New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-23


ers to bank fires or to restrict out
put in varying degree. That is only
one side of the trouble, however.
Some of those who were so fortu-
nate as to obtain the necessary basic
materials have also been obliged
either to curtail operations or store
finished products because the rail-
roads could not accept them for ship
ment. The former alternative has
been resorted to more frequently
than the latter.
Reaction on Business
Necessarily, these conditions have
not only reduced the volume of bust
ness doing in the trades Immediately
affected, but, in turn, have caused
some slackening in general business
activity. For the first time in many
months labor is not fully employed
at industrial centres. Instead of
eagerly competing for workers at
extraordinarily high wages, certain
industries have been laying off a
portion of their forces. In conse-
quence, the purchasing power of the
community has been somewhat re-
duced, and this, of course, has tend
ed to restrict retail merchandising,
though to a limited extent as yet.
Unfortunately, the restriction so
produced is in concurrence with hes
itancy engendered by the interna-
tional political uncertainty, which
operates TO accentuate the reaction
airy tendency.
IN spite of those adverse factors,
however, business men display no
alarm over the situation, and as a
general rule seem to believe that
Improvement may be expected be-
fore long. They face confidently the
prospect Of war, and, indeed, not a
few are of the opinion that any
thing which would dispel the pres
ent uncertainty would have favor
able influence on trade.
While the reaction has been no
ticeable in all sections Of the coun-
try. Pittsburgh, as the centre of the
basic trade, has perhaps suffered
most. In response to an inquiry,
Robert Wsrdrop, president of the
Peoples National Bank Of that city,
wires the following statement con-
corning conditions there:
Freight congestion has reduced
the volume Of business in this dis
trict very materially as compared
with the December maximum. The
chief trouble heretofore has been
the blockade on inbound freight,
especially OF coal and coke. It IS
now affecting outbound freight, ne
cessitatine a partial curtailment of
operations in finishing mills, throw
ing a number of workingmen into
temporary idleness. 1t is roughly
estimated that labor payrolls are of
6 to 8 per cent as compared with two
weeks ago, and possibly 20 per cent
as compared with the recent maxi
mum.
Eastbound shipments Of finished
material have been adversely affected
by submarine activities, which ag-
gravated congestion at Atlantic ter
miuals. Westbound shipments Of
similar materials are kampered by
cold weather in that section, which
has crippled railroad equipment.
From present indications indus
trial activities in this section viii
not be adversely affected in case OF
war. On the contrary, the prospects
are that they would be increased be-
cause the Pittsburgh district fur
uishes the bulk Of raw materials
used in munitions, as we'll az large
proportion Of railroad equipment
material, ship plates, etc. The vol
ume Of mercantile trade is well
maintained and will be restored to
maximum as soon as the freight sit
uAtion is cleaned up. inasmueh as
order books are filed with business
that assures full operations for
months 20 come as soon as adequate
transportation facilities are avail
able.
Reports from the South are OF
similar purport. William II. o'Con-
nell, president Of the Citizens Ma
tional Bank, Of Baltimore, says that
congestion and the yacillsting inter
national policy arc reducing the vol
ume OF business very considerably
IL ~