New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-02
HIP PELL & CO.. NEW YORK.

America unlike the older countries or
Europo. has constantly changing piano.
rama of business affairs. This IS due 10
the fact that our business seeks the read
1ustment necessary every year 10 meet
the constant influx OF a million ne" peo-
ple arriving on our shores with $50 each
in their pockets. creating, as II were
city with a population or one mliIloh peo-
nle whose net resources are only shade
better than poverty.
But these people quickly become Amerl-
canized and acquainted with our insttu-
| tions, and while 1t is not easy to ''bsoro
these million people and produce the food
supply necessary for them thus far Amer
lea has been able To- cope with the STU
alton without any serious influx of her
population back TO the farm.
We have however. about reached that
Mace where our cities are overcrowded
and congested, and this added population
is creative Of socialistic IDEAS and socialls-
| tic tendencies. and unless some added IN
centiye TO induce the laboring classes 10
leave the cities and enter into the produc-
ton of our food supply takes place Amer
lea is likely to have strained money con-
dtions AT any time our crops are made
quate.
Measured by a comparison with pre-
vious crops. the present year ~ very
| full one but the present year marks piac-
ticallv the capacity of the soil with us
present acreage and present labor.
So far as the adjustment Of the tarin
Is concerned, that IS purely an ADJUST
ment of labor and OF bookkeeping. The
tariff is nearer a local than national
issue. and its qualifications are so many
that ONLY a close student OF that question
could give it's real bearing upon the
finances Of the country Whether there
is or is not tariff the average indiVldual
is hardly capable OF knowing. except
through the publicity given II by the poll
tcans and the newspapers
As far as the individual cost. with the
tariff. is contrasted with the Individual
cost. without the tariff. ~ concerned II Is
too small and too insignificant 10 be coa-
sidered, except In countries where the
price Of labor Is much lower than IN
America.
The outlook for money Ia America for
the year 1913 is rather hattering. The
political unrest OF Europe has caused that
country to unload AN immense amount OF
her securities on our market. ana f-u-
rope. IN turn. some day VIII want her
quota of these securities returned TO hef'
in addition to which Europe must also
pay us for overplus of crops.
IL should not be very long after the
turn OF the new year until the tde OF
money sets in from Europe In TINS direc-
ton. and when that occurs money VIII DE
reasonably plentiful.
I'm former years America has Heated
every twelve months an immense amount
OF new securities. both railroad ana IN
dustrlal The tendency Of the moment
however-due to recent legislative enact
ments against public properties ana So
called "trusts'-has been I" curtain the
organization OF the usual amount or ne"
companies Therefore. the dividend dis-
tributlon following the first OF January
will for a time result in plethora OF
idle funds in the banks.
Barring unexpected political compiica-
tons. due to the new administration, We