The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-03-22
BILL SUBJECT
TO AMENDMENT
Financial Interests Waiting for
Final Action on Payne
Tariff Measure!
SOME DOUBTS EXPRESSED
lNTIMATION THAT REVENUE
FEATURE WILL BE FAILURE.

New York, March 2f-The important
new legislation proposed in the tariff
revision bill introduced at the special
session Of congress last week has heen
or paramount influence in the securities
market, and, indeed. in all the financial
and commercial markets. The effect
has been one of confusion rather than
of any definite shaping of sentiment
This is parity due to the conviction
that the bill as introduced is destined
10 amendment and alteration. and also
TO the necessity for a period of adapta-
ton to new conditions that will follow
its final shaping.
The larger view of the matter deals
with the effect on business to be ex-
pected from the uncertainty which is
likely to prevail during the debate and
shaping the bill for final passage.
The revenue producing features ~
the new bill receive special attention
in the country's money center owing TO
the constant influence on the money
market which our fiscal methods cause
The Revenue Feature.
The failure of the bill to produce ade-
quate revenues is discussed as a possi-
bility, and the provision for the issue
of the Panama canal bonds to REIN
burse the treasury for expenditures on
that account, and the authorization OF
an increase in treasury certificates
from 500 600. 600 to $3.50, GOO 600 gives an
impress on of apprehension on the part
Of the trainers of the bill of shortcom-
inEs as a revenue producer.
The effect on the treasury of gold
exports offers a subject for some anX-
iety. owing to the low supplies of gold
in the treasury vaults and the conges-
ton there of national bank notes I'm
course of redemption. Attention is
drawn TO the matter by the gold outgO
TO London and the development OF o
new factor in that outgo. This is the
evidence that the joint stock banks of
London have entered upon a policy OF
reinforcement of reserves in compli-
ance with the urgent representa- tons OF
the banking and currency committee
of the Association of Chambers OF
Commerce Of the United Kingdom,
May pile UP S1oo,ooo,ooo.
London financial authorities estimate
that this movement may call for an ac-
cumulation of as much as 800, OO0, 00O
in cash To be held in the vaults of the
Joint stock banks without any cor
responding increase in the lending
powers of those institutions. The de-
mands which may thus be entailed on
New York for gold, IL is believed. must
York money market. At present the
oVeTsupply Of money in New York is
so great that New York bankers are
purchasing bills i'm London for the puT-
pose of employing their funds This
makes a demand for remittances and is
& factor i'm the strength of foreign eX-
change. So also does the continuance
Of foreign liquidation of American Sc
Curities.
Much Money In Sight.
The foreign trade statement for Feb
rllary indicates how far the CONNER
cial exchanges are working in the same
direction the concurrent heavy in
crease I'm merchandise imposts and de-
cline in exports having reduced the eX-
cess value of the exports foF the month
to s.. 400 90, compared with $50. 00a. 400 in
February of last year. Large money
resources seeking employment are an
effective instrument in the present
maintenance of the sta bility of prices.
not only of securities, but of commodi-
ties Bank loans on copper are known
20 stand at a large amount, and banks
throughout the country have bought
largely of recent bond issues to obtain
a return on their funds pending the re-
vival of mercantile demand for their
emplovment.