The Washington times., 1912-06-23

deal In articles effected directly by the
tafiff, and the securities of these com
panies are counters In the Wall street
game and hence there is the posi-
bility that campaign along tariff re-
vision lines may becotuc an active and
potent influence IN the market. Up
on general business, the effect OF a
prospective Democratic revision of the
tariff, would probably be 70 halt tho IN
dustrial revival which IL in progress
and tend TO throw business back into
the condition of hand to mouth huving
from which we have been slowly
emerging.
New Elements In Situation.
All this may seem like an unneces-
sary borrowing of trouble, and II Is
hoped that such will prove to be the
case, but the features are mentioned
because they are such as one hears dis
cussed in banking circles as a result of
the confusion at Chicago. The hope
full view of the case is certainly that
which takes into account the manifest
improvement, which has occurred, des-
pite the many disturbing elements.
which have been present in the situa-
ton the while. In addition to this,
stocks Of merchandise are still low the
country over and in consequence, pos
sibly, II would not prove as great a
hardship on this occasion as some
others. for the merchants to undergo
drastic tariff reduction. II stocks were
large, a reduction In duties might en-
tail heavy losses on goods on hand,
which Is minimized when supplies are
low.
AS may be inferred from the forego-
ing, certain new elements have been
injected into the situation, by the de-
velopments OF the week, or perhaps
N 10 q that the
sibility and the probability of new ele-
ments in the situation are being dis
cussed. How soon the Street may be
able to take the measure OF these
things, Is at present only a matter of
conjecture. It should be recalled. how
/, ever. that markets usually appraise
| such things quickly and quite accurate
ly. AS an instance. one has but to re-
recent years, the nomination of Mr..
Bryan in 1896 At firN Wall Street was
In confusion and had no bearings but
before the end OF August, II sized up
that no longer period will elapse on
this occasion. and the appraisal on the
| situation may come more speedily.
Crops and Foreign Trade.
Although the developments of the
week. other than politics, were entirely
| ignored. there were several which were
Ol anu lHltTtbl. III tIle HTst
and most important particular, the
weather advices were generally good
| and, although the reports of the grow
| ing crops continued conflicting, the
| more respectable and influential among
| the experts. reported increasingly fav-
! orable conditions. ENCOURAGING reports
| on acreage and conditions caused a de-
| cline In cotton. and all leading farm
Iata x.vAn nj to Laid a.,
| response to the--improving situation
| While II cannot be said that all COM
modities declined, the tendency with
| the more important articles of gen.
ersl consumption was in that direction
and this. in view of the general COM
| plant OF the high cost OF hviHg. may
| be regarded as a favorable feature
development which was passed ovel
| entirely was the foreign commerce re
| port for May. Exports totalling Sl75 S95,
1928, and imports aggregating SIS. 500, 74
| are the largest for that month ever re
| corded. The enormous increase of ex
ports, which are SIS. 1856, ,664 larger thar
| those of May. 1911. was the least salts
I factory feature of the trade statement
| but they furnish very positive evidenc,
of the expansion of business. The May
| figures on international business com
plete eleven months of the fiscal year
! for which period merchandise exports
|
| which has been exceeded during thi
| period but three times in the country
| history. 1t Is only necessary to sa!
that the excess of exports in 1910 wal
but $3.50, 025, 900 to show how satisfactor!
! the present showing is.
| Steel Profits and Labor.
| One new cloud. no larger than a man
hand. perhaps but still a cloud, whicl
may give concern, was noted during th'
week by the leading authorities on tn,
iron and steel industry. This is tn,
possibilities of labor troubles in tina
quarter. The Iron Age in its review O
the weeks developments devotes con
siderable space to the increasing tension
in the labor situation at practically al
iron and steel works. The drifting O.
workmen from one operation to anothe
goes on steadily, 1t says, and man!
plant managers are finding It Difficult