New-York tribune., 1913-06-26
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

IL an III wind that blows nobody sood
and while business i'm general may suffer
from the effects Of dear money the bapI,e
are benehted' especially when there is an
Urgent demand for funds. The scarcity
OF money abroad has helped TO maintain
the price of London bank shares notwith-
standing the declines shown in other
classes Of foreign securities. There is
another point which assisted in keeping
oank shares up, that during recent wears
British banks have been writing off large
sums to meet depreciation I'm gilt-edged
securities, which has strengthened their
position and increased their earning
power by keeping this money in the busi-
ness instead of distributing it as divi-
dcnds.
Facing a Stone Wall.
An editorial in THE Manufacturers
Record on the railroad transportation
problem handles the subject of necessity
for relief being afforded the railroads
without gloves. The following paragraph
is quoted:
Unless a complete change comes about
in the very near future and railroads are
given the privilege Of making larger
earnings by higher rates. this country
will be compelled to see a complete break
down of the whole railroad system of the
land or else take over all our railroads,
with the enormous Indebtedness which
that would bring about, and the utter col
lapse of our system of government which
woud follow. The stone wall faces us. We
cannot butt II down; We cannot crawl un-
dcrneath nor climb over IT,. We must find a
way TO remove 1t. That stone wall is the
Of the railroad s!tua-
tion which has existed throughout our
country FOR some years. Too many peo-
pie have been made, by honest but mis-
guided men and by dishonest demagogues,
to believe that they and the country
would get rich 10y destroying the rail-
roads. or by reducing freight and passen-
ger rates 20 the lov,st possible limit
New South Males Banks.
Government savings banks in New
South Wales have been very successful.
Two such institutions we're doing bust
ness there AT the end Of 1912 and third
one under federal auspices was opened
carly this year The older institutions
are the Government Savings Bank OF New
south Wales. Moore street. and the Saw
ings Bank Of New South Wales. Barrack
street. Sydney. Both take deposits OF
anything over one shilling, but the Gov
,rnmcnt Savings Bank will not pay inter-
est on. balances in excess Of $2.i33. unless
tho funds are those Of charitable inst-
tutlons or friendly societies. in which case
interes, is allowed on the full amount OF
the deposit The Moore street Govern
ment Savings Bank has enjoyed wonderful
success since 1907. when the bank was
placed under the management OF com
m issioners. on January ! Of that year
the amount 10 the credit Of es3. 4oi deposi-
tors was $45.309.401. three years from
that date the number ot dopositors had
increased TO 36S.306. with a balance OF
on November so. 1912, the
bank had 45S.7l1 depositors. whose bal
ances amounted 70 SOS. 5.OjTl5S. The policy
Of the commissioners has been 10 enlarge
the scope Of the institution by establish
ing district hianches, Of which there arc
now ia. forty-one Of which are In sydney
and suburbs and sixty-three N the coun-
try The branches are managed by Of
fcors appointed by the commissioners. are
under the control Of state officials and
in all cases the agents arc bound 70 the
strictest secrecy regarding the affairs OF
the bank and its customers.