New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-06
REVIEW AND DIGEST
The Passing of Tariff Bill Re-
IieveS Uncertainty.
MONETARY CONDITIONS
Shaving Down in lndustriai
characterization of Rail-
roads Considered.

to last week in the records OF hls'o' i0''
events by the final passage ana en'''-
ment into law of the administrator
tariff measure. No longer Will ''e
feet Of this bill be question OF oou'''
except as to its effect on business aioi'S
the line Of its progress from nioii'n ~
month or from year to year. Az ll'9
time II is useless TO speculate on what
will happen to the business ana llNes'-
ment world. and in Wall Street the
prevailing hope is that the security
markets will feel betterment due 10
the relief from uncertainty whlch lhe
signing Of the measure by Presiueh'
Wilson has entirely removed.
More than ordinary attention was
given to the monetary conditions poth
at home and abroad. during the week.
The action of the Bank of England III
raising its minimum discount rate from
| 40 TO > per cent had been generalS
predicted as the bank would neces-
sarily raise its discount rate when t'e
fall demands became apparent bu' 1t
seemed TO create surprise in some CIR
cles and called forth comment. How
ever. the weekly bank return. discioa-
ing a loss of S15,42O.OO0 in gold hold
inCs and a very large decrease in re-
serve. supplied a reason in addition 10
the demands made upon that institu-
ton by the requirements Of the Octo-
| Der settlements.
The drain of gold from the London
market, which has been made oy
Egypt, India, Germany. Russia anu
France. made it imperative for the
| Bank of England TO increase its us
count rates in self-protection. NO spe-
cial significance should be attached TO
the move otherwise. and as a whole, so
| far as the present may serve TO fore
/ cast the future, no disturbance in
money affairs appears TO be Indicated
The trade and industrial situation
! based on reports from different centres
J throughout the world offered more on
the side of conservatism than during
/ former weeks.
| In the first place, railroad earnings in
the United States for August reported
were largely unfavorable, which re-
| Elected the narrowing Of business lines
and contributed toward a feeling or
| uncertainty rather than confidence
which obtained in many quarters. The
! decreases in both gross and net re-
ported by several Of the important rail-
roads had a damping effect on stock
market zeal that had been inspired by
rumors of melon cutting and prospec-
tive increases in dividends, so that. as
/ a whole, prices were under pressure IN
the closing days of the weeks trading
on the New York Stock Exchange.
The steel trade, according to reports,
| displayed a tendency toward depres-
sion, and the news Of price cutting by
the Steel Corporation. in view OF the
tariff changes. disturbed sentiment.
1.-The Iron Age" in commenting on the
| iron and steel conditions. says that for
Il time foreign bars and other products
| have been quoted for Pacific Coast de-
| livery at prices contingent on the pro-
| posed low duties going into effect.
! Some American inquiries for European
bIllets are reported. Like recent in
| quiries from this side for English pig
| iron, they are more an effort 10 find
what could be done than actually TO
| buy. The reports OF current move
| Ia i,, ~, oh
| out the country had tone Of some en-
| enlargement, even in the districts
where the tariff will operate quite Sc
verely against any expansion. In
! formation received during the week
from the West indicated less appre-
hension than was expected. This may
| be a good sign or ii may mean nothing
as forecasting later developments when
the tariff becomes an actual factor.
| A subject that is being considered
| quietly at various meetings between
government and railroad representa-
| tives is the valuation of railroad prop
| critics in the United States by the gov
| eminent. That part Of the act that
| presents the most difficult problem to
/ solve seems to be contained in the
paragraph which states that there shall
| be tentative valuations reported TO
| Congress at the beginning of each ses-
| sion. The Engineering Board has been
attempting to find ways of complying
with the requirements Of the act con-
corning the remaking of the valuation
| each year, but so far attempts at ar
| irving at a satisfactory plan have
| ended In disappointment Three i'm
| portant changes are constantly oc-
| curing that do not allow any stable
basis Of reckoning. namely, condition,
price and quantity. and the general
trend constantly is toward higher
| value. The situation emphasizes the
| fact that new prices will have to be
! applied TO all quantities as well as TO
new depreciation. and that merely TO
add the Improvements or subtract the
| deletions will not meet the require
ments of the government.
When Professor Bemis appeared be-
fore the Senate committee he stated
/ that in his opinion there should be no
| tentative valuation made until some
specific case should come up in which
the commission will have to apply il.