The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-09-25

fore the finding can lie definitely ap-
proved But II VII be a good Thing for
inc interstate carriers a the ilndlng OF
the master IN chancers Is finally con-
frmed. for II protects roaos rom har-
assinE State legislation.
That Wall Street caught a. a straw
IN this matter Of the Minnesota rate
case Is not a matter for wonder, for
during the week a series % freight rate
advances, fled with the Interstate Corr
merce Commission, u ere suspended BY
that BODY TO periods more OF less re
mote and what looked IKE a spirit Of
hostility 70 the corporations developed
at the hearing at Chicago. where the
railways arc fighting for the proposed
rate advances
The unofficial comments OF Commits
siOner Lane, who said
4 regard II as a serious menace TO
the Western country IF the rates are
constantly 70 be increased We must
work out this problem on lines other
than by the proposed method Of raising
the tariff, had chilling effect in the
financial district, where il vas held that
even If tn commissioner held such
views. he occupying a Guasi-fudfciai
position in the natter-oE1ght not to
have expressed them while the iuvesti-
cation IS pending. and before the de-
Cision is rendered
As to the railroad situation generally,
u Is noted that while the annual re-
ports. coming 10 hand make magnificent
ShOWings Of past operations the gross
returns for the current period. which
nave been holding I'D remarkably vel,
showing large increases despite heavy
decreases in net results are not now
making the large gains in gross results.
Business Contraction AID Money.
The present conditions IN business,
however, are best represented By the
bank exchanges, those for the week
from all cities in the country showing
a decrease Of s2,47s, Sc, 041, or 1913 per
cent, as compared with a year ago.
But the bulk Of the decrease is con-
tribUted by New YORK and Eastern
centers. and the exchanges Of the in
terror still indicate that 2 heavy volume
OF business in the aggregate is IN
progress in the country.
The situation as TO cotton bills or
iading remains, I'D 70 the present
time, unchanged, the foreign bank
ers still insisting upOn bank guar
antees, and the American bankers re-
naming as fixed in their determine
ton not TO grant them-iu fact 1t
would be Illegal to do so. But, while
the deadlock remain unbTOEeu. in
ancial interests are not taking a
gloomy view OF the situation. belfev-
ing that some way will be found out
OF the dlfnculty without imposing a
too severe strain on the autumn money
market
In the meanwhile. however. South
eTn banks are terrifying their posi-
South was somewhat less pronounced
than in recently preceding weeks.
With the business in Wall Street
Is dull as il is at present. little al
tentiOn is now paid TO the money
market. but II Is showing improving
tendencies IN the quarter where i'm
provemeut IS most 70 be desired.
In other words. commercial paper
rates are relaxing all along the lire.
and out OF town banks are now com
ing forward as buyers OF paper at ~
per cent Wall Street has little fear
Of a money market which passes
through the month OF SeDtern Der
without developing strinEency. Rates
may harden up again in NOvemb Der as
q result Of the cotton bill Of iading
deadlock. but by that time money
should be flowing back from the West
to aid the situation, and the period
Of active money IS likely 20 be Of
brief duration.
OF course. money will be in demand
for some time vet 20 come for crop
moving purposes. and II is this fea-
ture that is now rejecting in the bank
statement The surplus reserve show
ed a decrease Of S4.65S. 500 in today's
statement the reserve now standing
SIS. SZ4. SIS above requirements Loans
expanded S1.S1S. 900 and there was an
actual cash loss Of s4,251. 800
The changes IN the actual statement
were somewhat less in amount but
showed the same general tendency Of
expanding loans and loss Of surplus
reserve and specie holdings