The Cairo bulletin., 1913-04-15
wore FOR
CHARLES MESHEW
FOR POLICE MAGISTRATE


5's and per cent previously for a
similar grade OF security. The
harmful effect OF these Issues how
ever IS likely TO be confined chiefly
to high grade issues paying low re-
in7as. the holders CT which are apt
to sell IN order TO secure the higher
rates OF profit upon the cheaper
a,ces which ultimate may benefit
by the preference The delay in set
iling thc Southern Paeiae contro.
ye'sy withe the government was
also unsa,isia tory, although it IS
believed q final adjustment is now
within sight Other unfavorable
features We're new legislative bur-
dens upon the railroads: the in
ereasing demands of labor. and an
inerase in the numhe- of idle cars.
Tie fact that the rise in stocks had
continued with little Interruption
fer nearly four weeks also induced
considerable realizations.
Mex to new security issues. the
tariff was the most disturbing fac
tor. Although congress opened Mon
day and the new bill was introduced
without having much effect In the
financial district. manufacturing in
terests are seriously pc turbed at
the proposed revisions. 1t is no.
the reasonable, cuts that are so much
opposed, many of our manufacturers
being peter prepared for lower
taric than is generally supposed. but
1T is the disproportionate reductions
made In many cases between raw
materials and finished products that
arouses hostility. In not a few in
stances the reductions on cottons
woo,ens, steel manufactures Hour
etc, are greater than in the raw
materials OF which they are com
posed. Such reductions would nut
manufacturers at much more
serious disadvantage than III the de-
clines were made proportionate In
all probability defects OF this sort
VIII be remedied in the senate If not
in the house. and the final bill is
pretty sure to be less drastic than
the original Probably the worst
effect of the tariff bill viii be the
Inevitable uncertainty for another
two or three months, If not longer.
Merchants will refuse to stock IN.
imports will be deferred and MANY
will be held In check and
importations retarded. The effect
OF the latter upon our national reye~
nue. and foreign trade remains ia
be seen; the probability being that
IT might start gold imports at an
season. On the other hand
rush of imports is sure TO follow
later on when duties have been low
cred to take advantage OF the new
rates and to VII up the gap in sup
pies caused by several months Of
waiting. Meanwhile, much feeling
VIII be aroused by discussions,
which will tend to divert attention
from legitimate business. II ID
worthy Of note, however, that the
securities of protected Industries
nave not thus far shown any par
llcular weakness. Evidently their
owners are not in such panic as
appears when it comes to disposine
)f their Industrial securities. The
steel trade is conspicuousIy indirer
snt to the tariff.
The monetary situation is still
improving Funds win soon begin
% return from the interior more
RELY, and the local money market
8 promised easy going for the next |
lew months. Should business be
ecc active, as now seems probable.
nat viii tend to encourage comforts
'ble conditions. although much de- |
lends upon the extent of the appl- |
'ations for new capital, which prom
Sc to be heavy In Europe none |
airy conditions are also becoming
asierr, especially in England.
France aud Germany The war has
ceased to be a disturbing
influence, although final adjustments
re still to be made An important
'rench loan is pending, which may
ave some effect upon foreign con
itions. An early reduction in the
Bnk of England rate is expected.
'hich now stands at per cent.
General business is evidently
lowing down Clearing House re-
nrns no longer show gains over
asst year in fact for the past two
'eeks they have shown small de-
lines Railroad earnings are also
xhibiting smaller increases. The
umber of idle cars increased. part
y owing to the recent floods. which
aturally induced local setbacks. but
hese are only temporary. Tie