New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-26
REVIEW OF THE
Week IN FINANCE
waterfall Progress Toward
Normal Monetary
Conditions.
DESERVE SURPLUS
REPLACES DEFICIT
,s Made More Freely-For-
Ion .,ru Exchange Rates Lower
Bond Business Good.

80 week saw material progress
..ttlement Of some OF our
80 difficulties. Eastern railrosoS
JIM ,.a 20 the Interstate Commerce
.,.,ion their application for high
$50 .'.,sb. rates. The attempt TO OBJ
,.s,rsl aid for cotton through
30 ',;on At Washington having
,,ors definite form was given
M =. proposed bankers cotton fund
" ~, eity. though funds for new
ID u.r, net available in great
~ rates we're easier and rssump-
a an actual money market was
80, nearer. The deficit in reserve
clearing House institutions was
a ant and an svsrags surplus OF
q 900 900 was reported. This In
v" .,,g ssse Of money and a sub
80 decline IN foreign exchange
',.snIly caused more serious discus
=" q the problem Of rsOpsninE the
- ExeAsngs. Business In bonds
- TIE stSck Exchange clearing
-. ..6 Svsr the eeuntsT Is already
- AZ large as early IN tbs sum
:. tAsss VIE he'd eenvtnoed Shsm-
-. yAss ne advance in freight
80. vas practically assured, the
SO. o. lest weeks hearings before
a. I,.srtsts Commerce Commission
=. A.c,dsdly Disappointing. The pres
,.,,ssa Of decreased net revenue
80 nttls different from that made
"a, tine Of ths former unsuccessful
,,,p..tiou. Doubt expressed by some
-.rb,u n 70 the right Of the
,.nui,sion 70 20 beyond the interests
!, q, railroads themselves snd the
,.,,csr, seemed 20 make useless al
~ lad been prepared 20 show the
Il. eject Of depreciation Of railroad
,,ssit resulting from the war.
Terminal charges NO Aiu'
?, npst not be forgotten, however,
80, when the commission denied the
,,r,s,se in rates last summer, they
,3-i,isd that net revenues were too
Iii and attempted to correct this
through pointing out new sources OF
como. principally from increased
,s-oinsl charges. Railroad economies
f.ye In the main been effected in re
5g,ns the cost OF actual transporta-
Tsn The expense of gathering and
s;stributing passengers and freight has
ZEN growing steadily, while the roads
ave been making il cheaper to carry
.-,Re 10 rs destination. Eventually
T, may be that the roads will benefit
,broues higher terminal charges or
,ere eHeisnt methods at the begin
,ine And end Of the run. For the pres
c- though. they we're able TO show
f,t 10 Immediate addition to income
eo1d cone from such sources. and the
tg.srssk Of war has emphasized their
resd 70 show better return at once
OIL money invested.
Other branches Of the federal gov
eminent have recognized the necessity
o aiding the nations industry in
oey legitimate way at this present
crisis, and it may be hoped that doubt
oppressed by individual members OF
,ae commission as 70 their right TO
&c, for the benefit OF the whole coun-
ga nay not be sustained. As invest
hsrt bankers admitted, the commits
sion, in aiding corporation credit
through higher freight rates, would
10: have done everything necessary
% restore confidence in our securities
ns 10 make business throughout the
,suntry rise again to its normal
isgkt, but Il would have accom-
ynheo what Il now has within Its
p'vr toward bringing about these re-
Ula.
70 Direct Federal Aid for Cotton.
Il was 10 be expected, Congress
iIlsd 10 agree % the unreasonable
ssrAads Of Southern legislators for
Ms.stSnes TO those involved in the
Allure 70 market the cotton crop. Now
nay be hoped that enough cotton
wi be sold at present prices 70 make
start toward liGuidsting debts TIED
.pbsciuss Of the belief that the staple
Dald somehow or other be maintained
l, artificial prices through federal aid.
he bankers fund for Offering assist
ace on business basis was further
retihsd. So far as possible, the
seuthsrn banks, which are most i'm
rsdistely concerned, will assume the
.tisi risk, while the Northern and
Western hanks furpish the greater