Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-06-04
Had Shifted His Load.

In time. therefore. big business or
CARNATIONS lose the personal equation
and receive public recognition not be-
cause of their relation to men and fami-
lies, but because of the service which
are supposed to serve. Had the death
of Mr.. Hill occurred in 1901. when the
great fight for the control of the north
western railroads almost precipitated a
market riot. and actually did bring on a
mild panic in the speculative markets,
1t is not easy to estimate the tremen-
dous damage which such an event
would have precipitated.
For years Mr.. Hill had been grad
ually retiring from the management
Of the railroads and other business sys-
TENS in which he had been so promi-
shoulders the responsibility of per-
petuating and charging the organiza-
ton which he had created Having
given evidence SO frequently of prac-
tlcability in his business career there
is slight reason to believe that impor-
tant readjustments will follow closely
his death. Financial interests in New
York acknowledge frankly their loss
OF such clear thinker and entirely
practical business adviser, evidence of
which is contained in the short state
ment furnished for publication by J. p.
Morgan Monday. in part. as follows:
Mr.. Hill commanded the respect and
admiration of all for his great con-
structive and executive ability and fine
integrity of character, which made him
one OF the strongest men of his genera
ton His friendship and kindness to
my father and myself through many
years make me feel his loss keenly."
Money Market Conditions.
Money market conditions at the
present time seem to indicate that
the predictions made a few months
ago by influential bankers of the mid
die west are about to be realized Not
only in New York city. but in the i'm
portant interior monetary centers, a
hardening tendency in money rates Is
noted. based upon the decreasing sup
ply of surplus funds and the more ac-
tive demand for loans.
On Saturday of last week the New
York clearing house banks held in
their vaults reserve funds amounting
to only s64,995.350 above the legal re-
quirements; March ! their excess re-
serve was 1897 ,520.444 and January l
S143 599,9s0- June ! of 1915 the New
York banks had on deposit S1s2.273,12O
more than the legal requirements call
ed for, and January 5 of last year an
excess of s143,727,020. When we con-
eighteen months under comparison
the deposits have expanded also so per
cent we have a better conception of
the increasing call for capital from
American business.
Reports from the northwest and mid :
die west confirm the hardening tend
ency of the money market. with a
scaling up of borrowing rates not i'm
probable. Up until now the country
banks have been full of money, and
have had large balances in reserve
banks. They now need these reserves,
az the harvest is only forty-five days
distant. When the shipment of money
begins. rates will be higher. Many in
dustrial concerns finance their own
needs from surplus funds, but their
excess funds have been absorbed on
account of the increased cost of oper-
alton caused by increases In the cost
of labor and materials. They are now
coming to banks to borrow. The last
call the controller Of the cur
rency will doubtless show falling off
in the unused resources Of the Ea-
tional banks.