New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-10
REVIEW AND DIGEST
An Important INTERCHANGEABLE
Developments in Trade and
InduStry-MOney Str|n'
genCy Abroad.

Presidential election, was the Presl-
dental inaugural at Washington last
week. The suspense prior to the lnau-
guration of a new President Of the
United States and an entire change of
our national administration is now over
and the country is facing an actual
rather than a theoretical situation; the
result will be awaited with interest.
Taken as a whole, the prevailing inilu-
ences on the New York Stock Exchange
during the six days of trading were po.-
itics and money. Differing from the
impression which prevailed on Monday
prior TO the inauguration OF President
Wilson. sentiment IN the latter days al
last week was decidedly beallsh ana
prices declined. with few signs of sup
port even among the standard issues.
some Of which had previously shown
marked evidences Of recovery. In me
developments Of national business a.
fairs the week reflected encouidSc-
ment In the reports from the various
trade and industrial centres. The iron
and steel business seemed TO be In a
particularly healthy condition, ana,
irrespective of politics or foreign money
conditions, orders were being specified,
with the mills booked ahead until the
last part of 1913. Railroad buying
continued on a liberal scale for equip
ment Of all sorts, and a heavy demand
for agricultural implements was a
striking feature OF the steel products
trade for the week.
A better showing was made by the
Copper Producers statement Of stocks
on hand on March !. published on Fri
day. A decrease of about nine hun
dred thousand pounds was shown. the
first decrease exhibited in the monthly
reports since August, 1912. From other
channels Of the business world broad
ening Of activity was reported, giving
a brighter tone for the coming sea-
son. Altogether, the conditions for
spring trade presented healthy out
look. and, irrespective Of prospective
tariff changes, the balance Of informa-
ton was in favor Of an expansion
rather than a contraction In the volume
Of buying. In some Of the textile lines
there were reports Of continued hesita-
ton, but these depressed branches OF
industrial lines were overshadowed by
the abundance Of good reports from
other sources. One cause for cheerful
ness in the West and South was re
ported excellent showing of winter
wheat conditions and the unusually
favorable prospect regarding the new
cotton crop. National bank conditions
as reflected by bank exchanges gave a
favorable return in most of the leading
financial centres. The gross earnings
OF the railroads throughout the country
for the month of February as reported
show q gain as compared with the cor
responding period year ago. although
the gain was only about per cent, as
compared with approximately IL per
cent in the month Of January. Some
irregularity In the showing Of the rail-
roads was evidenced in the West and
Southwest where some decreases were
reported, but unusual expansion was
shown In other sections. Considering
the week as a period unto itself, last
week was distinctly favorable in trade
and in industry. The future for the re-
mainder of this year would look fairly
cheerful were Il not for the manifest
uneasiness in regard to the money sit
uation, which was notably irrltated by
the developments last week. Gold en-
fragments for the last three days or
the week were especially heavy, aggre-
eating $4,000, some Of which was
for direct shipment to Paris and Berlin.
Altogether. since the beginning of the
year about S35 100000 in gold has been
engaged for export, and the continued
money stringency abroad, particularly
In Berlin, Is making II necessary for
foreign banking institutions to Improve
their reserves, and further expectations
may be expected until some pronounced
Improvement has developed in Euro
pean politics and boarded funds have
been released. The money situation
here reflected the European strain, and
doubtless Will continue to do so until
relief from abroad has been afforded.
New financing by railroad and Indus
trial corporations. a large volume or
which is impending, was reported last
week by the Lake Shore Railroad. Bos-
,o, q. Moina tho Atlantic Coast Line
and the Amalgamated Copper.
The investment field, in review and
In prospect, is set forth In a com
munication from George Reith. Of the
firm Of Gilbert Elliott & Co. who says
that fear was unquestionably the DOM
mating impulse in the financial mar
kets Of February, 1913; fear Of many
impending unfavorable developments,
fear Of the result of certain tariff re-
vision. fear of more fantastic corporate
harassment to give expression 10 the
opinions Of the incoming administra-
ton, fear OF ENHANCEMENT In the Mex
lean imbroglio, fear that the really seri-
Gus financial storm raging In Europe
and centring in Austria and Germany
might extend to this country. and.
neutrality-suspicious. even more important
than all. though less evident TO the
casual obseryer-fear that the halt in
the increase OF gold production, coinci-
dent with the heavy absorption of this
metal by Oriental countries. might ulti-
mately bring about a heavy shrlnkage
in commodity pricoS with attendant