Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-02-18
Outbreak in Mexico Has Caus.
ed UnSeulement Of Stock
Market Affairs
Ba|kaO War Has Caused Some
Extensive hodrdiDgs in
Foreign Countries
BY Henry Ciews.

New YORK, feD. ~, lJl0.
There has been nothing during the past
week in current developments to en-
courage a further advance in the stock
market. On the contrary, a series Of
disappointing and discouraging events
occurred. The outbreak in Mexico, though
not necessarily involving serious conse-
quences to the United States, caused
some unsettlements American inter-
ests and Investments in Mexico are very
extensive, and prolonged disturbance in
Mexico must affect them adversely. So
far as our government Is concerned,
there appears to be no immediate neces-
sity Of intervention, but the situation Is
one that involves considerable uncertain
ty until a settlement is reached. -AnOth-
er element Of disturbance has been the
expected firemen's strike, which thus far
port. Certainly it threatens the railroads
with IN additional serious burden with
out any means of redress. The govern
ment insists upon regulating rates, but
has nothing to say about regulating
wages, and the railroads which transport
the necessities of life for over $4,000, 900
of people are virtually left at the mercy
and dictatiOn Of a relatively small body
of 35, 900 men. In this there is neither
justice nor reason, and some plan should
be adopted whereby struggles of this
sort would be impossible. Another i'm
portant, though little discussed, source
of uncertainty Isl thc policy Of the new
Administration. 1t is recalled that Mr..
Wilson was elected upon the new ideas
of which he is a stout and able cham
pion. These ideas involve important
changes in our industrial and social
system. They are IDEAS much in line
with the will Of the people, and their
enactment into law may save us from
some of the arrangements into which the
old economic drift was surely leading us.
But changes will BE dislilied by some,
and may cause more or less temporary
unsettlement. Upon Mr.. Wilson as the
unquestiOned leader Of his party will fall
a great responsibility. A sudden and rad
ical enforcement Of many new ideas
would create q serious disturbance;
whereas if applied gradually and 4 with
discretion they will remove many of the
existing ills and lead us to a new period
of industrial rest and progress. 1t is sin
cerely to be hoped that the President
elect will show a wise caution in his pro-
g~ressive policy. Judged ..yi his past rec
ord, also by his prediction promises, he
is not likely to- disturb business. y
A fourth reason for weakness in the
stock market is the steadily advancing
rates for money. This is primarily caus-
ed by the reduced condition Of our bank
reserves, resulting from gold exports. 1t
may be true, as some argue, that this
gold can be recalled when needed, and
will in any event return later on. New
ertheless, gold has been more needed
abroad than here, and hence its. >depar-
tpre. The Balkan wal has caused ex-
tensive boarding. estimated at nearly
$3.50, 900, 900 in the three countries of
France. Germany and A~ustriafarone.s In
the West banking conditions are fairly
satisfactory, the Chicago national banks
showing an increase Of s3i, 000, 1000 in dee.
posits and $25, 900, 900 in cash reserves:
while their loans expanded in. the same
time only $4,000, 900. Interior bankers are
looking for firmer money, largely because
tney, anticipate Increased ueHfdHuS uurl1k
the coming spring, when business is ex-
,pected to resume on more active lines:
As previously intimated in these advices,
there is a fair prospect for the enactment
Of a new banking and currency bill dur
ing the special session to be called in
April and the outlook in this respect Is
strengthening daily. At the moment
there is some slackening in general trade;
no more than is usual. however, at this
season Of the a There has been some
%diminution in the volume of orders for
the steel trade, although January deliv-
cries were upon a very heavy scale. A
fair business is being done in the tex
tile industries, the mills generally being
well employed, and the tariff scare has