
Share Rate-Money Levels
Steady at Month End.

Though the securities market refused
TO be stampeded by the reckless sub
marine campaign that Germany had in
stituted. dealings last week were on
small scale. daily totals running at
about $1,000 shares or so, aad the
/ trading was largely left TO the profess
sional element. Prices sank lower I'M
der no great pressure, and while IRE
sponsible movements tended at times
q to obscure the trend of the market. the
whole list drifted lower until Friday
The menace Of trouble arising out OF
submarine attacks that interfered with
/ the rights Of our citizens TO travel the
seas in safety was one to which the mar
| ket had become accustomed. This time,
however. there was belief in good quar-
ters that the break so long expected
might actually be at hand. Patience,
even the greatest, must have its limits,
and our government, its confidence
abused and its trua. in German pledges
shattered. seemed to have come 20 the
point at last where IT must make goOd
its early threats of what was TO be eK-
pected if rights of American citizens
on the high seas were not observed:
Our national legislators at the CapltoI
might. il was felt, come forward II the
government itself failed TO indicate the
action TO be taken, and experience mas
shown that Congress IS not accustomed
to be overdiplomatic IN the way IN
which it debates international ques-
tons.
What would be the result if we were
70 recall our ambassador from Berlin
and give the German envoy here MS
passports was none too clear. The be-
lief that we are too far removed from
the European upheaval to become IN
volved in actual hostilities persists and
prevented any large amount OF appre-
hensive selling Of securities. II, as
many would believe. he war abroad IS
10 end in few months, II might be
possible TO leave our grievances TO De
settled with the rest in the final peace
negotiations. Yet it is far from estab-
lisRed that an end 10 the war - IN
sight.
Prospects for Long War.
The Central Powers, outnumbered by
the populations of their adversarles,
and prevented by their naval inferior
itv from commerce with the OUTSIDE
world. have as vet achieved practically
all the success in military operations
on land. Their territory is almost all
free from invasion, and they hold much
CONQUERED soil. Some discomfort may
have come from failure TO obtain Gus
tomary supplies from without, but II
may be doubted if this has reached
anywhere near the point of privatlon.
The valley of the Danube AFFORDS
Great grain harvests. The German
| neople are prominently skilful IN chem
/ istry and manufacture and II may be
| assumed that they will have great
success in providing substitutes Tor
/ what u lacking. The South, In our
| Civil War, fought for four years
though most of the time its ports were
eiFectually blockaded. While the spirit
Of the German people remains unoroKeh
they, too. may be expected 70 make
I long resistance.
II this world war is 20 continue years
I instead Of months. il may be not impos-
| sible that we may find ourselves at last
wasting lives and treasure on the same
stupendous scale now seen abroad
While this possibility remains security
markets must from time 20 time be eX-
pected 70 hesitate. despite such grow
/ ing evidence of natural prosperity as
/ has been coming from every side.
Railroad Traffic Heavy.
Railway earnings for February have
shown an unusually heavy movement OF
goods in what is ordinarily a slack sea-
son, and March loadings, so far as is
II 4b l.
clement weather in February increased
expenses, particularly along Northern
lines. Heavy snowfalls meant delay IN
traffic and overtime TO be paid for
Severe cold weather alone cuts down
the train load that q locomotive can
null. congealing lubricants and reduc-
Ink steam pressure. Such increase IN
operating costs is, Of course, TO be ex-
pected al some time or other during
the winter season.
The important thing is the way in
which the volume of traffic keeps up
Goods for export directly account for
part Of this, but traffic Of domestic orr
gin is also large. In the main this IS
not the result Of any large construc'
ton, but is due 20 the increasd pur-
chasing Of the people. Grain move
ment on principal lines is largely over
for the season. Now spring business
will begin. and there is every reason &c
look for continued high gross receipts
Up 20 the end Of the war railroad Off
cials see abnormally large business
} which probably will be continued at
least for a few months while the armie.
are settling back into their place II
peaceful pursuits.
After that our export business prob
ably will consist of materials for con
. struction and replacement, which bulk'
, large in tonnage, and railroad earnings
unlike foreign trade figures, are baseC
, on tonnage rather than on value.
, There was presented during the week
the countrywide demands of the foul
great railroad brotherhoods for ar
eight hour working day in locomotive
, ord train service with overtime at rate
. and one-half. The managers have thir
~ days 70 make formal reply. They
al once announced that they wished e
bring about Il general consideration OF
ali wage schedules effected. A perioC
b Of collective bargaining with practically
/. no common basis for settlement vii
follow. There is little expectation o.
any outcome save some increase in th'
. part which labor takes from railroad
. earnings A strike. involving the en-
q tire railroad system Of the country
fas no: been voted on and is unthink
b. able.
Money Rates Higher.
The level Of money rates remained
.rractically unchanged last week in spit'
Of the ending Of the month that brough
! need Of funds for quarterly interes
ind dividend payments. Call loans were