New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-09

Wall Street Undisturbed.
Wall Streets verdict on the Underwood
tariff bill from stock market point OF
view was that lower prices need not be
expected Leading commission houses
pointed ont yesterday that the CHIEF ran
road and industrial securities had already
reached rock bottom levels and any FUR
Their recession should not be attributed 10
the tariff. as its possible effect on ousi-
ness had already been sufficiently dis
counted. Higher levels were expected for
the reason that the liquidation which had
taken place since the first OF the year was
believed to have reached its limit. rms
was indicated Yesterday 10y advances I'D
some stocks that viii be affected ny
reduction IN the tariff
There were those who believed that the
Yields OF railroad and industrial Secuii-
ties would be little affected by reduc-
ton in customs duties. except in OK
IRENE instances. 1t was argued that
labor would De the ultimate sufferer In
preference 10 submitting TO smaller divi-
dens. II was stated by some. the corpora
tons would readjust their business to the
new conditions By cuts in wages rather
than have the stockholder be the loser. In
support If such a policy the present need
for capital was cited. Lessen the capt.
talistic Weld. ii was added. and big bust
ness enterprises would suffer for want OF
money To carry on their ventures.
"The stock market has passed through
It's period Of liquidation" said J. Horace
e -
business generally is still facing that con-
tingoncy. The lessening of business VIII
ease the money situation. | do not LOOK
for any drastic action by large corpora
tons. such as the reduction Of dividends.
etc. except in extreme cases
j. : Bache, of J. :. Bache. & Co. said
;he mar who would make money IN the
next few years was the money lender. on
account OF TIE worlds scarcity OF gold.
lie continued: "The stock market has
been selling ex-DcmocratiC party. eN-
tariff and ex-everythng. But business has
not discounted the tariff. The stakeholder
will be the first one 10 suffer from bust
ness contraction. bu. there is no question
i'm my mind that labor Will feel it ulti-
mateIy. so all this talk about the tariff
bene1ting the wage Garner is worthless.
The steel industry will not feel the for
eign competition Immediately, as the mills
abroad are now only able 10 supply the
home demand. Put should they decide 10
expand domestic manufacturers will then
suffer from their composition
Looks for Higher Values
+. +. Hutton. Of t. r. Hutton & Co. is
bull on the present situation. He thinks
values Of securities will go higher. as they
have been selling at very low levels for an
extended period.
Some concerns will be benefited by
tariff reductions said Henry Clews'
hence their stocks should also reap the
benefit They will be able to buy their
Jaw materials cheaper. Others will be
nurt. but as a whole I do not look for
lower prices. We have amply discounted
all unfayorable conditions. and our best
stocks are unquestionably cheap"
The Underwood tariff bill is not OK
pected to greatly influence the money
market, except perhaps during the trans
ition stage. II is felt that in the end
the adjustment of supply and demand Of
commodities will restore conditions to nor
NAL, and the money market will not re-
fleet that there has been any radical
change in this economic feature.
while ! am not an expert on the
tariff" said the vice-prosident of a large
commercial bank, '1t seems to me there
are certain irregularities I'm the new bill
which appear unjust. For instance why
should print paper be allowed TO come in
free from Canada, while Canada impose
an export duty on wood pulp? Again,
they have put -four on the free list but
wheat is protected. That is protection to
the farmer at the expense of the mill
owner"
4 foreign exchange banker was asked
what bearing the lowering of the tariff
wall would have on exchange quotations.
He said AT first it would have the
effect Of increasing importatiOns Of mer-
chandise and in this way maintain high
level Of exchange, possibly leading to fur
ther gold exports i'm payment for these
goods. Its sentimental effect might be APP
parent Immediately but in the end the
question Of the supply and demand would
bring about an adjustment. As soon as
commodities here were manufactured and
sold so as 10 compete with foreign goods
the position Of our foreign commerce
would be restored to present conditions
Effect on Typewriters.
j. Walter Earle, president Of the Rem
ington Typewriter Company, said: 'It Is
decidedly unfair 10 single out this indus
try. since We are obliged 10 purchase our
labor and materials in protected mar
ket. The industry might stand small
reduction OF the present duty, but what
ever Is done should be done on a reel
procity basis why should the govern
ment open the typewriter market to for
eign machines, while We are obliged when
exporting machines to pay a heavy duty
Charles Strauss. chief counsel for the
Underwood Typewriter Company, said:
"Typewriters have from dozen 10 fifteen
ingredients in their composition other
than steel The proposed law admits ma
chimes free but taxes raw materials other
than steel used in typew liter manufact-
ture The result is that the foreigner
sending in complete machines gets In free
OF duty. whereas his American competitor
is compelled to pay duty on the ingredi-
ents he has to have in order 10 turn out
the finished product"
Philip r. Dodge. president Of the Inter
national Paper Company, said that Tree
print paper would result in the removal
of all plants from this country 10 Canada
-, TO-