The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-22

D'uEfU AfblI III NdTlbuN NANfs houlItd-
tinn of Wall Street anticipations could
not. however. be- looked upon as other
wise than conducive to favorable re
Spouse to any grant that the railroads
might get. for n would he good deal to
get anything from the commission which
three years ago gave nothing to the same
applicants in practically Identical case.
Meanwhile "a toning down OF expectation
seemed likely TO minimize any shock OF
keen disappointment.
I'm this waiting interval an interesting
question was raised concerning fresh de-
velopments at Washington, showing how
peculiarly the Administration misunder-
stood the conditions and nature OF bust
ness. Tho problems Of political relations
to trade and industry will solve them
selves In time and ~ may be predicted
confidently that tho solution will not he
at tho enduring expense of business. but
It can hardly be said that Administration
attitudes contribute 70 tho restoration of
commercial confidence and to "A mercan-
tile recovery In the light OF what is
being said and done at Washington II is
no wonder that Wall Street should ask II
IN" position which President Wilson has
taken toward business would qualify or
Offset a favorable rate decision or accen-
tuatc an unfavorahle one
The only answer returned to this ques-
tion WAS that much depended on the char.
acter Of tho decision itself. but Il was
nowhere argued that the Administrations
notions OF business constituted helpful
influence. Political unfairness toward
men engaged in constructive enterprise
for profit has been altogether too much
exhibited In the past year and the pro-
claimed belief of the Treasury Depart
ment that the income tax assessme Mt
shows a large percentage OF crookedness
among the we'll to do is altogether too
,1t.t, ,y, v,.lt Al
tons that have perverted legislation In
tho economic field. The fact that the
appointments to the Federal Reserve
Board which were sent TO tho Senate
last week disclosed "a body of political
complexion wa further evidence OF politi-
cal proClivities which have at least a
share ~ responsibility for business de.
preston, but more than anything else
the White House utterances have been
, illustrating mistaken ideas as 10 the terms
Of business endeavor and tho disposition
I OF business men.
Nothing could more ftly evince tho
. Administrations academic remotencss
from the workaday world than the en-
phasizcd ntmation that tho business com
munity is so political as to connive at
trade and industrial contraction and CON
trive TO perpetuate economic depression
In the fancied interest OF an Imputed
q partsanship seeking to discredt Admin
istration policies because they were the
policies OF the Administration. The whsle
. truth Of the matter Is, OF course, that the
relations which must obtain between
Government and business are only Just
now getting into the arena of public dis
cussion, that the principles which must
control them have not been formulated
( and that political experiments are being
tried on business. not only without bust
ness assistance but in pursuance " a de-
q liberate political refusal to recognize prac-
teal business experience in the expert
mental undertakings.
of actual financial DEVELOPMENTS OF a
forward bearing not only on the secur-
ity markets but on trade and industry.
tho most important last week were the
evidences OF improving conditions abroad.
/ These had their consequence" here IN "A
sharp break In foreign exchange from
the level Mt which gold has been engaged
for export In volume. and It was at
| least permissible to infer that European
affairs might be mending
More can be determined in this respect
after the midvear settlements, when
events should show whether or not the
better European aspects lately have been
merely artihcally induced for the benefit
of mdycar balance sheets and the as
| sstance OF two momentous pieces of new
financing, the French Government Dor.
rowngs and the Brazilian loan.
Nevertheless II would not be surpris-
,',s ~ nnu mat ,''auclal Europe Inls
,nont' t""I'uc" lIlo 'oIncr witch was
,ulneu III our own country year heH
lnu INIT BARRING acciuehts' he SLOW
pIouesSsS VI 'eco's.ruct'o,' "ouiu III INC
those rapid destructive processes which
nave 60 lohE preNaiicd ABROAD " thls
shoulu oe I,an'ieSteu We can count IL hH
lp'.un"le tnn. 'po on,leu ntttcS mas
Play'u so leaui's part III bringing apou'
Improvements
ruIupe mas pcen takitls tne solu cur
,oI "s econonn Hltlauies ana we nave