White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-03-16
REFORM
IS IMPERATIVE
MONEY Is THE FACTOR OF MOST
IMPORTANCE IN REVIEWING
PROSPECTS FOR PERMANENT
INDUSTRIAL PROSPERITY.

where a new president of the United
States has been i~naugurated and the
power of government assumed by a
political party that has been in a
minority for sixteen years. The event
is rightly regarded as of prime i'm
%portance, although it is too early TO
determine just what form the policies
of the new administration will take.
The inaugural address was eonfin-
ed to general statements and the def
mite policies of the administration
will have to be learned from develop
ments in the future. says the Boston
Financial News. The cabinet is re-
garded as a strong one. generally,
and the message of the presi-
dent calling an extra session of
congress will disclose the character
of tariff revision to be advocated by
President Wilson.
1t is known that downward re-
vision will be advocated; also that the
prosecution of illegal combinations
will be continued; these have been
taken as a matter of course. The at
titude OF the president on currency
and banking reform is not so clear.
although there are some reasons for
believing that the president will line
himself up with those who are fight
ing for a scientific reform of a cur
rency and banking system that has
proved itself utterly inadequate to
the present demands of the country's
business. 1t is hoped in some quar-
tiers that the president will insist or
an attempt to solve the currency
problem at the extra session but, at
any rate, il seems fair TO assume
that the decks of congress will be
cleared so that it can be acted upon
early in the regular session of on
gress next December.
There is little doubt that currency
and banking reform is of far great
er importance than tariff reform and
that the various organizations of
business interests will impress this
fact on congress. The conditions in
the money markets of the world, at
the present time. are such that some
from of relief from existing condi-
tions, before crop moving time, is i'm
perative. 1t is expected to co me
through an ending of the Balkan
war and the return of boarded gold
but in case the war is dragged along
for two or three months there will be
a rather serious condition to face,
unless congress affords some tenn
porary help by the use of the govern
ment's balance. The position of the
money markets has not yet affected
general business to any large extent
but it seems inevitable that it must
before long make for caution in buy
ing for future delivery especially in
lines that may be affected by tariff
changes.
The trade reviews are again very
cheerful and report spring trade to
be in healthy condition with de-
liveries of spring goods going on in
good volume. The recent snow fall
in the winter wheat country has been
of decided help and according to
most reports the plant is coming
through the trying month of March
in very good condition. The reports
from the iron and steel industry
have been favorable and the state |
ment issued by the Copper Producers
association made a much better show
ing than had been expected. The
railways have reported exceptionally
large increases in earnings for Janu-
airy, owing to the favorable weather
for operation and the large amount
of tonnage moved. The outlook,
Notwithstanding the present favor
able conditions, is not so promising,
owing. as We have pointed out, to the
state of the money markets and the
possibility that the end of the Balkan !
war may be further off than has been
assured. 1t seems to be true that the
revision of the tariff, which is ahead
of us, is creating little or no disturb
ance but the money factor is be-
coming of greater and greater i'm
portanee and will probably prove to
be the controlling factor In business.
as well as speculation. during the re-
mainder of the year.