New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-09
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

Tho question OF DOIu Colid5e anu 'HV
= hank i'm India is attracting atten-
So and the British royal commission APP
I'm .o5 N investigate the financial and
P.,cy question of British India is
-,,,iro hard under the direction Of Aus
cbamberlain as chairman, in session
in London. The greatest financial
5s identified with 1ndia's affairs have
IN called into service in an attempt to
80 the problem for an adequate cur
-, and financial system for India. 1t
cry evident that the time is ripe for
- or less important changes in cR-
-. matters throughout the world, and
80 1-nited states is not the only place
80 an Improvement can be shown in
financial reforms.
Checking Overextension.
one Of the centres toward which the
- NJ bankers and economists are turn
inr is Canada, and considerable interest
Zoe been shown in the development of
hot country and its possible overeXten-
80, ~ credit. as many interests Of the Do
teton have been overborrowing. Canada
/, IN a favorable position for raising
money for her industries, railroads and
-.,,ire DEVELOPMENT, but when IL comes
= municipal issues and land schemes
,te,e Is a danger line which Canadians
row realize. and the turning point is APP
rareptly at hand, as the British public
gill not take the numerous Canadian city
hands or land development issues, and the
tendency 10 overstimulate civic growth
,iu be checked Setting aside the at
,s,,nts 10 force Canadian municipal issues
q, the market the situation in the Do
-,t,ion does not seem TO be serious. and
there are good reasons to expect an ad-
i,stnent along normal lines which will
relieve anxiety
Reflects on Municipal Credit.
Atebison. Kan, has been responsible for
disturbing the municipal bond market as
The result Of an announcement made by
the Mayor Of that city that S266,0o0 OF
4 rar cent bonds which matured on July
/, would not be paid, as no sinking fund
bsd been provided. The holders of these
bonds. according to the advices, must ac-
cent twenty-year per cent bonds Tor
the amount due. Commenting on this
the National City Bank Of New York
SAYS: THE action of the city Of Atchison
strikes blow at municipal credit in this
country. and will make II necessary for
investors to look closely into the political
trend of a borrowing city in determining
the investment value of the securities
il already has issued or may propose
An Ironortant Question,
Educating the farmer is one Of the
important questions OF the period, and
the next generation will probably wit
ness a remarkable development along
agricultural lines which will be remark
ably beneficial to all economic interests.
The United states Is essentially an agrl-
cultural country. all branches Of trade
ana Industry being dependent on the sue
cess or failure of the crops. Develop
ing intensified farming, increasing the
yield and insuring food products not only
10 meet the demands Of our millions or
people but for large export demands VIII
insure prosperity and independence to
American business and stability in the
investment market
Passing of the Old Days.
The days Of leadership in Wall Street
are passing. If not already gone. There
nav be walking through the financial dis
,rict every day men who could arise TO
meet the requirements OF financial lead
ershp for commanding a following such
As was enjoyed by the late J. Pierpont
Morgan. L. H. Hartman and other men
IN earlier years, men who played with
millions as the small boy does with mar
bes. but II is a question whether such
leadership will be necessary in new
order OF things now in course Of develop
ment. Men are asking to-day whether the
stock market has lost its oldtime figures
and whether under the restrictions now
placed on operations the volume OF trans
actions will again be witnessed as they
were recorded before 1907. Wall Street
needs such leadership. bit with the lines
drawn so closely even a Gould, Wander
bit, Hartman or Morgan might be bound
to such a limit that he could not move
freely enough 10 manipulate the market
and gain the following that attended the
rise Of Union Pacific, for instance. when
it was the dream Of a constructive, am
bilious man. such as Edward II. Harri-
man proved 70 be.