White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-08-17
WAY OPENED FOR
STEADY IMPROVEMENT,

IL has neen genefally deVoShiaeu
that the Balkan war was the main
factor In the financial conditions Of
the world while it lasted. The out,
break of the war was followed by &
tightening of all the money markets
and IL was realized that the money
e.nters were ~ for a long strain,
owing TO the demands created by tho
war and the inevitable boarding Of
gold by the timid. The end of the
wal has finally come with The eNeef-
ton OF the necessity OF holding rur-
key to the terms of the peace treaty
singned in London some time ago.
IL has surprised many that the sign
ing of the peace treaty between the
Balkan states and Roumania has not
had more effect on speculative senti.
ment but the facts are that ii mas
been LARGELY discounted by the mar
kets during the past few weeks. says
Aht Aa&aN1iA A1AAAAANAat ANNNSF
Tie change in sentiment abroad
has been the ause, in no small meas
uge. of the improvement ranging
from five L Is points in our own
stocks, as the buying has been by
European interests TO q colt
siderable extent and has furthermore
encouraged operations on this side.
The foreign markets have also shown
improvement, measured by an ad-
vance in French rents from So to IS
and in British eonsols from 72a to
73h. The fact seems to be that.
besides taking back some of our
stocks sold last fall. estimated at
500, 600 shares. European investors
have been r%ebuying many of their
own securities. The effect of this
ment In the position of the govern
ment banks of Great Britain and Ger
many and permitted the Bank of
France To hold its own. notwithstand-
ing that French bankers have made
advances to the Balkan states during
the fighting over the division of the
spoils of war with Turkey.
II seems safe to assume that much
of the boarded geld has been return
ed, besides that. the Bank of England
has managed to attract gold from
South America and although muen
in those of the Brink of France
IL has served to increase the reserves
Of gold in the European banks. even
If il has not made an appreciate gain
in thase of the Bank OF France.
Another adverse factor that seems to
have passed was the fear of a strike
at the South Africa mines which
would restrict. If not cut off. the sup
ply of gold from that quarter. Rack
OF all this mas been the influence OF
the restriction placed on credits and
the nosiponement of new security
ISSUES in all the financial enters
The result Of all these factors in an
improving situation IN the mones.
markets Of the whole world and
bankers are encouraged To believe
that there will be a steady movement
back 10 normal conditions.
The policy Of Il secretary of the
treasury has been criticized in some
quarters but the fact remains that.
in placing the treasury balances al
the disposal of the markets. he is do
ing what everyone has claimed
should be one of the cardinal prinei-
pies of n currency reform measure.
II has been charged that the action OF
the secretary might result in an nn-
desirable imitation but. as the funds
will go into the banks while the
movement OF the crops creates an
ahnormaldemand for money and will
be returned to the treasury when the
crop movement is finished, there does
o 10 DC any ground for fearins
an a~nfavorahle effect through undue
imitation of credits There is reason.
on the other hand, for believing that
the money problem OF the fail
MOI tbs has practically been solved
aud that the much feared stringency
will not occur Under these oircuni.
stances there is ground for believing
that we are working back 10 normal
times and that only the settlement o:
the tariff question is needed TO re
store great activity in general trade
or. at any rate. that stringent money
rates need no longer he feared as :
factor to restrict business.