New-York tribune., 1913-11-17
REVIEW AND DIGEST
Last Week Full of important
Happenings.
MEXICO CONSPICUOUS
Old Wall Street Concern Fails
Money Affairs-Railroads-
General Business.

Plenty of action filled last week. anu
at times portending signs seeneo "
threaten costly consequences 10 inc
United States by impending deNeiop-
ments of an international character
The week began with the Mexican STU
alton apparently more involved thaii d.
anv previous time, with the outlook TOT
armed intervention on the part or the
United States at a point where ho
other course appeared to be open III
connection with this situation was
report that Huerta was obtaining funds
from an English syndicate 10 enaole
him to maintain his position as dic-
tator and to ignore the request OF
President Wilson TO abdicate. on'il
the closing days of the week, although
the English story was emphaticaily ue-
MED and the various world powers III
terested had signified they would allow
the United States to handle the MeXl-
can problem, there were few signs Oh
actual Improvement in the SITUATION
and the stock market was held under
a cloud of considerable uncertainty.
The failure of II. B. Hollins & Co. on
Thursday last marked the passing OF
the old school of financing popular a
decade and more ago. 1t may be re-
allied how separated the business OF
this firm was from the present day op-
erations on the exchange when the fact
was that although the failure was
placed in round figures at S5,OoO.oOO,
there was no noticeable effect on the
stock market and hardly a ripple of
excitement was manifested in the
financial district. 1t needs no other
evidence of the change that has taken
place in Wall Street.
Monetary conditions in New York
worked toward betterment during the
week, and funds accumulated in the
local institutions afforded an ample
supply of call money at very reasonable
rates. Local institutions gained from
both interior and Sub-Treasury opera
tions, which resulted in the largest IN
crease in surplus for the week Of any
similar period since August 70.
Foreign conditions from a monetary
point of view have continued to i'm
prove. as indicated by the weekly re-
turns of the Bank of England and the
Bank of France. The stock markets OF
Europe have followed much the same
course. as seen in the New YORK STOCK
market, and operations during the
week were affected by uneasiness re-
garding Mexico and some irritating
conditions attending the readjustment
of affairs in the Balkans. Taken as
whole. the money situation through
ont the world has continued TO I'M
proye. until there is little apprehension
for the near future among financiers.
The currency tangle in connection
with the proposed administration
measure is still question of i'm
portance, occupying the attention OF
Washington particularly and the bank
ers i'm general owing 70 the uncertainty
regarding its final form when 1t snail
be enacted into law.
The arbitration board in its decision
of the question of wages OF tralnmeii
on the Eastern roads by granting an
increase Of S6O00,O00 i'm wages has
brought to the front again the problem
Of the railroads as whole in the
United States. Unqualifiedly it is just
that the laborer should receive compe-
tent wage compensation, but in the
minds Of the public, which have been
unreasonably prejudiced against rail-
roads in the past. there has been de-
cided tendency to ignore the rightful
position of the roads side of the con-
troversy. Political agitation has been
responsible for much of this developed
unreasonableness, and while no one
will deny that railroads, like many
other corporations in earlier years,
committed acts contrary to the letter
of the law, at the present time the
railroads are not only conforming to
the laws of the country but are suf-
fering from the burdens put upon them,
and have reached the point where they
need assistance and not oppression.
In no country in the world has a
higher state of efficiency been de-
veloped in trainload capacity than in
the United States. In no other coun-
try in the world have the government
and the public such free access to re-
ports and statistics covering the
monthly and quarterly operations of
the railroads as in the United States.
Each year adds to the taxes levied by
the states upon the railroads, and, to-
gether with other expenses, the cost of
operation is increasing TO the point
that, Notwithstanding large gains in
gross, net results display actual losses.
This week the hearing consequent
upon the application OF the Eastern
railroads for permission to make an in
crease in rates will be begun. The out
look for a decision before next summer
is not bright, as there are reported TO
be more than forty thousand schedules
filed with the Interstate Commerce