New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-28

Il involves and the unWllllngness OF
those who profit by present conditions
TO yield anything when a remedy In
volving some sacrifice on their part Is
proposed. Banking reform Is thus
question OF cooperative effort by busi-
ness men and Of the application OF
public opinion that will suffice TO over
come inertia and selfshness."
One point. however, which is true and
yet not true, refers 10 the simplicity
OF the subject as Mr.. Glass sees II. IL
is true that there is wide range OF
authoritative works on the subject of
banking and money. but 10 the layman
the majority of these works are neces-
sarily complex, because he has no prl-
mary knowledge Of finance In broad
and international sense. True, there
are many experts, but these experts DO
not all agree, and how can 1t be ex-
pected that the business men VINO nave
only an abstract knowledge OF the SUD-
iect can come to a consonant under
standing. when those who have made
a life study of the intricacies OF money
and banking fail 10 agree. Ihe pest
that business men OF the country can
do Is TO depend on the practical knowl-
edge of leading bankers and financiers
who have made careful study OF the
limitations and extensions OF our pres
ent so-called currency system ana are
familiar with the worldwide scope OF
money. the national demands OF the
present and the probable demands OF
the future for many years to come.
The foreign money market has shown
an easier tendency during the last week
as exhibited in the weekly statements
of the Bank Of England. the Bank OF
Germany and the Bank OF France. the
Rank of England by contrast made an
exceptionally favorable showing. While
the Imperial Bank Of Germany touched
its highest point OF gold holdings IN It's
history and in other respects displayed
Improvement. The Bank of France also
made a favorable return. There Is yet
remaining considerable apprehension
regarding the Balkans. which will hold
the money taken out Of circulation IN
its hiding places for some time TO come.
The general belief is that the Scutari
incident will pass without bringing
Austria TO a state Of warfare. although
that country has announced her lnten-
ton 10 insist on Montenegro relln-
gushing occupation rights. II Is recoB-
nized. however. that the situation is
very delicate and that were 1t not Tor
Austria's poverty a blaze might be
started which in all probability would
involve other powers. II viii be great
relief 10 the whole world when the ten
sion has passed. as a general war would
mean ruin for Europe.
Austria, unless backed by other pow
ers. will probably be forced to recede
from her position. as she will face a
hopeless contest in an attempt to hght
the allies, who have about one million
thoroughly trained, seasoned soldiers.
flushed with their victory over the
Turks and Jealous Of the rights which
t1pN nave Ehlll'l III VhNA '''N ''''
shell and bloody battlefield
The factors which entered into local
stock market transactions during the
week were the tariff. which. having
been formally introduced into Congress.
has exerted a stronger influence than
formerly. the California Japanese con
troversy. which has necessitated the
departure OF the Secretary Of State 10
California for the purpose Of attempt
ing TO modify legislation in the CAN
fornia alien land act. and the award OF
the arbitration committee allowing the
6remen an increase in wages Of S3,Vo'-
600 a year. In addition 10 these more
or less local issues has been the con-
tinued influence OF the Balkan situa-
ton. as developed by the occupation OF
Scutari by Montenegro.
The bourses OF Europe during the
week displayed some improvement. al
though there was n lack OF steadiness
which reflected the uncertainty re-
garding political developments. In the
New York stock market the tendency
was toward lower prices. and through
ont the week declines were shown. and
in several issues new low prices not
only for the year, but for several years.
were recorded.