New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-01
REVIEW AND DIGEST
World Conditions Show Much
General Improvement.
MONEY SITUATION BETTER
Industrial Affairs Abroad More
Active - Political Issues
Threaten Curtailment
in the United
States.

in the United
States.
The ideal situation affecting money.
business and investment has never ex-
listed in the worlds history. and prob
ably never will. The same relative dis
couragements in the past have at
tended the progress of affairs in the
various branches Of finance, industry
and politics that have hung like pail
of gloom over the international situa-
ton for the last eight months. AT each
period in the past when the days have
looked the darkest the turn toward
betterment has begun and gradual
improvement has followed, but never
unattended by signs of distress and
never recognized by the masses until
practically the height of prosperity had
been reached and the forces had be-
gun to operate again toward a disin-
tegration of favorable conditions.
1t is the invisible line of demarcation
which the great bankers, flnanciers and
market operators foresee that allows
them to rise and fall sentimentally
with the tide Of prosperity and TO take
advantage of opportunities not open
TO the ordinary observer. Not all men
occupying the positions in life which
allow them TO note changes before the
public has become aware of the i'm
provement interpret correctly the signs
of the times, and for this reason there
must ever remain uncertainty and OPP
posing theories regarding the under
current of business and finance. AT
the present time there is a difference
of opinion as TO the trend or afalrs,
and Notwithstanding a marked degree
of confidence regarding future trade
conditions there is hesitancy IN vari-
Gus lines in the making of contracts
beyond the necessary requirements OF
the passing period. and so the general
question of the hour is, Are we APP
preaching a revival or a further reac-
ton in trade, industry and the security
market"
There are men who are as pessimistic
now as they were months ago. To
them the outlook in money and bust
ness is discouraging. and they see little
ahead except a period Of depression
and stagnation in business which must
continue for the next year or more.
Their reasoning is drawn from certain
recognized factors in the present situa-
ton which would seem to be reasonable
evidence of the truth of their deduc-
tons. They point TO the banking stu
alton throughout this country, TO the
restrictions placed upon all industrial
extensions and TO the results which will
follow the final passage of the revised
tariff and other bills in the readjust
ment Of economic factors necessary TO
insure a resumption Of business along
normal lines. They refer TO the under
current Of unsettlement abroad in the
relations of the big powers with each
other, the craze for armament by Ger
many, France and England particu-
,arly. and draw picture Of the calam-
ity which must threaten the universe
so long as European nations rush along
spending hundreds of millions Of dol
lars in preparing themselves for a con-
fict which would change the map OF
~ OF rnt haynn1
the comprehension Of any living man.
On the other hand. international
bankers and men who are studying
very closely the worlds movements in
politics, trade, industry and finance,
while not ignoring certain signs Of
distress, insist that the undercurrent
of world wide conditions has undergone
a change and that to-days movements
are bringing together a combination Of
forces which will turn the tide. and
that within the next few months re-
vival Of trade and industry will begin,
assisted primarily, by accumulated
money power which has been growing
chiefly as a result of the limitations put
on all extensions in the various
branches for the last eight months.
II is not denied that on the surface
elements of a character contradictory
to these optimistic views are apparent,
but it is cited that such institutions as
the Bank of England. the Bank Of
France and the Imperial Bank Of Ger
many have been terrifying themselves
against future stringency and have ac-
cumulated funds now so that with the
passing of the Balkan difficulties which
have so harassed continental Europe an
aftermath of prosperity will follow that
will be reflected in business in all lines.
including the investment markets.
Touching the question OF the reckless
expenditure by the big foreign powers
for increased armament, men who look
on the brighter side say that for the
present. and for another twelve months
at least, the prospect Of any trouble
is slight. and that during this period OF
elapsing time the cooler political heads
will have opportunities for adjusting
their minds to a saner solution OF the
differences responsible for the military
craze, and that danger from such a
source is unlikely.
On everv steamer arriving from Eu-