New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-03
REVIEW AND DIGEST
Improvement Follows Early De-
Observation-Disclosures LeglS.
Iati0n OiSturbS Wall Street
-0ther Factors.

-Utner FACTORS.
Seldom within the space Of six days
have the involved workings Of interna-
tional affairs resulted in a greater va
riety Of Effects than was exhibited in
the collective events Of last week. The
financial district on Monday was sur
rounded with so many gloomy situa-
tions that anything like bright future
seemed TO be out of the question. Rev.
olution md the sacrifice of human HE
in the City of Mexico, with Uncle sam
hurrying troops TO the border, was one
scene presented: an absence Of encour-
aging news Of definite nature regard
ing the Balkan situation from abroad,
disturbing reports regarding President
elect Wilson's attitude toward corpo-
rations. and the whole financial district
aroused over the impending bills at
Albany. which if passed would mean
unqualified harm 10 the business inter
ests of this city. all formed a picture
of distress which apparently shut ont
every ray Of hope for stock market I'M
provement and started the week so
dismally that prices melted away and
values lost all reckoning. The selling
movement was not confined TO any one
class of securities. as generally is ire
case except during periods of depre2-
sion due to panics, but included high
class standard issues in the rails and
industrials. as well as the untried IS
sues of special class. Considering
the liquidation which had been carried
on during the week previous. the ger
eral selling movement on Monday was
most discouraging. and there were few
signs Of a hopeful character in the way
of support, even at the low levels OF
the day. Tuesday was largely repe-
tition Of Monday, with prices sinking
lower. and the last remnant OF nope
seemed TO have disappeared at the
close.
remarkable stability and develop
ment of bullishness. which sent prices
up several points in nearly all HE
stocks traded in on Wednesday, drove
platoons Of bears 10 cover, much
against their wishes and beliefs.
Thursday was largely a repetition OF
Wednesdays upward movement, and
gains We're recorded in practically the
whole list. ranging up 10 several points.
on Friday morning the publication OF
the presentation by j. p. Morgan q
CO. of their position in relation to the
so-called money trust" as shown II a
brief filed by them with the Pujo corl-
mittee. absorbed much of the interest
in Wall Street. and had a steady:ng
effect on trading sentiment. The stu
alton as set forth in the Morgan letter
was entirely different from the general
impression given by the numerous al
lacks and accusations which have
given rise TO widespread belief in the
existence of money trust" IRE
spective of the report of the Puio com-
mittce and recommendations for regu-
latng banking methods and federal
control of the stock exchanges maze
public on Saturday morning. the busi-
ness men Of this country will give e.
large degree Of consideration TO tbs
plain, logical statement OF J. =. Nor
gan & Co
The Pujo committee. in point OF con-
spicuity, was less a factor during mos,
of the week than during the days when
leading Wall Street , financicrs were
being called 10 Washin ton 10 tes-
tify. Attention in Wall street was
chiefly directed toward Albany, AMI
committees from the exchanges and
representatives Of commercial organi-
cations visited the capital to present
TO Governor Sulzer an appeal 10 reason
calculated 10 show him the error OF his
wavs in attempting 10 place on the
statute books laws which would not
only innict hardship on the stock ex-
changes but would destroy many lines
Of local business largely depending on
the financial district for sustenance.
Neutrality-suspicious. have accounted for the
lIlOSl DfldfFS OF SlD'k SDPCUIdlOIS,
warriors and most of the other human
kind engaged in the strenuous strife Of
life. In these modern days. when
psychology is the study Of the hour.
there is tendency 10 compare the
great financers and market operators
with the chieftains OF early warfare,
but in the role Of greatness, where does
the modern politician stand? There is
comfortable outlook 10 the present
situation, as when political attacks have
ceased the business Of the Street will
settle down 10 real issues and the pub
lie will again feel that ii is safe to IN
vest in stocks and bonds and engage IN
the legitimate business Of buying and
selling securities.
Reports from several business centres
in the United States displayed a favor
able degree OF activity, and in view Of
the close approach of period when