New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-05
REVIEW AND DIGEST
Worries of Wall Street-Week'S
Political 0eveIopmentS-N
of System in Govern
ment Finances.


age. In no other district on this con-
tinent at least. is the truth Of this
ruggedly picturesque saying more fully
appreciated than in Wall Street. No
sooner is one disturbing factor re-
moved and little light of cheerfulness
begins to appear on the horizon than
new clouds gather to cast a shadow
over the situation, leaving hope again
deferred.
Fresh complications in the Balkan
situation assisted in depressing the
European bourses and the New York
stock market during the early part or
last week. CALIFORNIA; attitude on the
alien land act. which resulted in Secre-
tary Bryan's visit TO the Coast, gave
rise to rumors regarding. possible COM
plications with Japan. which were used
in a measure TO lower prices on the
New York Stock Exchange and caused
japanese bonds to decline in the for
sumed by the Eastern railroads. in re-
fusing TO meet the demands of the
conductors and trainmen for an in
crease in wages made an issue which
Wall Street last week. but will figure
hereafter more conspicuously, espe-
cially as the roads offered TO arbitrate
the question.
The move on the part of all the
Eastern railroads for an increase in
freight rates through an application
to the Interstate Commerce Commission
had steadying effect on sentiment,
as the question seems to have been
given such careful study that a favor
able impression has been created. aud
even many shippers who opposed an
increase in freight charges heretofore
have shown a disposition to advance
the cause Of the railroads in their lat
est efforts TO secure what they set forth
as reasonable rates. The advance in
wolves an increase of per cent, which
would materially add to the income Of
the various lines and would not be an
excessive burden on the shippers, al
! though it can be said that in some IN
stances particularly the shippers are
facing expenses and wage troubles
which do not make the prospect of IN
| increased cost in any department a
pleasant one. Considering this point
the outcome will be awaited with IN
terest, as II will settle TO an extent the
question whether railroads are to be
given any encouragement for increas-
mean a similar demand by the road
in other parts of the country, and n
change for the better. so far as the
outlook for dividends and the market
price OF railroad securities are con-
cerned.
The signing of the Frawley bill by
| Governor Sulzer which had been regu-
larly introduced in three sessions of
the State Legislature, attracted atten-
ton among the banks of the city and
In the financial district, especially
among the insurance companies and
savings banks. The bill was signed
during the week previous. but so late
that il did not become a feature In the
discussion Of current topics until last
week
The measure. as an efficient form Of
establishing a better market for state
bonds, seemed attractive to the sup
porters. but in its final analysis it
probably will have more the effect Of
disturbing the bond market than bet
tering It. 1t is a piece OF legislation
which even the savings banks, which
are to degree beneficiaries Of the act.
look upon as bad legislation. and the
strongest advocates seem to be those
who are large holders of state bonds
and will be proportionately enriched
not only by new purchases but on the
holdings they already have.
One Of the events of last week which
occurred that will have a favorable
| bearing on stock market affairs was
| the final defeat Of the Sulzer bill for
the Incorporation Of the New York
Stock Exchange. Unless It had become
law through impulsive legislation, 1t
seemed hardly probable that bill Of
such a nature could be passed. II IS
we'll for legitimate investment pur-
poses and the vitality of the New York
Stock Exchange that the bill Is dead.
Secretary McAdoo made a decided
departure from recognized Treasury
lines in al bouncing an interest charge
of 9 per cent TO banks carrying gov
eminent funds after July ]. and allow
ing banks to deposit state and munich
pal bonds, together with government
bonds, to secure government funds on
deposit in the banks. Like all new de-
partures from certified forms this one
met with mixed reception. Among the
banking institutions in New York Sec
rotary McAdoos announcement excited
little interest, as the banks here, ex-
cept during period of stringent
money, would not find 1T profitable to
nav the government per cent on
money for which they could practically
realize no profit and which would be n
matter of glory more than question
OF business.
out through the country in some Of
the smaller interior banks the situa-
ton will be different. as the increase OF