New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-30


and induce an active upward move
ment.
| The improvement in trade and INDUS
try in point Of volume cannot be re-
ferred To as significant Of developing
activity. but in fundamental soundness
the country is gradually Strengthening
its position so far as conservative ousl-
ness and credits may be included. Rec
ognizing the possible approach Of a
storm, due to the developing strain IN
the money market, banks throughout
the country have been calling and re-
! stricting loans, thereby reducing the
tendency TO Ovcr-eXtension and allow
ing funds TO accumulate in the dlstrlo-
uting centres. which will provide ample
finances for crop requirements anu
furnish other funds for legitimate me-
cessities later in the year. New con-
tracts in the various lines of industry
are hewing 10 conservative lines IN
the iron and steel trade no distressing
signs were shown. but moderation III
purchases was reported. The iron
Age" in its review Of the week. says;
The amount Of business going on
the books Of the steel companies Is
more than would be looked for in view
Of the policy of so many buyers TO
avoid contracting beyond what is alb
solutely necessary. The railroads III
particular, owing TO present restric-
tions on their financial plans. are Tor
the most part limiting their iron and
steel buying to the renewal Of con-
tracts for supplies required by their
every day operations. Some of these
are Just now coming in for the second
half of the year.
Consumers have not ceased TO urge
deliveries. That much is clear; and the
way in which jobbers' stocks are be
ing drawn down also indicates sus-
tanned consumption. Thirty days more
may answer the question whether these
lobbers will again place large orders
with the mills
4 curtallment OF industrial opera
tons. especially in the steel trade, IS
not traceable entirely TO tariff revision
but a large percentage Of it is result
Of the limitations which have been
placed on the railroads by the inter
state Commerce Commission. which
has made il imperative for the ROADS
10 secure funds rough new financing
10 keep their hands above the water
line. and financing Al this Time IS eA-
pensiye and limited 10 short term
notes. The railroad question Is most
serious one and What the end VIII he
is question that affects not the rail-
roads alone nut the business interests
Of the entire United States IL is vel
enough TO protect the inv osting public
and To insure equity in rates To the
shippers. but TO carry measures To eN-
tremes against railroads which have
been the trail blazers Tor opening up
inaccessible territory TO millions u
settlers. at the cost Of foreclosures ana
receiyerships dlling many pages IN the
records OF absoletc securities, IS not
prudent and certainly rs detrimental
To progress.
Affairs abroad so far AZ the security
markets Of Europe have reflected CON
ditions exhibited slightly better tone
during the week than might have been
expected. in view Of the fortnlGhtly
settlement which began in London and
the conflicting reports from the BAL
kans. 1t is in connection with the lat
ter that Europe has 10 deal now ana
she seems to be destined 10 carry the
Balkan disturbance as 4 burden for an
indefinite period. Neither reason nor
plain common sense has dictated the
policy pursued by Servia, Austria
Hungary and Bulgaria in the settle
ment Of their differences. For the pro-
lection OF home and hreside. supplying
food and raiment for the women and
children, II for no other reason, the
armies should be disbanded and dis
armament proceedings be thoroughly
carried out 10 the final letter Of peace
by tho countries involved in the Bal
kan squabble. The period IS past when
oppression justifes var and military
movements now are inspired by vanity.
|
ing as a result and the money markets
are In state Of depletion an a result
Of the boarding OF hundreds and hun
dreds Of millions among the middle
classes and peasants Of continental
Europe, which will not be released UNI
III confidence has boen fully restored
and in the meantime continuing var
talk means further aggravation Of
the already delicate situation. 1t is
not likely that Europe can call on this
country for much more gold, as with
the approach Of our cotton season We
can resort 10 bills dated ahead and in
stead of shipping gold pay exchanges
in cotton and other products Of our
land. Certainly there is no device
which will prevent A purchase OF gold
here AT premium, but this is an OK
pensive operation and no country cx-
cept France probably will resort TO IL
and it il doubtful whether France will
pay the price, considering her already
extensive gold holdings.
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