The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1914-08-11

The July circular OF the National
City Bank of New York deals at some
length with the financial ana econo.
mic conditions that have followed the
operations of the Underwood Free
Trade tariff law for the seven months
ended with April, 1914. Certainly no
charge of partisanship, and still less
of what President Wilson calls con.
spiracy to depress business, can be
laid against one of the largest Imam
cial institutions of the Western hemi-
sphere. Therefore additional value
and significance must attach to a re-
view of the existing situation when
emanating from such a source On
the subject of the tariff as affecting
American trade and finance the Ma
tional City Bank cig<ular says:
Customs revenues are larger than
were expected and the estimate Of
the secretary of the treasury made
at the beginning of the last session
of Congress of 1911 100000 from this
source for this fiscal year Is likely
to be exceeded by as much as $50 900
900; but even with this increase
coming as a surprise late in the year,
receipts on account of customs are
likely to show from s20,O00,00o TO
sZj 100000 less than for the fiscal
year 1913. The recent increase In
customs, while constituting a crafty
ing contribution toward treasury
needs, is in another sense disar-
pointment for the increase Is largelv
to be attributed to imports Of manu-
featured goods.
Operation of the New Tariff Law
The figures of the Nav foreign trade
Just issued by the Department Of Com
merce are not reassuring as to indus
trial activities or trade movements
which would bring money into the
country or into the treasury of the
United States. Imports show large
increase, sSOOOO,OOO as compared
with May of last year. but this in
crease presumably occurs chiefly In
manufactures for while the articles
or groups of articles are not yet
shown, those of the preceding months
of the operation Of the new law show
that the principal increase in i'm
ports occurs in manufactures. On the
other hand exports show an even
greater fall, sS3, 100000 as compared
with May of last year, and this de
cline presumably occurs in manufac-
lures since this is true of the earlier
aw.
The details of the May figures as
TO the movements by great classes
OF articles can only be estimated by
a reference to the figures OF the pre-
oeding months operations of the new
law, but as they have shown a sharp
falling off in exports of manufactures
and sharp increase in imports OF
manufactures, il may be assumed that
the large fall in May exports and
large increase in May imports Will
show the same general characters
tics observed In the carrier months
operations of the law fo- which de-
tailed figures are already available
IInports and Exports
In the October. to April period nm
ished manufactures imported amount
to 1862. 100000 against s2A4Ooo,oOo IN
The same months OF last year. an IN
crease OF SlS,OO0,O0O, while manuiac
turers' materials, including both ra"
material and manufactures for furth
er use in manufacturing show a tai
of s87 .OOO,O most Of this decrease oc
curing IN manufactures for further
use IN manufacturing. On the Other
hand exports of manufactures sho"
large falling of both in finished
product and in manufactures FOR fur
Their use IN manufacturing The total
value Of finished manufactures OK