New Britain herald., 1914-11-21
MONETARY SITUATION
 DECIDEDLY BETTER
Evidences Of Progress are kut'-
 plying Daily, Says Henry CIeWs.
tapacial to the Herald.)

New York, Nov. 21.-Evidences of progress are multiplying daily The ! federal bank has made good start' the New York Stock Exchange Will soon open for bond dealings; the Cot ton Exchange has already reopened
 successfully; Exchanges In various parts of the country are also resum-
 ing; our foreign trade shows re- marlxable recuperation; sterling ex- change is almost back to normal; the gold pool is being closed out; the cotton pool is now hardly necessary;
 money is fairly abundant and easy, and commercial paper is in decidedly better demand. Evidently the credit
 and financial machinery of the Unit
 ed States, which was so thoroughly dislocated by the war, is rapidly ana surely returning to normal cond1- tions. Our banks and bankers have
 at least put into practice the theories
 which they professed-that the way to resume is to resume.
 In nearly all quarters where initia- tive must begin, there is a distinctly more hopeful spirit. This has been encouraged, not only by the develop ments referred to above, but also by the repeated declaration of President Wilson that business needs rest from disturbing legislation From the presidents recent utterances It Is
 safe to hope that there will De ces-
 sation of legislative attacks upon bus- mess There is also one other respect in which MT. Wilson's recent remarks are significant and that is his insis- tence upon fair play to the rail- roads. The president vidently real
 izes the very critical position of the
 railroads arising from unaVoldaple | increases in expenditures, decreases | in revenue, plus persistent represslVe and prejudiced regulation. Thus Tar | government regulation as practlceo l by the present Interstate Commerce
 Commission has proved to say the
 least disappointing It is grievously
 crippling the railroads and conse-
 ouently depriving the public of fa- 1 cilities which they sorely need. Un-
 der private management there was no lack of facilities That is now
 impossible under the present starva- l tion policy of the Interstate Com 1 merce Commission, which is anything
 but a judicial body and seems bent on 1 discouraging private enterprise in the | railroad world. Someone has said that we are burning the railroad can
 dle at both ends. It might be added
 that we are burning it in the middle l also.
 Steel Industry Dull.
 1 In other directions the symptoms
 of reviving confidence are also fortu- | nately multiplying. The great steel l industry is still exceedingly dull, run
 ming considerably less than DO per
 cent. of capacity, but there is bef- 1 ter inquiry for pig iron and indica-
 tions of a renewed interest among
 buyers owing to further cuts III
 prices. Our great textile trades are
 in better condition than month ago
 the cotton industry benefiting from
 improved financial conditions and the
 gradual clearing of the cotton sltua q ton. In the woolen industry there Is considerable activity in certain d1rec'
 tions owing to the placing of large
 orders for cloth and underwear fo1 foreign armies. At the west business
 is in fair condition in spite of recent l setbacks and this is particularly true
 in the grain belt where big crops ano
 good prices are exerting their full
 stimulus The south is naturally
 much depressed by cheap cotton. but
 as the financing of the large surplus
 crop becomes less difficult and de
 mand improves, depression will be-
 come less acute and the necissity fol
 creating a big cotton pool will bt
 less acute and the necessity fo
 the south is only temporary, the re-
 south is only temporary, the re-
 sources of that section being in nc
 sense crippled, and before long ar
 raneements will undoubtedly be eff
 fected to carry the surplus over til
 next year. Meanwhile, the south vii
 be stimulated into a still further dl
 versification of it's crops whenever feasible Current railroad returns
 are anything but satisfactory, al though by severe economies the roads are able to a considerable extent tt offset the shrinkage in revenue. Later on the results, gross and net, should prove more satisfactory: Clearing house returns are showing smaller decreases than in previous weeks With the resumption of various ex changes the comparisons are bount to be more favorable as time pro gresses Our momentary situation | decidedly better The new reserv' bank was launched without any diff culty, and a sense of relief alread. exists owing to the increased credi facilities which will result under tn new system. The surplus reserve un der the new system will probabl. touch s1OO,0O0,OOO this week. Botl clearing house certificates and emer gency currency are being rapidly re tired. Commercial paper is in goo,