New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-03
REVIEW AND DIGEST
Situation Practically Un-
changed-European Outlook
UnsettIed-Money Pros
peCt-StoCk Exchange
Reforms.

Practically no developments or inc
week have materially changed the pam
Drama of events which have been con-
spicuuus for some time throughout the
world. The map of Europe has not
undergone any change, although the
correspondents in the Near East have
narrowed the minds of an expectant
public by sending daily reports indi-
eating that the prospect of peace was
growing less and that complications
we're threatened which would involve
Europe in a tangle, probably leading
TO a general war. Between the lines,
however, the situation seems to be
that a settlement of all differences Will
be made sooner or later and that the
Balkan countries as a centre Of attrac-
ton for foreign newspaper correspond
ents will then lose its hold. Irrespec-
tive of all other factors in the sphere
Of finance and investment, the most
important news that could be sent
throughout the world which would have
a saluta-y effect on the financial situa-
ton would be the authoritative an
nouncement that a peace agreement
had been signed by Turkey and the
Balkan allies. The effect OF such Il
settlement would be 10 release un-
known millions Of dollars which have
been boarded since the outbreak or the
Balkan war by the people of Cont
mental Europ- and to relieve the STRAIN
on European banks and the demand
for GOLD which Rave been apparent re-
Gently in the Withdrawals of the yellow
metal from this country. Since the pc
ginning Of the year the shipments OF
gold TO Paris from New York nave
been in excess of S11,OO0,oD. and TO
South America about Ss,OJO,WD, MAX
ing a total of S19,0O0000 in gold with
drawn from this country. The Paris
market, particularly. has been serious
" alarmed by the complications arls-
ing from the Balkan war, and IN
France alone hundreds of millions III
dollars have been retired from circula-
ton and placed in the savings hooks o.
the masses of the people. II is esti-
mated that in Austria over Sloo,ooc'-
coo has been boarded by the lnhaOi-
tants of that country in fear of gen
eral European war. In fact, all the
countries of Continental Europe have
been gathering cash as rapidly as pos
sible and putting il away as nest egg
in the event of a serious outbreak
among the European nations. TINS
condition has forced the banks OF the
Old World TO strengthen their position
as much as possible and endeavor TO
increase their reserves. The gold sent
abroad by this country has assisted
them very materially, but II mas oc-
Cured at a time when New York has
received a heavy return flow Of dlvi-
dend money, and consequently no seri-
Gus disturbance in the local money
market has resulted. The outlook in
this country regarding the money stu
alton is that new financing require
ments in the form of several large bond
issues now under consideration and IN
process Of negotiation will absorb the
Of even
though the releasing of these boarded
millions abroad will allow gradual
return 10 circulation Of a very large
volume Of money. Railroads, indus
trial corporations and public utilities
will require vast sums during 1913 to
keep pace with the demands Of the
period. and while the prospect is thai
all such necessities will be provided for
without causing anything like real
money stringency higher rates for
money will result than are now pre-
vailing. From a local stock market
poInt of view less alarm is felt among
the financial interests than was eX-
pressed week ago. Every situation
must be colored 10 make II attractive
in this age. Without sensation the
American people pass over occurrences
and give little heed to transpirinG
events. Politicians realize this and
stimulate exaggerations along lines
which allow them to pose as reformers
and public benefactors. Wall street is
one of the best advertised districts IN
the world, and certainly the best
known in America. Everybody is in
favor of reforming Wall Street, though
lust what that reform should embrace
so far has not been definitely settled.
The saying that Too many cooks spoil
the broth" seems to be applicable, con-
sidered in the light of investigating
committees, gubernatorial and state
regulation and suggested Congressional
interference. Attempts on the part Of
the governing committee to offer ex-
cuses for Irregularities are reflection
on their good judgment. Arguments
by board of governors composed of
men who as a whole must represent an
intellectual force at least the equal or
any other in the business world that
they cannot change the present system
in the fear that the change would not
be better certainly are remarkable. IL
the Stock Exchange be at fault, as it
certainly is in some particulars, this
is not the time for parley, but for ac-