New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-24
REVIEW AND DIGEST
Wall Street Distressed by Legis.
Iative Programme - Prices
Decline and Sentiment Is
BeariSh-Trade Active.

An atmosphere OF deSpOnoency DE-
vailed in Wall Street during the short
week which ended on Friday last. !
Stocks were sold throughout the list
and heavy declines were the result il
the standard issues and specialties al
though the latter displayed greater
weakness and indicated loss OF conf
since were vigorously bullish on some
OF these securities. Events Of depress-
ing nature contributed discouraging in
huences, and Wall street developed a
besrshness 50 pronounced that the few
favorable indications reported in the
current news failed TO restore any de-
gree Of confidence. Apprehension re-
garding the serious outlook in the
Mexican revolution, which caused the
War Department at Washington 10 he
gin an assemblaSc of United states
troops. suggesting possible intervention
in Mexico by this country. was very
marked during the early days or the
week. and was not wholly removed
after the overthrow of the Madero gov
eminent and the victory of the Diaz
movement had been announced. The
indscrminate shifting of loyalty rom
one leader TO another and the apparent
absence Of personal and national honor
exhibited among some of the conhict-
inC revolutionary leaders leave the
question of the future regarding peace
i'm that country in an unsettled state
which will not encourage the Unrest
ment of foreign funds until the coun-
try has been placed on more sub5tan-
tial political footing. \ more disturb
inr 70 actor In the stock market than the
Mexican revolution was the adverse
legislation promised at Albany. OF the
many bills recommended for passage
by Governor Sulzer none was taken
more seriously than the proposed in
crease in the TAX on stock transfers.
The chief difficulty in the way Of IN
ATTEMPT to legislate for Wall street
seems 10 be q lack OF understanding
OF the street III us IuhphihN"'"'S' -
MAY be said that few business inca
understand tho various operations OF
finance and the stock market, just az
thev fail 10 understand politics. Both
politics and finance are abstrusc prop
lens. operated on distinct lines ana
embracing certain associations which
10 the outsider appear TO he question
able. No one can better appreciate this
than Governor SulZcr. and IN his meas
ures intended To better conditions IN
the Wall street district il would ne no
moro than fair 10 recognize that II is
uny.ise to kill the goose that lays The
GOLDEN egg simply 10 secure the egg
Taxing stock transfers Will not remedy
any evil, and will harm the lcgitima;e
business of buying and selling stocks
both for speculation and investment &C
counts. During the last few years
brokers have not been making much
money: in fact, many Of them have
found il, almost impossible 10 make
both ends meet. and since the agita-
ton against the New York Stock En-
change began instances arc not lacking
of those who have not paid expenses.
Legitimate reforms will he beneficial
in the end, but burdens Of discrim-
NATIVE nature are manifestly un-
fair and consequently unWise. Some
encouragement was offered from abroad
&c
cal prospect in the Near East affair.
but the news did not convey sliii
GENTLY definite note regarding peace
progress TO warrant more than senti-
mental improvement on the bourses ard
stock markets Of Europe. The contin-
ued withdrawal Of gold from this coun-
try and the strained conditions indi-
Gated in the weekly returns Of the Bank
of England and the Bank Of France
we're not helpful in restoring confidence
in foreign financial matters. and the re-
suit was that optimistic cable reports
failed TO stimulate any recuperating
tendency OH this side In the midst of
all this accumulation of stock market
oppression Il was relief to read re-
ports from various trade sources OF in
formation that commercial business
was encouragingly healthful through
out the United States anG that in the
steel industry activity is still in evil
dence. The Iron Age" has the follow
ing paragraph in its editorial review:
The difficulties Of the mills in get
ting material TO their customers are
abating little, II at all Railroad work
has gone on in an unparalleled way this
winter. and has absorbed steel which
was expected TO be available for other
uses. Frog and switch works have been
driven 10 meet the demands upon them.
An exceptional volume Of girder rail
business has come up. also, some OF
these orders ordinarily placed in late
winter months having been hooked last
fall"
The textile journals were more cheer
full in their reviews of the cotton and
wool goods trade, and they look with
favor on the prospect for some months
70 come. irrespective Of tariff agitation.
A view of the future. which is not with
out merit and certainly is interesting. is
given nv y T. Rigelow ono of tbe