New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-12
REVIEW AND DIGEST
Events of the Week-Probable
Effect of Tariff Changes
Business and Stock
Market.

Hclenlly important 10 pe COHSIucicN 'i
the study of economic problems did not
show a large collection at the closing
of the stock market last Saturday
There were two events which had an
international bearing. One occurred In
the Old World and the other on this
side of the water The former was the
withdrawal of troops by Austria, which
marked the passing of what had
threatened to be a continuation of the
Balkan difficulties, and the other was
the passage of the Underwood tariff
bill in the House of Representatives by
a vote of PSI to 139
Contrasting the opinions Of business
men and lawmakers on what effect the
tariff changes will have, there is
noteworthy di-lerence between the con-
fidence exhibited on one side and the
hope expressed on the other. Those
who have advocated tariff reform now
that the question is brought up TO a
real issue are doubtful regarding the
effect on business after the bill has be-
come a law. In their answers regard
ing the outlook they qualify their
statements by the words 1--WE think, i"
while the manufacturers and others
who are opposed TO an extremely low
tariff, and particularly 10 taking the
tariff off entirely from imports, ex-
press themselves in the emphatic We
know"
AS predicted in this column last fall
when there seemed to be a general
agitation for tariff reform, the business
of the country now is beginning TO re-
fleet slightly the consequences Of pro-
posed tariff changes. Each week con-
tributes fresh evidences in some quar-
tiers Of trade restriction as result OF
fear regarding the results that will fol-
low allowing the importation Of vari-
Gus articles at greatly reduced duty
charges.
1t is all very well for Mr.. Underwood
and the gentlemen who have been re-
sponsible for furthering the tariff re-
form movement TO answer the state
ment that wages will be cut by saying
that the government will be quick to
investigate any proposed cut in wages.
but that does not materially change the
element of fact that business will be
disturbed. 1t is possible that after
some years of readjustment through
which the country must pass while
tariff reform is being carried beyond
its experimental period the coua-
try will find itself better off than
under the highly protected system
But that has 10 do with posterity
while in the mean time the present
generation will be obliged to make sac
rifces and change the course Of public
and private affairs.
A canvass of the conditions through
out the country has revealed para
doxical condition. AS a rule. the re-
ports have been that business for the
period is encouraging, but the outlook
calls for caution. There also is report
ed to be fairly good supply Of money,
but at the same time money is hard TO
get. These facts, coupled with the eX-
pansion Of loans and reduction of cash
shown in the last national bank re-
turns, indicate a shaky foundation on
which TO build hopes OF continued pros
perity when the country is facing a
reform in economics.
The report Of the untitled tonnage on
the books of the United States Steel
Corporation on April 80 last, which
came out at noon on Saturday Of last
week, showed a total OF 6,91S, 49, tons,
as compared with 7,46S.056 tons on
March 81 last. This was reduction IF
400 1914 tons. The figures were the
smallest since the report Of September
30, 1872, when the untitled tonnage
amounted 10 6,551 ,507 tons. At that
period, however, the highest amount
| for the year had been reached, and
from that time on until the end Of De
cember the monthly tonnage report IN
creased. Beginning with the month Of
- thlS SSoi tiAO rs ti'o iio =
been growing gradually smaller.
The report Of the Copper Producers
| Association for the month of April was
much more favorable than had been
! expected. The highest estimate Of the
probable decrease in stocks had been
placed around 20,O000OO pounds, but
/ when the actual figures We're made
| public on Thursday last a total de-
crease of 2S.720, 162 pounds was shown
on May |. as compared with stocks on
hand on April /. These figures indicate
a better tone in both the copper metal
and copper share market provided the
consumption of copper metal shall
show an increase abroad as a result of
| the settlement OF the Balkan War,
which experts have been claiming as
responsible for the backwardness Of the
foreign metal market.
A favorable factor. which is verified
at the time Of harvest next fall, will
do much to stimulate good business in
the United States. was the govern
ment's report on crop conditions as Of
May ], which was published during
last week. The conditions indicate a
nh Of 40 II nln