New Britain herald., 1916-04-29

freight and passenger rates. The power of the unions to enforce their will and create widespread public loss confusion and inconvenience needs some legal restraint not yet pro- xided. No organization of capital would be allowed for one moment to precipitate such a crises as these men have threatened; nor would they be allowed to imperil public interests by insisting upon similar demands: If the government is to continue regulating the railroads, it may have to also regulate the employees. Fixing wages is a necessary sequence of fixing rates, if law is to be based upon simple jus tice.
 Dividends and interest payments for May are estimated at about $137, 7,000,- 900, or more than $5,00o,00O in excess of last year. The increase is smaller than expected in view of the large profits made by many industrials The reasons why distributions have not been heavier are several. Large sums have been charged off for depreciation. Still largeer sums have been takes out of earnings and put into plant, reap bearing in the form of surplus and stock dividends; and all concerns are feeling the widespread rise in the cost of doing business, as well as the nu- merOus concessions to labor, which will soon cut down dividends to more normal proportions.
 War Not Wanted.
 War continues the ruling factor in financial affairs; our relations with Germany still being the first issue. There is some hope of a satisfactory adjustment of the submarine question owing to the more conciliatory spirit manifested by Germany during the last few days. Later rumors have been distinctly favorable. It would be premature, however, to be OVer- confident in this respect. What the outcome will be cannot possibly be foretold, but one fact has recently been disclosed; that neither the people of Germany nor the people of the United Stats wish for war. Symptoms strong enough on the surface have al- ready cropped out as almost cOnclu- sive within the past few days on the part of the Kaiser and the German people, indicating that a break in dip lomatic relations between the two na- tions is not actually desired. There fore. I feel that such united influence may almost be relied upon in prevent ing a rupture at the present time espe- cially as it is for the mutual interest of both nations to continue peaceful relations. Developments m MeXlco, though not entirely satisfactory, nave not thus far, been of a disturbing na- ture The next most important prob lem is the labor situation Whlch, now ever. promises to be adjusted by wage
 YJJl..o paien is running ahad under full steam, but quietly and rather smooth 1v in spite of the fact that the conVnn- lions are only now a few weeks dis tant Home trade is still active. Rail- road earnings testify to the activity in transportation. Steel mills are run nino at a record breaking rate, haV- ing orders for 1,600,0O0 tons of rails and 100000 tons of steel plates and shapes for 1917. Cotton mills are well supplied with orders; in fact the whole industrial fabric continues at high soeed and the cessation of mun1tlon orders, if that were probable, would not at this time mean any serlous contraction of business.
 Home conditions warrant better stock market, but as long as the slt- nation is so seriously exposed to shocks resulting from the war, IL Will be unsafe to depart from the present policy of caution and day-by-day op- erations The latest reports of rali- road earnings have been particularly encouraging, and backed by more la vorable rumOrs from Germany, a good trade outlook, and the buying Of considerable short interest, explained the strength which developed on Thursday.