Daily capital journal. (Salem, Oregon) 1903-1919, 1913-05-29
BUSINESS NOT DISTURBED BY
CHANGE OF TARIFFS.

A weekly financial review, speak
very optimistically of business
conditions, and incidentally give
pretty strong endorsement Of
the administration, which is a rather
remarkable thing, coming from Wall
street. This great banking firm is an
authority on the world 3 business af-
fairs, and we reprint portion of the
last bulletin, as givin pretty clear in.
sight into business conditions and out.
look:
Outside of monetary conditions the
situation shows some improvement. The
slowing down of business thus far,
while general, has been Of moderate
proportions. 1t is unquestionably part
ly due to uncertainties connected with
the tariff, and when this problem is
settled there will be considerable gap
in the merchandise movement remain.
ing to be filled. As a matter of fact,
the industries likely to be injured by
the tariff are not important compared
with the total product Of the country;
and the effect of tariff Legislation has
undoubtedly been overestimated. 1t
is now thoroughly understood that the
extreme features of the bill, or those
which were really injurious, will be
moderated so that the harm from tariff
revision will be reduced to minimum.
In the textile trades values of both
cotton and woolen goods have been.
gradually declining for some time past,
having in fact practically adjusted
themselves to the new tariff level In
the iron and steel business, while our
mills are still active in the filling of
old ORDERS now business is Of slight di.
minished volume, and in some cases
prices have receded. The steel indus.
try, however, is not likely to he mate.
rally affected by the new schedules,
and such recession as has taken place
must be attributed chiefly to reaction
in the real estate field and decline in
tho erection Of large buildings; also to
the difficulties which the railroads are
having in financing contemplated i'm.
provemonts, The crop outlook continues
most encouraging, and in no part Of the
country is there any serious impairment
Of the outlook compared with year
ago. Should the country again sue.
ceed in producing eight or nine billions
Of new wealth out Of the soil, this will
go long way towards lifting the coun-
try out Of It's present slough Of des.
pond. New York is still the most pes.
simistic spot in the United States,
which condition is due to the fact that
a financial center is always the first
TO feel any symptoms OF disorder The
domestic credit situation is still much
Overexpanded, and our banks are wise.
ly pursuing n policy Of gradual but
persistent rotrenchment, IL is to be
hoped that a new banking and currency
bill will be passed during the present
session Of congress in order to enable
tho country to properly meet the inov.
itable strain ofcrop moving next fall
The administration appears TO be work.
ing upon bill, which so far as is
Known is sound and well adapted TO our
national requirements, Thus far there
has been little opposition to this project,
and IL tho administration succeeds in
euactlng a reasonable tariff hill and a
satisfactory currency bill II will have
accomplished two very important meas
ures 10 its credit.
Our foreign trade is showing some
very satisfactory results, In April our
exports aggregated nearly $500, ,0Oo,o 900
and our imports $li,0OO,O0, an excess
Of exports amounting to about s55,OOO,.
900, against $4,000, ,OOOa year ago. For
tho ton months OF the fiscal year the OK.
ccss OF exports has beon S562, 900 900,