New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-02

the precipitate kind that caused clos
ing Of the exchange has not appeared.
Such liquidation SIS Is done for Euro
pean holders has reached no great VOL
ume. and securities have been fed out
slowly, 80 as not 20 break the market
So the principal difficulties that con-
fronted US have been overcome. In
sdwdition, a change that promises well
FOR the future has appeared in the pop
ular attitude toward successful bust
ness and men Of largo affairs. The
federal administration, which year
ago proudly rejected Wall ~. advice,
worked with the great corporation
leaders In meeting the emergencies
caused by war. Tho Federal Reserve
system starts with representative
hnsnciers Of the country on its cen
trsl board, and serving as officers and
directors Of the regional banks and
on the advisory council. Corporation
regulation Is, Il Is announced, At an
end. Existing statutes may be less
oppressive ~ enforced with sympathy
rather than hostility toward business.
Railroad regulation. which between
demands for better service and re
duced rates seemed 20 be making
TRANSPORTATION no longer = field for in
vestment Of private capital, has at
last shown that freight charges may
be nut M as we'll as down. The In
terstate Commerce Commission, after
rejecting in the summer the higher
freight schedules fled BY Eastern
lines, reconsidered the case ss result
of the outbreak OF war. The greater
part Of what The railroads asked was
then granted. The decision marks che
first important general advance al
lowed I'm rates By the commission It
is important rs recognizing that rail
road credit must be considered in rate
making. For q while, at least. We must
finance our own industries and so far
as possible make securities OF our cor
porationt attractive so that European
.oldiugs wifi not be returned in undue
volume.
A Ssner Popular Sentiment.
Internationally the crisis through
which we are passing has made our
people realize that commercial pros
perity here Is not inevitable. Some
how Il had come 10 be taken for
granted and so considered of minor
Importance. Now II is pretty gener-
ally realized that we must struggle
In business for existence just as truly
az that European nations must strug-
Gle on the bsttleaelds. II may be that
the swing Of popular sentiment In
favor Of big business will not last.
After the panic Of 1907 grateful PEG
vle cheered mention Of the names ~
great fnanciers who little before
they had bersted. But this gratitude
was soon forgotten.
About twelve months ago what sp-
peared 70 be a better understanding
between Great Britain and Germany
lessened the strain in European n
nance. The great central banks abroad
lowered their rates and security prices
advanced Here, encouraged by what
appeared 20 be more conciliatory at
titude Of the administration toward
businees. stocks and bonds were traded
IN AZ an advance through sid o. idle
money accommodating because OF SLACK
eDed industry. The promise OF Jan
uarv's advance bore little fruit.
We begin 1915 soberly. New con
5itions still confront US. War abroad
is wasting lives and the accumulation
OF wears No one may say surely what
the result will be. Il may he that
when peace comes greater economy
more industries and inventive activity
and use Of developed resources ss yet
not fully developed may repair more
quickly than has been supposed the
ravages Of European war At present
bond prices do not indicate the IN
creased cost of capital expected. Should
peace bring with II curtailment OF
great expenditures for armament we
NAV find destruction OF so great an
amount Of the worlds wealth counter
acted