The Washington herald., 1916-03-31
WAR DISCUSSION
DULLS TRADING
Brokers Believe Order for
S64,0O0,000 in Munitions
Means Long Strife.
SPECTATORS WORRIED
Western Maryland Road Reports Gain
of ITO Per Cent in Its Net Earn
ings for February.

New York, March 30.-waH Street
discussed the German situation today
with real seriousness and the result
was a market heavy, dull, and OF
small volume. This serious note was
injected into the situation by semi
oficial announcement that the official
purchasing agent Of the allies is re-
turning to New York after a long
stay In London with orders for ss4,-
600, 900 more shTapnel to be placed
with three companies whose current
contracts will soon be worked out.
This did not appeal to Wall Street
as a move for peace. Renewal of
sharp fighting around Yerdun was an
other development that made for con-
seryatism.
Traders are beginning to get wor-
ried over the prospect of a long war.
Everybody realizes that American
corporations are tremendously strong
in cash resources now and that If the
war is to continue two years or even
one year longer, it will be found that
very few quotations are high enough
to discount conditions. This is re-
straining the bears.
Investors have put much of their
idle funds into long-term bonds at at
tractive prices and while they are
very rich, they have not the funds
with which to speculate in ordinary
stocks. That takes from the market
thousands of persons who helped to
make the big bull campaign OF last
year.
Country Rolling In Wealth.
The only other class available for
stock market material is made up OF
those thousands of business men who
did not have money enough to par
tiCipate in last years market, but VINO
now are rolling in wealth as result
OF the general prosperity OF the coun-
try. They would be in the market.
but are restrained by what they con-
slider high prices and by their fear
that an early peace may end the boom
before they have an opportunity to
realize any profits. The result Is al
most a deadlock.
Wall Street tickers were busy today
publishing arguments put out by
the railroads against an advance Of
wages. These arguments were inter
rupted from time to time to permit
the publication Of railroad reports show
ing marvellous increases of net earnings
for February. Western Maryland showed
a net increase Of 10 Pc cent, Reading,
90 per cent; Atlantic Coast Line, 50 per
cent: St. Paul, 80 per cent, and the Alton,
Is per cent.
Railroads have entered the munitions
class OF stocks, ana the serious part OF
Wall Street believes that employees should
receive a material bonus, but with the
understanding. as in the case Of the other
munitions companies, that it should be
only for the boom period. Railroads are
regarded as munitions companies because
transportation Is as much an ingredient
Of shrsCnel as are steel and explosives.
II. R Stettinius, purchasing agent OF
the allies, Is expected home next Wednes-
day with an 50. OOO. 900 order for shrap
mel The report today, traced directly
to one Of the companies named, says that
the American Locomotive Company is to
get $4,000, 90 Of this order. and the West
lnghouse and the New York Air Brake
q, 900, 900 each. The order will be for
sour-inch and a2-inch shells.
This Is the order that American Loco
motive directors have been specializing
IN for weeks.