Anxious Germans Sacrifice Stocks.

New York Times 100 years ago today, March 14, 1913:
Fear That Money will Grow Still Dearer Again Sends Boerse Prices Down.
BRITISH NAVY BILL HIGHER
$231,546,500 Demanded for Coming Year — Italian Government Planning Naval Increase.
By Marconi Transatlantic Wireless Telegraph to The New York Times.
    BERLIN, March 13.— Anxiety and nervousness, due primarily to the European situation and the prospective increase of armaments, continue to dominate the German financial markets.
    Stocks suffered a fresh decline on the Boerse to-day in consequence of the fear that money will grow still dearer. it is even thought in some quarters that the money which will presently be required for the quarterly settlement may command as much as 9 per cent., an almost unprecedented figure.
    Canadian Pacifies declined another 3 points to-day, while standard issues in iron and steel and shipping fell from 1 1/2 to 4 points. Government stocks were also perceptibly weaker.
    Suggestions of fresh taxes on Stock Exchange transactions, coal exports, and other forms of business in order to pay for the proposed great increase of the army are aggravating the state of unrest.

By Marconi Transatlantic Wireless Telegraph to The New York Times.
    LONDON, Friday, March 14.— The British navy estimates for 1913-14, issued last night, show net requirements of £46,309,300, ($231,546,500,) an increase of £1,233,900, ($6,169,500,) over last year.
    The new programme provides for five battleships, eight light cruisers, and sixteen destroyers.

    LONDON. Friday, March 14.— The British naval estimates for 1913-14, which were announced yesterday, total $231,546,500, as compared with $225,377,000 last year.
    The new building programme provides for five battleships, eight light cruisers, sixteen torpedo boat destroyers, and a number of submarines. The personnel of the navy is to be increased to 146,000 officers and men.
    There will be under construction on April 1 eleven battleships, three battleship cruisers, thirteen light cruisers, thirty-five torpedo boat destroyers, and twenty-one submarines. In the year now closing four battleships, three battleship cruisers, five light cruisers, fifteen destroyers, and three submarines were completed.
    The general opinion prevails in the House of Commons that First Lord of the Admiralty Churchill has cut the estimates rather fine, although it is conceded that they will meet the needs of the Government.

    PARIS. March 13.—The urgency of the French Government's bills to increase the peace footing of the army has been pointed out to the Finance and Military Committees of the Chamber of Deputies by M. Etienne, the Minister of War, according to a semi-official note.

    ROME, March 13.— Admiral Cattolica, the Minister of Marine, made an impressive speech in the Chamber of Deputies to-day on the subject of Italy's naval policy.
    Replying to criticisms regarding the delay in the execution of Italy's naval programme, the Minister explained that this delay was due partly to the intermittent character of the programme intrusted to the Italian naval yards and also to the long time taken for the execution of orders intrusted to foreign shipyards in consequence of strikes.
    The Admiral asserted that it was the Government's intention to organize a regular and methodical cycle in naval construction, the Government recognizing that the conquest of Libya and Italy's new position in the Mediterranean imposed on it the duty to provide in the future for Italy's naval power on a larger scale.