The Washington herald., 1914-10-16
COMMERCE AND FINANCIAL

the 1914 income for energy was S1s,7E.-
sos, as compared with SlSO{s.SH for 1s13
or an increase of 81 per cent Three
large companies In the South Atlantic
States were similarly treated for the
five months, March-July, and these were
found to give percentage increase OF
ia per cent.
wide variations while the South Atlantic
growth has been fairly steady. The ef-
fects Of the war. II any, were not notice
able In the returns. The short time In
July, which sawewar conditions, apparent
ly had no decided effect on the operating
electric utility industry.
Opening of Exchanges.
Hayden, Stone & Co. in their market
There are three prime essentials to the
reopening Of the Stock Exchanges and a
general restoration OF normal conditions
First. the. strengthening out of the bank
ing and foreign exchange situation;
second PROVISION Tor financing the cot
ton crop; third, the establishment OF
railroad credit.
In regard to the. first, good progress
has already been made and 1t seems
probable that this feature will again be
normal inside Of q few weeks.
A start has been made on the second,
and this promises to be accomplished
without pernicious governmental action.
The third question, that OF railroad
credit, is to be taken up a week from
Monday. This lies largely in the hands of
the seven members OF the Interstate
Commerce Commission, which, We can
only hope, VIZ be alive to their enor-
nous respoDts sbilities.
With tse three problems solved, we
FVnlr L.
resumption Of industrial activity, both
internal and external
Railroad Case Monday.
the railroad rate case is so close at hand,
the day being next Monday, it would
seem, judging from the widespread trend
Of feeling, that there is every reason to
believe that relief will be forthcoming.
II the roads are granted permission to
raise their freight rates to the degree
where there will be visible increase in
their revenues, the effect will obviously
not stop there, but will reach TO the |
furthermost investor. II no relief is af-
forded the roads then, in the Judgment OF |
many close observers, the railroads of the |
United States will face Generalization.
Dow. Jones & Co. to W. B. Hibbs & Co. |
Banks are cooperating with represent |
to formulate plans by which a resump- |
ton Of business of the stock exchange |
may be brought about 1t is understood |
that substantial progress is being made |
and that many valuable suggestions have !
been received, but so far IL is impossible |
to fix a date for reopening. although this |
might be done were the allies to achieve |
an important measure OF success in their |
operations against the Germans Any
thing which would tend in a large degree
to restore confidence in England. where
foreign holdings of American securities
are heaviest, would make the task of1
governors of the stock exchange and the
banking interests comparatively easy.
Some apprehension is felt over the pos
sibility that markets not subject to regu-
lation or supervision of any kind may
become so important as to compel the eX-
change to reopen as a matter of self
defense. This would be considered an
necessity. l.
The most conservative opinion is that
he best policy for the present is TO sit
light, induce customers TO put up addi-
ionaI money and reduce bank loans as
ar as possible.
Western Unions report for nine months !
ndad SeDtember n is as follows.