New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-01
REVIEW OF THE
WEEK in FINANCE
Hope of Improvement in
Securities Based on Re
vival of Industry.
ADVERSE FACTORS
IN TRADE FIELDS
Psychological Causes for the De-
preston Include Some Hard
TO Eradicate.

10 Eradicate.
While business i'm the securities mar
kot last week was I'm continued sihal'
volume and prices In standard issues
nuctuated within RANGE OF one-hali Il
point or SO for an entire session. 1t was
felt more decidedly that with easily dis
couraged holders having already got ma
OF their securities any great iu'"'
activity would naturally be upward ana
would probably depend on some forward
movement in business So there was CON
siderable discussion as TO how soon re-
vival Of industry. OF which rise In mar
ket values on the exchange would ne
forerunner. could be expected.
President Wilson gave some idea OF ms
views in reply TO business men who ca'leu
on him asking that he use his influence
to withhold all legislation Affecting the
country's Industry except that establish
ing trade commission which could
recommend satisfactory laws. lie was
told business was hesitating and the uh-
employed were numbered by the hundreds
Of thousands. while abundant capital
awaited investment.
To all this the President replied that
the most dangerous thing for business
wns uncertainty, and that as the pubic
conscience demanded legislation to meet
nrevailing conditions IL was better thh'
reform should be made at once moderate
~ and soberly with the support OF men
Ike those before him. He admitted the
nresent depression OF business. but argued
that the causes were merely psycholos-
ical.
Factors for Business Upturn'
A hopeful view along such lines might
have Il that in the latter part OF the sum
ner. with antitrust legislation passed.
some relief granted the railroads IN the
freiebt rate case and the Mexican sitna-
,ion cleared. business men. knowing what
faced them. would have a chance to ac-
cornmodate themselves to new conul-
tons. Apprehension of political evils 1t
Is true, generally discourages industry
ro-e than the reality. The new banking
lavp ceased 10 exert any great depressing
influence after il had been enacted 20
IL might he that idle money piling up
through slackened Industrial demands
would seek employment and conditions
no made favorable for conservative com
mercal advances.
This. however. is disregarding the IN
/ creasing pressure Of foreign competition
here through the lowered tariff. IhouBh
&c vet European manufacturers hesitate
IN make extended preparations toward
/ taking advantage OF the lower rates not
feeling certain that another revision may
vantage the most recent government
statistics Of foreign trade show imports
increasing in a large volume Before lhe
summer Is at an end il may he that' nav
ING found attempts in efclency anu
oco,omv not sufficient TO meet the press
ure Of foreign competitors American
r,arufactlrers may be forced 70 wide
snr,ad reduction of wages that will com
l.at any other influence toward revival oil
industry. o
Then too. at best. business men have a
nrofound distrust OF the present law
makers II Washington. Unless tho com
nlcxion of Congress is changed or pop
mar sentiment becomes strong enough
90 create new and conciliatory attn
tude toward business in that body there
is grave doubt that confidence can ne
restored. The great crops expected one
of winter wheat record breaking VIII un-
doubtedlv produce a measure Of prosper
itv in the agricultural districts HOW taI
,bis will extend to compensate for con-
trary tendencies elsewhere is a question
that the months TO come must decide.
The course Of regulatory legislation
at Washington was reported freed from
one great obstacle through surrender
of the administration TO demands oil
the labor vote more powerful as Con-
eress elections in the fall come nearer.
According 10 the phraseology OF amend
ments announced, agricultural and
labor associations, in addition TO beng
free TO carry out their legitimate pur-
noses are not TO be held combinations
or conspiracies IN restraint of trade
under the antitrust laws. Taken at
it's literal meaning, this would abso-
lutely free labor from consequence OF
violation Of federal statutes. If 1t
means. as some have attempted TO ar
que. that specific acts still may he
cause for prosecution, but that the
combination of labor is in itself legal
the statute books are being burdened
with an unnecessary subterfuge.
This is believed 70 clear the way for
the Presidents programme Of business
legislation in the House. Even the
Senate. 1t is feared will pay little heed
10 such warning as was made at the
recent session OF the Foreign Trade
Convention by James j. Hill, in which
he wrote that unwise restrictive lesis-
lation and unnecessary taxation on
business were fastening shackles TO
capital here as we'll as in England.
Freight Rate Case Delay.
Little light as TO the possible course
I OF the Interstate Commerce Commits
sion in the freight rate case could be