New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-13
Market Stands Up Well,
Though Some Railroad
Issues Turn Weak.
CROP PROSPECTS
GROW BRIGHTER
Presidents Attitude Toward
Business Offers Some
Encouragement.

excellent resistance TO the lnnuenCe Oh
disturbing weakness in special issues,
the great oversubscription of the
French government loan, forecasts or
wonderful harvests here and the APP
rarent desire Of the President to pay
more heed to men prominent in the
life of the nation, assisting IN the
continuance of confidence. Securities
in general were little changed by the
weeks dealings, which remained large
" professional, though liquidation IN
special railroad issues that had sur
fered from the depression OF the
months that have passed brought on
some marked declines TO new low rec
Crds. Further postponement OF INC
freight rate decision was accompanied
by renewed doubt as 20 the extent OF
its influence on the market when IT
does come. -,
The Presidents conferences with
business men caused hope that at last
generalities about his desire for the
Countrys commercial prosperity might
be translated into specific perform
ance. While il was learned that MI:
Wilson insisted on the general line OF
antitrust legislation as laid down, his
visitors found him, they said, open
minded on the subject of modifying
details Of the bills now being consid-
cred and eliminating vague sections
That the administration had become
alarmed ct the widespread belief that
il was hostile TO business and was
preventing n revival in trade was evil
dent from the arguments that had been
nresented from the White House 70
prove that there was no depression
here: that II there was this country
was not the only one IN eclipse. ana
that the present federal policies and
new tariff could not be to blame, any
way. It may be that instead Of making
pleasant remarks about II ell the
President now really intends TO he
guided a little by men who are a part
of the nations commercial life.
Reserve Board Dispute.
Certainly his support of his nomi-
nees 10 the Federal Reserve Board has
been a heertening influence. He point
ed out that business here has been
largely conducted on great scale, and
that the majority of those connected
with il have been honest, incorruptlble
and patriotic. Such men, he urged,
should be encouraged and honored
when they sacrifice their personal ease
and put their experience and ability at
the service of the government, not
looked at with suspicion merely be-
cause they have been part of great
business enterprises.
Regret was widely expressed by
those interested in the success OF the
new federal reserve act when early IN
the week il became known that Paul
VI. Warburg had insisted that in sing
ling him out for interrogation the
Senate Committee on Banking had
shown such want OF appreciation and
confidence that he felt compelled TO
refuse TO appear before them for
cross-examination Mr.. Warhurg's APP
pointment had been received with
great approval by bankers, who real
lied the importance of including in the
central board such sound student OF
international conditions. The new sys-
TEN is expected to make this country
better able to compete with the cen
tralized banking powers of European
nations, and there is little use in Civ
irg authority TO the reserve board
without including some one of thor
ough experience in international
finance. Mr.. Warburg. il had been uni
versallv acknowledged, pre-eminently
met these conditions. OF his ability
and honesty there was no question
The Senator'S were apparently moved
in part by their suspicion that a great
banking house must have been engaged
in great financial operations, and nc
doubt in part by petty jealousy Of the
President.
Able Men Needed by Bank Act.
Great hopes have been entertained
Of the new banking law, but apparent
lv il must overcome much petty jeal
ousv If il is TO start soon to fluff
/ them. The division of the country
into districts was most preposterous
The central board. which must thinl
in millions, can, according TO some
Senators, apparently not include mel
accustomed to dealing in great sums
The regional bank here, It is possible
may start with a handicap of som'
directors selected according TO loca
prejudice instead OF fitness for Office
However. the law as finally passed
contained much that was the result o
careful investigation of sound bankinI
procedure here and abroad and Their
may be enough capable men concerned
in putting it into practice TO make /
effective for good.
Hope that business might shov
some improvement If government &C
tvity would allow normal in
fluences to have their way wa
more general during the week. Thi
was based on the extraordinary GRO!
prospects. made even more promis
ing in the latest government report
and the small stocks carried by mer
chants, which should mean rapid dis
tribution Of the benefit to be derive
from renewed buying. Throughout
the country retailers and wholesaler
report their shelves bare. Bushes
has generally been on a conservativ
basis and is ready for a great increas
in volume Of trade If confidence wer
only restored.
Crop Promises Even Better.
The first government estimates o
corn, which is so great factor il
our national wealth, made the indi
Gated harvest considerably better tina,
last wear. Acreage was reduced nue.
less than had been feared from 1911;
and condition OF the crop was bette
than the tcn-year average. The las
harvest failed dismally to come up It
the estimate. ard the final crop wa
under $500. 100000 bushels. For 1911
1853 900 600 bushels are predicted. *
cellent weather in June had, l. wa
figured. added 100000 bushels Il
the 900 10000 predicted the month be
! fore as the total wheat harvest
? Weather in the cotton states show
some improvement, and tho carl,
planted crop in good condition, will
the later growth still needing rain
Private advices from the SoUthwcs
arc thaf cniton in the bale will great,