New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-27
REVIEW AND DIGEST
Stock Exchange Burdens Grow
ing Reavier-Foreign Situa-
ton More DisCouraging.

have grown heavier as time has WORE
out Depression appeared to be IN
evitable in view OF the many unfaVor-
able factors and the slight relief
offered by developments throughout the
world. A ray of hope came on Wednes-
day, when foreign dispatches reported
that the Turks had agreed to the terms
of peace as suggested by the powers
and in the late trading the New YORK
stock market responded TO the Good
news and prices closed at around the
highest points of the days uadinS'
Had the information been verified, as
substantial Improvement in the po-
litical situation abroad, it is very prob
able that the cheerfulness which news
of that sort would bring TO the foreign
stock markets would have been re-
Elected here to q considerable degree, at
least temporarily. But succeeding
events in Turkey-the assassination OF
Nazim PacEI by Enver Bey the res
ignation Of the Cabinet and the forina-
ton of a new ministry by the Young
Turks-upset all the peace plans, and
left the Balkan situation with renewed
complications and a threatened re-
newal of hostilities, so that the hope
that had been inspired was again de-
ferred. The fighting spirit of the
Young Turks, according TO reports, has
been raised TO a high pitch of enthusi-
asm, but if the powers stand together
and refuse to furnish war funds Tur-
key eventually will be forced under
subsection and peace agreement VIII
be entered into. Even after the iina!
signatures of the recognized Turkish
leaders have been obtained and the
serious trouble regarding the Ottoman
Empires attitude has been passed,
there will yet remain an adjustment
between the Bulgarians and Rumania
regarding the territorial rights in Adri-
anoplc. As the matter now stands the
IblltlN al 0hN III Nllt .NNtii 10 va 'f''
rope is dotted with disturbances, and
the apprehension regarding general
European complication still remains
TO keep the financial outlook Of Europe
very much disturbed. one of the dis
couraging features is that. should there
be a renewal Of the war, fighting Will
probably he dragged along until next
spring, owing 10 the winter season and
the hardships attending any field OPP
erations The estimated amount Of
money which will be necessary for the
Balkan States to rehabilitate their
finances, even though settlement of
differences be made. will be in the
neighborhood of S300,OO0,l no. Consid-
ering this condition and that a war
would further involve Turkey and Bull
garia particularly in heavy eXpendi-
lures, ii seems unreasonable TO suppose
that the necessary money will be forth
coming to pay the expenses Of arma-
ment and the maintenance of troops in
service. Nevertheless, as European po-
litical affairs stand to-day. the outlook
is anything but cheerful. In this coun-
try the ominous signs Of trouble still
hang in evidence, and are needed as a
warning TO the operators in the stock
market No solution Of the Union
Southern Pacific tie-up has been
found, and the opposition which has
been offered to the purchase Of the
Central Pacific as part of plan for
coming to a conclusion in the matter
affords faint hope Of relief in that
direction. The decision of the Supreme
Court in the Minnesota rate case which
may be handed down to-day will re-
move one of the impending factors
which have contributed to the uncer-
tainty regarding the railroads. The 20
litical attitude of the incoming admin
istration at Washington toward the
New York Stock Exchange and the
promised reform measures of Governor
Sulzer for the exchange are not dcs-
tined to stimulate trading optimism
among the members. The Pujo com
mittee is still exercising its functions
of investigation in financial matters
having bearing on Wall Street In
fuence, so altogether not many bright
spots for speculative markets at pres
ent are apparent In the business
world evidences of contraction were re-
ported this last week which resulted I'm
an irregularity Of trade as compared
with previous weeks and months back
into 1917. Not that the underlying
tone Of industrial progress has been
affected, nor is the country suffering
| from overextension. 1t is simply the
result of fear due to the proposed tariff
readjustment which is causing an ex-
ercise OF caution in the lines of trade
most liable to be affected by tariff
changes. In the West conditions are
more favorable than in the East, and il
is yet debatable how serious the loss TO
commerce will be before the Democrats
have reached an agreement in the mat
ter of tariff reduction. In addition 10
the injury TO trade caused by politics
are the disturbing labor conditions.
which now are particularly pronounced
in the clothing trade. Many econo-
mists remain firm i'm their belief that
| the purchasing energy developed
fbrouob tho Tremendous cropc &c 1otu