New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-07
Mr.. SCH|FF OPTIMISTIC
Slight UnSett|ement Due to
Tariff Agitation a Coed Sign.
WANTS CURRENCY REFORM
Banker Declares That Prudent
Legislation May Prevent
Serious Revision.

Prominent among those who returned
from Europe yesterday on the Maure-
tania were II. j. Dawson. OF j. r. Nor
gan & CO.. and Jacob II. Schiff. head Of
the banking house of Kuhn. Loeb & Co.
Mr. Dawson, who has been abroad for
seven weeks appeared to be In excellent
health, but he refused 10 express an
opinion regarding financial or political
conditions i'm this country. He also de-
clined 10 comment on an interview pur-
porting TO have been given by him TO a
New York newspaper when I'm Paris
Mr. Schiff, who was away four months.
talked freely of business conditions here
and abroad and was optimistic regarding
the future
I'VE are for the time being i'm transit
tory state" he said "of which the ef-
fects are making themselves felt. The
change from an extreme protective 10 a
more moderate tariff necessarily brings
about an economic adjustment. which
cannot be completed without producing
more or less unscttlement. and it is rather
to he wondered AT, and a proof Of the
sound and substantial conditions Of the
affairs of the country. that trade and
commerce appear so far to have suffered
little.
From this il may be hoped that the
process we are undergoing may not pro-
duce the upheaval which il has been
feared will come. and If legislation for a
prudent reform Of the currency is not
delayed. and will follow promptly a
gether likely that we shall escape serious
revuson and become even stronger COM
mercially and financially than we have
been heretofore.
For the time being the entire world is
suffering from excessive demands upon
capital. the supply Of which falls 10 a
considerable extent short Of require
ments. Aside from this fact demands
for capital not heretofore existing. have
sprung up-such as the awakening Of
China. the results OF the Balkan war. the
large ornaments being made in European
and far Eastern countries. the activities
and enormous expansion everywhere OF
trade and industry have absorbed and
more or less locked up such huge sums
70 ''i''A'F AtifAh AAa' ANitHo N"bHiAs ~ di4dbif
for investment purposes hate snrunk to
rather small proportions. Before long.
however this wave Of extreme Industrial
and commercial activity IS likely to re-
cedc-iust as credit facilities and the sup
ply of means To carry IT on will Of ncces-
sity become curtailed-and it is thought
that the supply OF capital will automati-
cally again grow more plentiful and
financial centres all over get relief"
+. y. Hoffstot president Of the Pressed
Steel Car Company. who also returned
yesterday on the Mauretania said he
was particularly impressed while IN Eng
lard by the increase IN the use 81 agri-
cultural machinery. He declared what is
needed most at tine present time is liquid
money 10 satisfy the commercial and
manufacturing demand lie attributed
the depression in the market prices OF
stocks and bonds 90 this cause. The do
cline he added. would be beneficial In the
end FOR the reason that the worthless
stocks would be wcedcd out and the good
ones would come into their own.