New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-21
REVIEW AND DIGEST
Stocks Affected by Politics.
Foreign Situation Better.

the last week. and business on the New
York stock Exchange reflected the ei-
feet or the effect Of national politics
more than any other factor in the
downward trend of prices. except in the
bond market. where a REIMBURSEMENT OF
values was in progress. owing to
changed economic conditions and II con-
seouent demand FOR a higher earning
Weld Of the dollar. The tariff issue and
the disturbance It's discussion had
caused among various business inter
ests was conspicuous among the I'M
portant subjects Of the week, but APP
parentlv there was more sectional than
national interest displayed in its prog
ress toward a settlement.
Money came in for favorable conslu-
Grafton. partly due to the local de-
mands. but more generally attributable
to the better feeling in Europe, de-
cided Improvement in the appearance
of the peace movement in the Balkans
and the lessened strain apparent In the
foreign financial markets. Considering
the tension that was evident in the
various foreign centres few weeks
since the changes have been remark
able. and illustrate the recupera i've
forces which exist In Europe. Ger
many was the point on which the eyes
OF financial interests were turned by
reason OF the strain through when she
was passing. as exhibited by the de-
mands of the Berlin bankers for funds,
and the high rates offered for accom-
modations has recently shown an espe-
cial Improvement, and the relef eX-
hibited there has been even more srlN-
ing than.in other centres.
Germany. of course. IL much inter
ested In the progress OF peace among
the Balkans and q restoration OF nor
NAL conditions in business, but not so
much so as Austria Hungary, when is
much nearer the theatre OF war and Is
consequently more sensitive TO huctua-
ting movements verging on peace OF
hostilties. Should Montenegro refuse
finally 10 be impressed by the attitude
of the powers and continue her at
tempts 10 secure Scutari. it might be
possible that Austria Hungary VIII feel
if necessary 10 take hand in the al
fair in order to turn Scutari over TO
Albania. This outlook necessarily has
had a very bad impression in vienna,
while in Germany it is questionable
whether il would make any difference
whether Scutari went TO Montenegro or
TO Albania.
Compared with Germany. Austria
Hungary is poor country, and. Ike
Germany. is operating the business ar
fairs OF the country on borrowed money,
obtained from other countries AUS
tria- Hungary's credit. however. is not
as good as that OF Germany. because
there is a lack of unity among her peo-
nile. who are composed of mass or
ouarrelsome nationalities. of which the
various Slav population forms de-
cided majority. Germany, in resources
is a very rich country. but has been ex-
tremelv hard up, and has been finding
If no easy task TO devise means FOR IN
croasine her revenues 10 meet her eX-
uenses. Much of her present monetary
stringency is due to the enormous sums
she has spent in comparatively snort
time for building up her navy and en-
eaging in a large increase OF her mill
tary power
Russia has reflected the betterment
in the Continental situation and money
has become more plentiful in that
country. The Improvement there,
however. Is due more TO the gradual
restoring OF an entente cordiale be-
tween the various powers In political
way than 10 the mix-up which has lat
erallv involved Montenegro and the
final assignment OF Scutari. The peo-
pie of Russia have not been In har-
mony with the attitude OF the Russian
government toward the Balkan war.
Their svmpathies have been with the
allies, and they have resented the Rus
sian governments retiring before the
threats Of Austria Hungary. How
ever. they feel relieved that an end OF
hostilities is in sight and are cheerful
in the thought that when all the peace
plans have been accepted they can turn
their attention TO the affairs OF their
country. where the signs of prosperity
are to be found i'm all branches of
trade.
France has been benefited in her
monetary affairs by the peace move
ment. and for several weeks there has
been a more plentiful supply Of funds.
although there are still indications OF
boarding among the people. This
boarding will probably continue until
every trace OF war has been removed
and the various Balkan governments
have turned their attention 10 recover
ing lost ground and building up the re-
sources Of their new territory. This
feeling among the French people will
not materially affect financing opera
tons in Europe, as French institutions
are big money loaners. and the flnanc-
ing of new issues will be held consider
ably in check until the atmosphere has
been entirely freed from disturbances
due TO war rumors.
one Of the countries which has dis
plaved a remarkable exception TO tire