Evening star., 1914-05-10
investment Market Active.


shop for the peoples benefit.
Investment Market Active.
A prominent publisher. in a special let
! ter to the writer. thus expressed his opin-
ion on the present situation: The
fatuous course of the present admins
tration at Washington, which is either
Gripping or killing the railroads and
manufacturing interests of this country,
has had the effect of smothering the in
tereSt in the markets of a large class of
former investors" Though this is part
ly true. and in fact wholly true Of the
stock market, it is not entirely applica-
BILE to the investment markets. which
have been unusually active because of
the fact that the higher interest rates OBJ
tainable in recent months have made
good securities doubly attractive.
The dominant idea now is that the best
thing Congress could do in the next three
months is to do nothing. in other words
to adjourn and go home before further
damage is done. Some highly important
and revolutionary legislation has been
enacted during the past year. Time is
now needed for this to digest and become
common usage among the people NO
body will claim, for example, that con-
ditions in this country have yet been
completely adjusted to the new tariff.
Meenwhile,fthe increase in Unemployment
has been considerable that there Will
doubtless be a tendency to blame TINS
condition. rightly or wrongly, upon the
administration and the effects OF its new
tariff schedule. Ii political considera-
tons are to control in the next few
months there should be direct incentive
at Washington to promote business pros
perity This can be accomplished In no
other way than by giving assurances
that railroads and every form of legitl-
mate enterprise are to have fair play
Nothing else is wanted nor required
Fair play for the railroads, which means
permission to charge profitable rates for
service rendered, will undoubtedly give
an impetus to business that would spread
to other branches of industry. lhose VINO
must return to their constituencies LOT
reelection to Congress IN the fall should
of all people be the most anxious 10
create "A favorable impression.
Money and Crops.
Two factors nov stand out most prom
nentIv for consideration. These are the
money market and the crop situation
Money has been exceedingly plentiful too
plentiful. in fact; for when funds are piled
nm with apparently no demand from the
borrowing interests 1t Is all too evident
that business in this quarter Is compare
tively stagnant. Good business inspires
an active money market. Thus II Is not
the most hopeful sign that while gold was
being exnorted to Europe last week. call
money was being bartered around the
| street at 112 per cent. while siNtS-oay
funds could bring no more than "a TO j"
per cent.
the nr.sent time is the prospect of bump
er haryests that will eclipse all previous
records The wheat crop OF l3l3 was OF
such quantity and quality that the proph-
cts wisely shook their heads and pre-
dicted that never again would the soil
weld such an abundant harvest. AND Yet
the outlook for 1914 Is for Yield OF 10
per cent more than last year. Condltlons
tbroupho,,t the winter were SO faVorab Bile
that the number OF abandoned acreage
;s exceptionally small. The cotton crop
is likewise expected to give good ac-
count of itself and to yield in splendid
proportions.
Federal Reserve Board.
The men whom President Wilson has
selected for the membership OF the led
oral reserve board are an emphatic tes-
t;,,,oni., TO the fact that the President is
conscientious!y desirous of the promotion
~ the hest interests of the country
through the operation OF the ne" reserve
system. They are ideal in every rspect:
and the country is to be consratulated II
il really secures their services.
All pessimistS and opponents OF the
s.darai administration in Wall street have
been saying for months that Paul war
b,re would be the ideal man for member
sh;n on the federal reserve board. and
they have been equally positive that he
had no chance of getting the position.
president Wilson has offered the position
| to him The selection is wise. and If this
banker accepts he will take to the coun-
| ellis of the board his mastery of the in
| tricacies of foreign exchange, interna
tional finance ana loreisn oankins laws
and customs.
| As the new currency bill is designed 10