New-York tribune., 1913-08-25

situation the assured peace or Europe
IS more important to this country than
an immediate settlement of affairs in
Mexico. although the seriousness OF
the outlook down there must not De
underestimated. Apparently the one
obstacle at present in the way OF the
resumption Of a better foreign feeling
is the Turk in Adrianople, and getting
the Turk out of that much coveted
geographical point is a ticklish JOB that
will require the concerted efforts OF the
big powers.
Bulgaria naturally is entitled to
recognition in the matter, and II is pos
sible that as Bulgaria now needs
money very badly an arrangement may
be made for Turkey to pay price and
be allowed TO remain in control of the
coveted territory. OF course Turkey
also needs money. and the question
arises how will be money be obtained.
To insure an ending Of a situation
which must continue to cause nervous
shocks to run up and down the spines
Of all Europe, money probably will be
available, as II will mean an early re-
turn of activity in the investment mar
ket and revival of trade and indus
trial conditions.
Aside from that part OF the foreign
situation there has been considerable
ha u.aoEiNr nf
the Bank OF England. made public on
last Thursday. emphasizes more strong
ly even than on previous weeks the
improved monetary condition and the
ability Of that institution to cope with
the present demands and TO prepare
itself for exigencies which may arise in
the fall If affairs do not assume a more
normal form. The Bank of Germany
also is in a stronger position as the
result of following a very conservative
course, and the Bank Of France con-
tinues TO add TO its gold holdings In an
endeavor TO establish an adequate re-
serve to meet future requirements.
In the developments on this side
there were slight changes in the none
tary situation. except the announce
ment Of gold shipment from Argen-
tina to arrive in New York this week.
and Indications that further importa-
tions may follow later. This together
with the improved tone Of commercial
paper developed through the increased
demand for the best names and a
rates, stimulated a better feeling re-
gardng the near future, although i'm
provement was not sufficient to bring
about any notable freedom OF offer
ings.
Industrial conditions throughout the
country presented few new phases, and
the reports Of changes recorded con-
tinued to be Of a somewhat mixed
character. Probably the most impress
sive was the announcement Of further
reductions in the price OF steel prod
ucts, which may have a bearing on The
future earnings Of the United States
Steel Corporation and the independent
companies. Comments on the lower
prices announced have been varied. and
all sorts Of estimates have been made
regarding the probable cost TO the
Steel Corporation and the effect on the
ductions announced. however, appear
to have had the effect Of increasing
orders, which apparently were await
ing closer quotations. The trade con-
ditions Of the country in other lines
appeared to be holding their own in
general, and In some instances a de-
cided betterment was reported and
business men were optimistic.
Statistics showing the continuous
growth of our foreign trade made pub
lie by the Department of Commerce
shows that the month of July broke
all records for the combined exports
and imports. and "A higher total was
exhibited for the seven and twelve
months ended with July. Imports were
slightly under the previous year. both
for the month of July and for the seven
months period. but for the twelve
months they were S1.SO3. go. 723. as
against 81 .6S3, 3,S11. .46S. In exports the
gain was most notable. as July figures
totalled S1G0.J15.941. compared with
S14S, $4,000 in July, 1912. For the seven
months period exports totalled 81 3oG =
T9S. 300. compared with $1.24S,501 500
during the corresponding seven months
Of 1872. The twelve months total end
ed with July reached SAT. .514. .13J. Gs