New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-07
REVIEW AND DIGEST
Death of J. PierpOnt Morgan
Effect of the FIood-POlitiCS
and the Tariff-lnVeSt-
ment Opportunity.

fold character. Al periods during the
last few years there were rumOrs re-
garding the failing health and serious
condition of this distinguished Ameri-
can. and each time tremor came over
Wall Street and the stock market re-
nected the shock in price declines.
When the actual news was received
and it became known that Mr.. Morgan
had ceased TO be. Wall Street accepted
the inevitable with calmness as I'M
expected it was different from lie
effect generally predicted.
During the week the aftermath of the
flood revealed the fact that, as had
been expected some of the estimates
regarding the damage done, particu-
larry in the case of the loss Of human
life, had been eXtrayagaut, and that in
stead of thousands of lives having been
sacrificed the number was reduced 10 a
few hundred. But even this compare
lively small figure left the country in
deep mourning and did not detract
from the loss in the money value OF
property and the serious injury 10 com
merce and industry and allied interests,
which loss even now cannot be fairly
judged within reasonable limit. Gov
ernor Cox of ohio. in statement TO a
staff correspondent of The Tribune,
placed a figure Of 10000. 900 as the
sum total Of the loss TO the State OF
Ohio on the other hand. commercial
agency figures place the total damage
in all the states affected under Sln,-
100000 But even in the light Of con-
scrvative estimates the damage has
been enormous. and its effect will he
felt for some time to come.
The week was featured somewhat by
politics, both state and national. At
Albany the question of incorporat ting
the New York Stock Exchange was up
for a hearing. and at the request Of
Governor SulZer representatives, of the
New York Stock Exchange, as opposed
TO the amendment. and Samuel Inter
myer. as advocating such a procedure,
appeared at Albany on Thursday last
TO present both sides for the enlighten-
ment of the Senate Judiciary Com
mittee. Without attempting to ana
I'VE the force of the plea made for in
corporation. it has a distinct disad-
vantage OF being an untried measure,
while for practically n century the New
York Stock Exchange has continued 10
develop and 10 become more useful as
a business Institution. while from time
to time it has adopted strcter meas
ures regarding methods Of dealing and
character Of securities listed without
the aid of incorporation. be 1t ever so
good
Some awakened interest has been
shown in the affairs at Washington as
affecting the proposed tariff reform
measure and Governor Wilson's atti-
tude regarding the articles 10 be placed
OF the free list. Drawing 50 near the
time when the tariff will be a distinct
factor i'm business, the question began
last week to command greater atten-
ton than was evidenced previously.
The National City Bank in It's April
letter deVOtes considerable space
to the subject Of customs revision
Touching on the reduction in the total
amount Of customs revenue now col
lected that the proposed tariff revision
will make. il says that placing sugar on
the free list means d looping off OF
more than 10000, 900 Of revenue a. one
stroke, and it is probable that reduc-
tions on other items Of the dutiable list
will cause q further lowering Of the
total collection. Referring 10 the
strong pressure for the abolition Of the
duty on wool the statement is made
that there is now collected more than
$50 0OO, 900 annually on importations OF
wool, with similar amount on its
manufactures. Consequently, free raw
wool and other reductions viii cause
reduction of another S2JODO,UD in GUS
toms receipts. one point which the
writer OF the National city Bank ar
ticle emphasizes is that with slight and
unimportant fluctuations the per capita
importations Of foreign goods have re-
NAMED approximately the same since
1900. While the tremendous increase
in population in the last century has
caused the total Of imports TO grow
enormously, the proportion has re-
NAMED practically stationary. There
are many business men in the East.
South and West who believe that the
tariff measure Will be put through
without materially disturbing the bust
ness Of this country. This may prove
10 be true, but economically fl is illogi
cal. and the query seems 10 be not
whether business will be disturbed. but
whether very serious disturbance will
be shown
Coming TO this point, question
arises as to how firmly established the
prosperity begun I'm 1912 has become.
Is II possible that to-day we are facing
a new order Of national growth and en-
ergv which cannot be undermined by
politics? Has this country so far out
grown it's early sensitiveness that IT no
,o,eo, ,psv be scared into "A DanickV