New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-02
TuF TARIFF AND
BUSINESS DECLINE
-. Hartman Thinks They Could
Have Had No Connection
One with Another.
opRENCY LAW WILL HELP
Nan for Railroad Rate Increase,
Good Trust Legislation
and Prosperity.
By ,. W. HARTMAN,
.,.,, 81 the Hartman National Bank,

IN - " " hfAfhNftNf
c.,.d.nt Of the Hartman National Rank.
r.,,csss during 1918, as reflected I'm the
\ .,b ~ the Hartman National Bank,
-, 6,slngs are largely With the high
=. ..isss o. retail and wholesale trade iu
i fyfth averce section, would seem 20
.-s been gar better than i'm 1912. mas
-....s q, The deposits OF the bank have in
..,,5 not less than % per cent for the
-. ,o,s. BOT this. perhaps. is not q safe
/. al, although 10 certainly is an index OF
=. valve There can be no question
.,hs,sosyer that general business did de-
,u,, 4, 1919. as is shown notably by the
"a. r,earlngs Of the country. but Up 90
.sss Zine the decline has not been a Seri-
III. one. and should not so much. n any.
,,,,ssr and should begin 90 recover with
"a. preoarstions for spring trade The
,,rrplslnt has not been as TO volume Of
,,s,ness. which has been pretty well
,,,,nfsincd up 10 the standard of the
year previous. bat. especially during the
lac, quarter % the wear, as 20 collections
and prosts.
There reed be no hesitation in assert
i-s that there is not any evidence Of de-
Tin. I'm trade as a direct result Of the
,sy tariff The enactment Of the pro-
visions OF the law could have taken no
merchant by surprise. and the merchant
uho did not prepare for the prospective
,h,aees has only himself 10 blame.
0,hervise the law has not been sufficient
~ long upon the books 10 warrant any
definite conclusion as 10 its ultimate ef-
: ste.s In our opinion. however IT will be
A beneficial % the country at large, even il
4 certain lines Of business must for the time
heinz suffer. lust as. for example. the in
ssnior OF new machinery taking the
place Of q hundred men. while throwing
them OFT OF employment. ultimately
bsnsiis millions. II may be noted in
passing that in textile lines, one o. the
trades assumed 10 be most seriously az
tested By the new tariff. the Low prices
for foreign goods cannot be maintained
view Of the demand for rising wages
abroad
The new currency measure has the
hearty support OF the Hartman National
i faNNf WHICH was NAt AirA AictituAlOA 4ll
his city 20 apply for membership. Di-
rectly and Immediately il will not help
business. Tor il will not change the basic
conditions. and. indeed, the measure bears
no more relation 10 trade than does. for
example. the operation Of the New York
Clearing House: that is TO SAY. both are
tools OF the trade Of banking. and il is
he use Of the tools. perhaps rather than
ne tools themselves that distinguishes the
product. Indirectly. however. the new
rurTency measure not only viii help. but
N creating changed sentiment probably
already has helped. business. while for
ihe lonGer future the measure must be
regarded as not merely a help to bust
ness, but one o. the most efficient aids 10
me Industry and commerce Of the
United States that have ever taken the
form Of law.
The outlook COR business in 1914 is good.
With two important and disturbing ele-
ments OF legislation out OF the way
The tariff and the currency bill-there re-
main IN sight two more matters Of pri-
mary Importance. The first and foremost
IS The railroad rate increase. In the minds
of al thinking persons the railroads are
entitled 10 the increase asked for. and the
general expectancy is that they will get
IT, The settlement OF this question in
syor OF the railroads will give an impetus
% trade that this country has not known
IN years. Second. the adjustment Of rela-
hons between the government and the
slyer corporate interests. and il would
look now as If businesslike arbitration
we're 10 take the place Of trial bv legal
strength. IL Is conceded on all sides that
stocks o. goods on shelves are at mini
mum "a condition which has been evident
N ne department stores Of the city): the
people haye not been extrsvagant in their
expenditures for some years past. and
mere is money in the land for all needs
and some Of the luNuries. but the greatest
Ansis factor In the prosperity Of this
country, from year 10 year, at least Is
me crops, and no man can say i'm January
"hst viii be gsrnered in September.