The Washington times., 1911-12-17
BY JOHN GRANT DATER.
4 Repres tnta tive the Mmnsey Publication

commissions report was highly ap-
proved In financial circles, particularly
as to the conclusions that the Federal
Government ought not now to try the
experiment of supervising new railway
capital issues under the Interstate Com
merce act. The commission does not
overlook the dangerous abuses Of over
Capitalization iii, but It points out the
possibilities of conflict between the
state and Federal authorities, II au-
thority to supervis, this matter Is as
sumed by the central government, and
points out also, that a too rigid re-
striction on capital issues would work
real injury both to undeveloped terri
tory and to investment capital. The
recommendations favoring full publicity
as to capital issues, through the Com
merce Commission, appeals to common
sense and II carried into effect would
go far In checking all present abuses
Political Developments.
While 1t can scarcely be said that all
the recent washington developments
have been reassurins, Wall street has
shown disposition to treat them Light
ly or to ignore them entirely, and the
financial community certainly extracted
a great deal IF comfort out Of the ad-
dress delivered on Saturday evening
last by Mr.. Underwood chairman of the
House Committee Of Ways aid Means.
before the Pennsylvania Society Of New
York. Mr. Underwood spoke on the re-
atoms OF politics to business, and what
he had to say of the Sherman anti
trust act was distinctly reassuring. par
ticularlv in the matter Of his dissent
from the suggestions of President Taft
us to additional legislation and amend
ments to the law. Leave the law as 1t
IL and enforce II when necessary, with
out fear Or favor. was the burden OF
Mr. Cnderwoods remarks.
Naturally. the financial district saw
In this Il manifest desire on the part OF
the democratic House leader to placate
that direction the industrial community
will be devoutly thankful. but when it
comes to actual performances In WASH
inston.. there may nay, he different story
was shown by the latest pension bill
which was rushed through the House.
despite Mr.. Jnderwood's objections
Tar,f tlnke,ing ana iosrol, n,i;; S Of all
the country The present session. ac-
cording TO all predictions, Is likely to be
of great length. and Congress never
gets in full swing until afte- the Christ
persons Gear. despite 1eassurinR words.
that the hope of conservatism at WASH
inrt on, of which SO much has been said.
will prove elusive.
Money and the Bank Statement.
The money market Of the week was
less a feature than during the imrpedi-
ately preceding interval, but money is
no longer ignored In Wall Street, az
was the case throughout the entire
spring. summer. and autumn. Though
both time and call rates showed a
slightly easier tone. there was nothing
which indicated any marked relaxation
In rates until after the turn of the year.
The future course Of the money will.
of course, be governed largely by the
commercial demand. and this becomes
interesting in view of the predictions
made as to industrial improvement.
Fairly high rates at New York. how
ever, should result in the return of
money loaned abroad, and in consI-
quence there is little fear of acute strin-
gency.
The bank statement today edded II
third to the list of bewildering pre-
sentiments made by the banks and trust
companies of the city in as many weeks.
Such a tossing about of loans and de-
posts has rarely. II ever, been wit
messed before. For Instance. the reporS
based on averages shows a loan reduc-
ton of Sl7,S7i,0O 900, while that of actual
conditions reports a loan increase OF
ST., $4,000. Where the banks stand in
view of these contradictions Is difh-
cult to say. But, taking the actual
statement as perhaps the best index,
other charges are an increase of de-
posit li8 abilities of SIT, ,000 IA gain In
cash of IS, 7S5, 600 and AN increase in the
surplus reserve OF 3d. $50. The sur
plus reserve now amounts to SISSY, 400
above requirements. which should be
ample for legitimate requirements II
nothing unusual develops between now
and the January settlement.