The chronicle=news., 1913-06-19
ARE
5000, Says
ClEWS

! New York. June l9.-The past few
days have been even,fui upon tn ,
stock exchange. FRS; came the Min
neSota rate decision from the supreme
court. which was momentarily a dis
appointment 10 railroad interests, al
though no; without its favorable feat
ures. This decision has happily set
tied the question OF state rights As to
the power OF rate making. Al pres
ent n state has the power 10 max
and r-rulat. rates within It's border
provided no rates are now In exist
enee within such territory made b.
the Interstate commerce commission
whose jurisdiction Is supreme. This
power OF the commission has perhaps
b.sen exercised only two or ihre'
,im-s In Its history. Congress. iA'
supreme law-maklnE body OF the ns
;ion. through its servant. the Inter
state commerce commission. 10 ihs.I
recognized as the nnal authority II
III. making and regulation OF rail-
road rates N all I'll. states. Tn. rail-
roads and all large corporate Inter
.s,s Will welcome national instead o.
Individual stat. regulation OF ;heii
properties. and the exercise OF th'
cea,ral authority OF congress ~il
eonduc. Ia the long run TO the sta
bIliiy and prosperity o! business. $
there l. after all 4 bright lining 70
III. CLOUD. tina; now obscure the ,Is
lon o: tn. American people.
-.
announcement OF Secretary OF III.
Treasury McAaoo tha; a. vas ~iillni
TO authorize additional bank note cir
culsiion to III. amount; o: S;oo.ooo.
o0o under III. Aiarieh-vr..iand &C
when the em.Fs-he!., demanded
There was noihlns new IN this an
No ias-m~n;. 70. bankers and other
In she financial district yer. quit.
S.ii a~aF. tAa; the secretary ha.
this power. but the announe.mcn
OF the readiness of the n.w admins
ir.iIon to adop: ;hi. method wh-i
desirable -xcrtcd 4 most r.assur.ui
c:f-ei. and Ia. better i-.iiax thu. In
Gur'd caused a sharp rally in the en
Tire market and Justly 20. The shof
iaier-s; had been eoasia-fably "a
banded by previous a-v-lopH..ni.
ard the rush TO cover OF shorts mater
iaiiy aided the upward moy-m-a,
MT. MeAdco'. action deserve. hisi
eonmenea'!oa as = master stroke. I
IL known that the noi-z for the .m.r
xeaey arc already printed and ooait
b. promptly is.ued " required. Ths
merr fact. however. that they ar
practically and instantly avsiisbi.
viii do much 20 restore eonfidcno.
and cheek foolish panic talk. Moth
Ing will do mo.. to reader the issus
o: ;hi. clrrvacy unnecessary than tn
fac; ;ha; its Immediately available.
Ths home bushes. situation l.
generally sound. MeTehsa; and man.
ufae;ur.F. are running upon a ks.d
;e-mou;h basis and there 4. coasc
aucn;iy no general oversupply I"
merchandise. Tk. moderate eon,rac
lou o. credit thu. far en!orc.d ha'
also '.ad.d to improv. general eonii
'ions and place the country upon .
stronger and NOR. con..ryatly. basIs
Commercial paper IL In better sappi'
and offerings az. more freely taken
indicating sound business conditions
Th.f- is every reason to believe ths
a. scoa a. th. tariff is settled a de-
cls.i business recovery ~iii :ollos
In the s,e.! trade iher. is ALREADY 8
!isro.i;ion TO place orders With NOR
J freedom orders sor cotton good
land rcolens arc increasing. Our Tot
. ei<u ;-aSe continues 20 improve. -
increase IA exports and msaufsetgre.
being particularly gratifying tn
crop outlook is .ood. IN spii. o. min
or .stbaoks owing to los ;empersi
ures- The season I, somcsha; late
hg; corn Always makes rspid pro
sr-ss durin< July and August. ans
lo,her crops afford 4 premise about .
good as year ago. The home bank
ing situation 10 slowly ba; surely in
proving as a resai; OF per,i.i.n, con
traction. Forthcoming bank state
rnents in reply to the las, call froa
washiaE,on should show more o.
les. STRENGTHENING of reserves In al
\ parts OF the country.
XII There 10 good reason TO hope tha