Weekly journal-miner., 1917-01-31

SluC. DIlllSn plants are CO-OIulHdlllS their forces and improving their methods in a most energetic manner for the purpose of going after trade when the war is over, and labor in Great Britain has already recognized the situation by nearly doubling its output and showing a more intelligent desire to cooperate with employers in maintaining British supremacy. A similar policy must be adopted in this country if we are to win and hold larger share of foreign trade. We need have little to fear from the pro- posed economic alliances which were discussed at the late Paris confer ence, for the reason that these can not be made to work, and in the long run self-interest will compel each country to trade in directions where the advantage is greatest.
 The present congress has only about six weeks 10 run. During that period important legislation Is ex- pected, particularly in providing for the national deficit of $30O,0O0,0O0 to S400O00,000. Various methods are be- ing discussed to meet the latter cm- ergency, including revision of the tariff, bond issue, increased taxes on i n n nh 8 per cent, etc. Some of the new pro posals are highly radical in their na- ture and arc strongly suggestive of attacks on capital in a new form. The subject of taxation is such a vital one and so closely involved with many of the new movements such as prepared ness, militarism, etc, that it seems impossible for any definite program to be adopted in so short time. Tariff revision alone would prccipitatc a long discussion, and hasty action is inadvisable, not to speak of its un- settling effect upon business: while new taxes upon inheritance and pro-
 fits would be additionally disturbing because of the threatening tendencies which they reveal. Thus far the con- scrvative element in congress has not been heard from, and there is prob ability of strong opposition to the more radical of these proposals. An extra session is far from desirable; nor is the emergency so great as to call for rush legislation. Some tariff revision might be advised for revenue purposes. and such action accompan- jed by an issue Of Panama bonds and the imposition of stamp taxes might easily provide all necessary revenue in the quickest time and by the least objectionable methods. If congress could only devote a little of its vast ed energy to checking extravaganza and unnecessary outiays, the revenue problem would be greatly simplihcd.
 The stock market fuctuated con- sidcrably. Continued liquidation in some of the war brides tended to un- settle values, while the fact that liqui- dation in others was practically com- plete tended to settle them. Peace prospects, however, were so confus- ing as to prevent d decided move ment either way in the industrials. Railroad shares displayed a harden ing tendency, but buying of these is still discouraged by uncertainties of legislation and the Adamson bill. There is a good investment demand for desirable issues, and many new offerings on the market are being readily absorbed. Money continues abundant and easy, partly due to the. return of funds from the interior, ris- ing bank reserves and January dis burscment; also to recent large gold imports, stimulated evidently by Great Britain in order to create favorable conditions here for the placing of the new loan. The reduction of the Bank