New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-15
REVIEW AND DIGEST
Removal of Some HindranCeS 10
Market Improvement.
THE CURRENCY ISSUE

THE CURRENCY ISSUE
The weeks doings having a stock
market application have removed from
tho nath of ,etterment some uncertain
ties which have tended to hold opera
tions in restraint during former weeks
One of the elements Of restriction was
the proposed tariff measure, when our
ing last week passed the Senate ana
probably will soon be signed by the
President and enacted into law. WHICH
this occurs business will he facing Il
real issue, and affairs will begin 10 al
lust themselves TO new conditions %
far as the stock market is concerned
until such period as the effect OF the
new law has begun TO exercise Ill
rect influence the issue is now eilthl-
mated.
To a considerable degree the crop
scare has been removed from adverse
influences over the stock market ana
while a shortage of considerable I'M
portance is indicated In corn. oats, bar
ley, hay and cotton, the money Naiue
Of these commodities will be sufiiclen'-
" higher this year 10 insure TO the
farmers as much If not more money
than they received for last years crops
OF course. the railroads will lose con-
siderable traffic from the reduced VOL
ume. and this is TO be taken into con-
sideration in view Of the revenue >om-
ing TO the railroads through agrlcu''-
uraI sources. There is this point, aow-
ever. 10 be considered, and that is me
changing nature of railroad franc
which is going on from year TO year as
result Of the increasing population
which Is charging the growth Of towns
and cities and spreading manufactur-
ing interests into districts which for
merly were almost wholly agricultural.
There is the thought also that the
country has been over apprehensive re-
gardlng the shortage of crops, usually
the case when alarming symptoms are
exhibited at this season Of the year.
The report of the United States steel
Corporation Of its untitled tonnage dur
ing the week contributed to a better
feeling regarding the industrial situa-
ton, especially as accompanying the
report and in the days following a
better state of the steel trade generally
ceived from the iron and steel centres
Another contribution 10 helpfulness
was The Copper Producers report
which disclosed considerable decrease
in the available surplus Of copper
metal, and the firmness in the price Of
metal abroad as we'll as in this mar
ket stimulated more interest in trading
in the copper stocks on the New York
and London stock exchanges.
A factor still lingering TO disturb the
financial interests Of the country, and
which has a strong bearing on general
business and the markets for securities.
is the administration currency meas
ure.
OF the three administration measures
the currency bill most directly hits al
the vital sources Of money supply, and
neither Wall Street nor the institutions
which form the foundation for security
markets can thrive II there be a great
curtailment of financial accommOda-
lions. The currency measure at pres
ent is open TO criticism, especially re-
lating to the power which Will be
vested in the hands Of very few,
practically a one-man power, to deter
mine how money shall be distributed
and to pass on the needs OF country
so broad that even were such a small
coterie Of men endowed with the wis
dom Of Solomon they could not en-
brace the requisite knowledge 10 war
rant judicious action on the require
ments Of every part Of this nation.
I'm an attempt to avoid placing the
financial power in the hands OF few
banks or bankers the administration
has gone to an equally unfortunate ex-
IRENE Of centrlng in itself a power
that may prove to be very unwieldy,
and the experiment may prove 10 be
costly and destroy tho honest purpose
which the trainers of the measure in
tended Any faults that might exist in
a centralized body composed Of bank
ers will be amplifed in the present
measure, as the reserve board will not
be made up OF men who have had prac-
teal training along financial and eco
nomic lines and will offer political
temptations OF an unusual character.
Such a vast power is not safe in the
hands OF any man or small body Of
men, either bankers or politicians, and
II is only reasonable to suppose that the
country is not ready TO jump out OF
frying pan into the fire. Why is 1t not
possible TO improve our banking system
by providing more liberal circulating
credit notes, and develop national bank
opportunities instead OF carrying the
| whole banking system into politics?
| Every banker in his respective commu
nifty is cognizant OF local needs and
knows the credit standing Of the local
| business men. and why his right TO
| determine the class of credit and the
amount TO be loaned, together with the
rate, should be taken away from him is
! not quite clear. The national banking
| ovctotn g ~ oyietc TODAY I'm tho United