New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-17
REVIEW AND DIGEST
Mexican Revolution, Possible
Strides, Promised Legislative
Action and Money Strain
DEPRESSED Stock Market.

f1uences on the stock market. The
principal event which occupied the at
tention of this country and a part Of
Europe was a fresh revolutionary out
break which threatened serious war
fare in Mexico. Not only were the
lives and property of the inhabitants
Of that country endangered but those
Of the foreign residents in the City Of
Mexico who depended on the Madero
government for protection. In the line
Of Mexican securities the New York
stock market is not so heavily interest
ed as European stock markets. But
the serious outlook which threatened
the destruction of American lives suS-
gested the invasion of Mexico ny
United States troops. and had this oc-
CURED the ending could not be Gore
told. and prolonged warfare, in which
this country would be obliged TO take
an active part, might have resulted
Irrespective of the direct influence on
securities, the sentimental effect, IN
view of all the other disturbing ele-
ments with which the world was be-
set. was decidedly depressing. In addi-
ton TO the Mexican war the trouble III
the Balkans was not relieved by any
positive signs of peace, so war news
held the centre of the stage and kept
pressure, recurring periods Of better
ment being sufficient only 10 give 20 the
markets an appearance Of irreguiarlty.
Other disturbing happenings included
possible strike of the railroad fire.
men, which hung in the balance; bill
said to be ready in Albany for incor-
porating the New York Stock EN-
change, reports Of possible drastic
measures in Washington as result CT
the Pujo investigations. the continued
outflow of gold from this country and
the outlook for a money strain here
unless some relief is afforded by an
improvement in the money conditions
abroad. Since the beginning Of this
year the amount of gold engaged for
export mas reached a total of S2J,6oO, &.
coo, and the end is not in sight. An
other influence which must be felt more
impressively as the period draws near
is the event on March e. when this
government changes managers, there
after to be ruled during the coming
four years under a policy unknown be-
cause it is untried. 1t is well estdb'
lished precedent that nothing contrib
utes to a greater breaking down Of
stock market stability than uncer-
tainty. and were the stock market free
from all other lettering forces this IN
itself would be sufficient 10 cause hest
tation and a sagging tendency in the
prices of securities. The New York
Stock Exchange board of governors
during the week awakened to the ne
cessities of the period and added some
rigid rules and regulations designed to
! correct the abuses which have brought
the exchange into disrepute among the
/ investing public, depending on 1t fol-
maintaining standard of security
trading values. 1t is indeed unfortu-
nate that these reforms were deferred
until the present time, but the adage
Better late than never" may be dxio-
matte in this instance. as in numerous
others In many ways the investment
positjon Of the stock market during
| last week was better than for many
months. Drastic liquidation forced
out a long line of speculative holdings
and by reason of the liberal yield which
standard issues offered a large amount
OF odd lot buying by the investing pub
lie resulted. While il requires vast
total of such purchases to give to the
market support. which will insure its
/ betterment such buying is always
beneficial, as these small holdings are
removed from the speculative field and
are put away in strong boxes until
such time as a real bull market at
/ tracts them from their resting places
and they again come into the open
market. Technically, the stock market
seems 10 present buying opportunities,
and barring the Introduction OF further
unfavorahle developments it should
show gradual betterment. II is not
probable, however, that anything like
a vigorous bull market will result 50
! long as money remains in its strained
position at home and abroad. and the
effect of legislative measures destined
to play an important part in the af-
| fairs of the Stock Exchange are held
in allegiance imminently close to an ac-
ton which may mean Incorporation of
the stock Exchange and a curtailing of
its liberties. The energy which under
lies the national trade and Industrial
interests Of this country is keeping
many of the channels Of commerce ac-
Ajve. regardless of promised tariff re-
forms. II the reports for last week may
be accepted as conclusive. Recent i'm
provement has stimulated new. nope
along commercial lines as whole, cs-
pecially-in the factory districts Of New
England. 1t must not be assumed that
expansion will continue. or even the
advance already made will be main
tanned. should discouragements become