New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-03

were some indications OF relaxation
hut as whole the course Of develop
ment in commercial channel. was SUI
AcientIy pronounced to overbalance de-
messing exceptions.
There are some signs Of economic lis-
turbances which may he attributed To
notifies. both at home and abroad. The
,ast week has exhibited accumulated
constituencies 10 the approaching
changes at Washington. Financiers
and business men have been forced TO
stop to debate on the possible effect on
commerce after the new system of gov
eminent has been inaugurated and the
stern realities of political readjustmcnt
have obtained. So little actually is
known regarding the definite policy OF
President-elect Wilson and his Con-
gressional Democratic supporters tina:
business interests in few sections OF
the country are hesitating. Manufact-
urers are waiting for the period when
public acts and utterances of the IL
coming administration will outline the
tariff programme and approximately Tx
the time when new schedules shall be-
come operative.
In the Western states. where pros
perity has been most in evidence, there
have been shown recently some UNDER
lying evidences Of apprehension in the
! liquidation Of industrial securities by
close observers Of politics. There mas
also been lessening demand for mer-
camille accommodations at the banks
and other minor indications OF conser.
walton.
! y study OF the foreign trade infli-
ences reveals composite picture OF H.
harmonious coloring There has been
and is now a latent. business viSor
abroad which is held in check by the
money strain due to the Balkan di,h-
culties. In Great Britain feeling exists
that the end OF political troubles in the
Near East, now thought 10 be close at
hand. will mean the release Of funds
sufficient 10 cause IL revival Of indus
trial activity and a renewal of active
operations on the London Stock Ex-
change. In Germany il is thought by
some Of the large iron manufacturers
that the top of trade development has
been reached and that reaction VIII
follow OF course. this in a measure
would lessen the demand for money and
assist the stock markets. The financial
! strain in Germany will remain -
marked degree however. unless RELIEF IS
| afforded by general change, bringing
a clearing up Of European disaffections
and a fresh supply OF funds. France
seems 10 be annoyed chiefly by the
I European money conditions which have
! hampcred speculation and caused heavy
| liquidation OF securities. In all bu-
rope there awaits the arrival Of final
sorts will follow the settlement IN the
Balkans. In addition TO millions lceu-
cd by the Balkan governments thete
will be mercantile. industrial. munich
pal and government requirements else
where which will absorb prodis
sums. and while the present intense
{ money strain abroad will be somewhat
, relieved. the prospect Of easy money
! in Europe is slight. In way. he
, United States is similarly situated. ana
hundreds Of millions OF dollars IN new
securities are N course Of preparation,
ready 10 be released as soon as the 10
/ litical skies shall show signs Of clear
/ ing. Money promises 10 be Arm here
! throughout the year.
In the New England States conditions
are mixed. During the last week there
have been indications Of hesitation on
/ the part Of textile interests regarding
! future CREATIONS. From some source =
II has been learned tina; a policy -:
conservation VIII be maintained until
after the Democratic party has demon
strated its ability TO cope with tho nv
merous problems affecting the direct
manufacturing interests of the land in
which the tariff will play a prominent
! role.
| Regarding the investment field. the
| bond situation is not particularly cheer
| full. II is known that savings banks
, have on hand many issues Of low Yield
! ing bonds which. owing 10 the high
/ cost of living and the demand for bet
/ ter income Yields, have forced the
prices Of these bonds To lower levels
! than they were when purchased. Tire
banks are not in n position 10 take ad-
vantage OF the many desirable new
! higher rate issues offered, and the re
| suit is that large sums have been writ
ten off for depreciation, and congestion
l !,