The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-26
FINANCIAL REVIEW
OF THE PAST WEEK
UnfavOrable differences Drawn
From the Railroad Rate
Case Hearings.
MONEY EASIER ALL AROUND

In the European war. which II Of course
the dominant economic influence now,
there continues 10 be no developments
pointing to any determination OF the two
principal fnctors Of outcome and dura-
ton II there should he signs or such
q definite turn IN the tide of war IA TO
show moro or less conclusively the side
70 which victory was inclininF the fnan-
cial md business world could adjust r.
self tho more readily to the time fuctor
Of the war. At the moment there Is moth
ing on which to base hopes that the con-
nlct will be anything but protracted and
the vast uncertainties of the conflict nee
essarily hamper the solution OF the many
problems which have Vet TO be solved
In order 80 permit business 60 be done
and values TO be dealt in satisfactorily
under the circumstances OF war.
There still remain difficult questions 20
be settled before the readjustnent OF
finance ana business 10 war conditions can
he regarded "a approx imately completed.
Those which concern us most are repre-
scntcd by the coming termination 0t tho
British moratorium. tho continued suspen-
sion of the regular markets for cotton
and securities. tho ebnormslly high level
OF foreign exchange, the Interstate Com
merce Commissions decision in the re-
opened Eastern rate case and the inauFu-
ration OF che Federnl reserve banding
system.
II may be sa,d that IN respect TO all
these matters except perhaps me rate
Aa. DO, ~. 1oa f1,., a a..
seen reason 20 believe that difficulties
are gradually disappearing There IL
everywhere an abundance Of resolute
practical effort characterized by an in
creasingly effective cooperation OF all In
forests. TO remove obstacles in tho way
OF resumption OF business and banking
activities. and wero there any COMMITTEES
on the state OF the whole nation Il could
report satisfactory progress. slowly but
steadily accomplished, In overcoming
trouDl, One - the most encouraging
signs ot the times IL the general state
of the popular mind toward the economic
crisis prccipitatcd by the war.
In the little talk which ne delivered
tho other day to tho directors of the re-
serve banks President Wilson said that
although the situation was extraordinary
our mental attitude toward IL should not
he extraordinary. The Astonishing ana
gratifying feature OF tine situation is that
tine President suhjuuct.ve uttcrance can
he translated into terms Of fact. Nor is
this true OF the American people alone.
1t is strikingly true Of the people OF other
lands. according TO the convincing evidence
OF bank statements IN The leading coun-
tries hcllig"rcnt or neutral
Never has a great war broken gu;
with such manifestation Of popular COM
posture a. is evinced 10y the flow Of gold
toward the banks. For two or three
years before the war there was u process
Of gold boarding on tho European CON
t!nent which betrayed public uue1s'ucss
and apprehension OF precisely such a
stupendous calamity as has occurred. tho
greatest war In history but since the
beginning of tho war there has not only
been lack Of boarding but the contrary
seems 20 be true The current Of gold
has been toward the banking custodiaus
OF credit who can make the most efficient
use ~ gold for the enormously expanded
credit requirements which have 10 be mot