The chronicle=news., 1913-04-17
materials and finished products that

ma terials and finished products that
has aroused hostility. In not fcw
instances the reductions on cottons.
wooicns. steel manufactures. flour.
etc. are greater than in The raw
materials of which they are COM
posed Such rcduot ions would pnt
manufacturers NJ II much more ser
ious disadvantage than II the de-
cllncs were made more proportions
ate. IN all probability dcfcct- of this
sort will he remcdied in the senate.
II not in the house. and the final bill
Is pretty sure To he less drastic than
the oi iginnl. Probably the worst ef-
feet of the tariff bill will be the III
"vitabic uncertainty for another Two
or three months. IL mol longer. Mer-
chants will refuse 10 stock ip. I'm
ports will he deferred and many en-
tcrpriscs will he held in check and
-mportniions retarded. The effect
Of the latter upon our national rcvc-
mug and foreign trade remains 10 be-
seen: the probability being that II
miSbt start gold imports at an unus-
ual season. On the other hand. 4
rush OF imports IL sure TO follow
later on. when duties have been low
cred TO take advantage OF the new
rates and to fill up tne gap in sup
plies cuuscd by several months II
waiting. Meanwhile much feeling
viii he aroused bv discussions. which
vii, tend to divert attention from
legitimate business. II is worthy Of
note, however. thar the securiiics Of
protected industries have not thus
FAR shown any particular weakness.
Evidently their owners are not In
/ such - panlc n appears when u
comes to disposinI OF their industrial
securities. The steel trad. is con-
spicuousiy Indifferent to the tariff.
The monetary situation T. sim i'm
proving. Funds viii soon begin 10
return from the interior more freely
and the local money market Is prom
iscd easy going for the next few
months. Should business be less ac-
live. As now seems probable. tia'
viii tend to encourage comfortable
, conditions. although much depends
upon the cStcn, o! the application !,
Tor new capital. which promise to he
heavy. In Europe monrtnry condi-
tons are also becoming casl .r. cspe-
Cinily In England. France. and Ger
many. TIL. war has practically
c.iscd TO he a disturbing Influence.
although final adjustments are still
To he made. An important, French
loan Is pending. which may have
some effect on foreign conditions. An
early reduction In the Bank OF En-
;lnni rate Is expected. which now
stands Mt : per cent.
General business Is evidently slow
no longer show gains over last year:
In fact. for the past two weeks they
have shawn small declines. Railroad
earnings are also exhibiting smaller
increases. The number Of idle ears
Increased. partly owing to the recent
floods. which naturally induced local
sctbacks. but these are only temper
AIRY. The most important favorable
factor Is the Improved condition Of
the money market. and the fact that
relatively easy rates are assured for
some time to come. Moreover. there
are many stocks which are still sell
ing nt prices which yield liberal re-
turns. even upon the new basis oi
comparisons. Another impoTtnnt elc.
mcnt favoring the stock market II
the excellent crop outlook. The con.
dition OF winter wheat waa reported
as abou; II points better than a
year ago. and conditions Of soil and
for planting In all parts OF the conn
try have rarely been better. One
more favorable factor IL the change
In the attitude OF foreign markets
toward American stocks. Eurnp'
has been n steady buyer of, our hest
shares for some weeks past. rcpur.
chasing at n profit stocks old for pro.
tcctivc purposes during the Balkan
war. II Is quite noticeable tina,
Europeans are more bullish upon
American stocks than We ourselves
At home We are disconnected owe,
tariff and political conditions
Abroad they view these drawbacks In
u broader light and are less disturbed
than We are. The reaction which be.
gan Wednesday tested the market
and partially eliminated weak spots
The fact that important issues are
still pending will probably enforce
GOOD banking support 10 the markc,
for soma time 10 come. but until th'
present selling movement has cN
hausted itself no genuine recovery
can no ayNpctpd