Evening star., 1918-04-07
BY A. FLEMING.


American skill and ingenuity may
frequently hesitate. but just when the
crucial period arrives the vehicle for
saving the situation is at hand
In the crucial days of the civil war 1t
was wisdom and ingenuity that substi-
tuted a bond-secured currency at
time when the money Of the country
was in q demoralized condition. From
that time until the enactment Of the
Aldrich- act, the bond-secur-
ed currency served us well, with fire.
ouent stress as result of inadequate
supply.
The Aldrich-vreeiand act was bitter
ly opposed in the Senate Of the United
States. Fortunately it was on the
statute books when the world war
broke out. It, too, served the country
well. pending the coming of the federaI
reserve act into existence November
Is, 1914.
Today the federal reserve system 10.
as one banker calls it, IAN impregnaoie
fortress Of, credit for business"
It is tho vehicle for the handling OF
all government loans. Treasury certin-
Gates, collections. rediscounting OF ac-
ceptances and commercial paper, fuf-
nishing the needed aid to finance IN
stallment purchases of liberty loan
bonds. It regulates in q way the going
rates Of interest and prevents abuses;
1t is a go-between for the government ana
the banks OF the country.
While 1t may not be perfect ma.
chine, 1t is at least we'll oiled ana
moves along smoothly. 1t is meeting
all demands readily and easily
1t is well that such is the case. The
and member banks are receiving divi-
dends on their investments in the capi-
tai shares of the twelve reserve banks.
Moreover, the federal reserve banks
are jealously guarding the stock OF
gold in this country. 1t will require
for 1t to bring the yellow boys out OF
the vaults. Silver, too. is cared Tor
in much the same way.
The bulk of the circulating medium
the only complaint of bankers Is re-
garding the quality Of the work being
turned out by the overworked. over
rushed bureau of engraving ana print
ing. which may tend to increase the
number Of counterfeits.
Wall Street Market.
manner in which the New York stock
market has maintained an equilibrium
in the past week, pending the renewal
of battles around Amiens and on the
long line from Switzerland to the coast.
With absolutely no activity. less do
ing than for months, the daily huctua-
tions have been within very narrow
range, values have held practically un-
changed to little firmer, and have
generally made recoveries after each
very largely deserted. There is moth
ing to stimulate trade.
The position of rails and industrials
are both satisfactory. This is nothing
more than is to be expected with the
third liberty loan drive on for four
greatest battle a probability OF the
near future. Industrials are piling up
good profits. but the splendid gross
gains in railroad earnings are oeinS
wiped out by the increases In the COST
of operating.
Expenses which were unavoidable in
the conduct of the transportation busi-
ness Of the country under the separate.
reduced by non-competftive and har-
monious operation for the greatest
good.
The Interstate Commerce Commission
may be expected to be more generous
to the railroads of the country IN the
future than in the past. The work OF
the finance corporation assures ample
financial aid for every legitimate en-
terprise in the conduct OF the country
for the one great end in view at this
Big Discount Bank Forming.
A big ten-million-dollar discount
bank, which will deal largely with ac-
ceptances, is being organized in New
York city. This bank will have the
backing of the National City Bank,
First National, Chase National. Guar
anty Trust Company and Bankers
Trust Company.
On Higher Street Car Fares.
The first six-cent faro granted to any
street railway corporation was granted
by the Connecticut public utilities
commission. The Connecticut Com
pany, operating a trolley line in Hart
ford, advanced their rate to cents
and the utilities commission upheld
the action on appeal.
The surface roads of Rochester. n. T.,
advanced rates to cents, and were
forced to go back to cents by the
court of appeals. which ruled that sec
ond district public service commission
could not increase fares on Rochester
surface lines.
The city commissioners of Paducah
have nermitted the local traction COM