The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-12
MEANING OF THE EFFORTS TO RESTRICT
CREDITS IN A WAR MARKET.
Community erprets the Wa News Money Market
and the Draft Pans-Cauious Security Trading
in the of Highly Encouraging War News
By WILLIAM JUsTus Bo1Es.

companies, whose property in,.r.,,.
are very large. Here Ia an indur,,
which has been turned inside OH, -.
so many investigating commi,,...
that the Government records oust'
to give a pretty clear history OF T.,
operations and tell whether or ro'
there was urgent need for such Az
traordinary action as the Feds,.I
Trade Commission proposes a. n.
only way to safeguard the pub,Ic.
interest.
What Might Happen.
II the Government assume, the ,n.
Of butcher for 100000 900 people IN.
one thing certain Is that the pawn,
requirements OF another great inou,'
try will be probably largely expanded
This would seem to be inevitable u
the experience Of the railroads mean,
anything and the probable deyeIon.
ments in the wage controversy OF m.
telegraphers are taken into accom-,
1t Is for the President to say whetpe,
the Federal supervision shall be "A
extended at q time when the Wa
Labor Board has its hands full In A.
Justing the wage disputes OF indus.
tries that are less vital to war mar.
ing. II Government control 10 IN.
only way out, why not put the mer.
chandislng OF various foodstuns IN.
der charge of the Washington author.
tiles and extend the list OF Govern,
ment controlled industries to take IN
numerous related activities? As A
common sense proposition. It may be
doubted whether the Government,
facilities could be extended TO com.
prehend such extraordinary activities
unless they should be found necessary
to the successful carrying out Of the
war programme.
The Crop Outlook.
Reduced estimates Of the leading
crops indicated by last weeks Gov.
eminent forecast, covering condition,
as Of August 1. are not likely to dis.
courage those who believe that
record production Of the leading
grains Is still within the possibilities
Of this harvesting season. The i'm.
mensely increased acreage planted 10
the leading crops will make possible
an extraordinary showing notwi,n.
standing the damage done to corn by
the prevalence Of very high tempera.
lures in important producing States.
The total wheat crop promises a pro.
duction fully 100000 bushels larger
than last year. while the revised es.
Inmates for corn indicate a crop Of
1883, 100000 bushels, which would b
the fourth largest crop on record.
There Is surely nothing dscouasns
in such a showing, Notwithstanding
the losses that are usually encoun.
tered at this season when dry weather
and high temperatures often do SER.
Gus damage in various States The
general forecasts for all crops are ex-
tremely encouraging and taken at the
level of prices now prevailing sugges.
the largest aggregate valuation ever
secured by the farmers OF the United
States. This means continued good
times for a portion Of the community
which is already enjoying prosperity
OF high order. Furthermore, It IN
sures for our allies abroad an ade.
Guate food supply. which is essential
for hard fighting Of the sort that the
German commanders are having 10
combat these days.
Competent Financial Leadership.
With the retirement OF Pau "
Warburg the Federal Reserve Board
has sustained a loss which the COln-
try has good cause to complain OF A
~ al
oughly versed in foreign banking, Mr.
Warburg has been one Of the two most
useful men on the board ever since
he took office four years ago. lie has
labored consistently for the uphud-
ing Of the Federal Reserve system and
his stubborn refusal to countenance
makeshift relief measures won for
him the regard OF students OF sound
banking. The country needs NJ
Warburgs services now. as much as /.
ever did and it Is to be hoped tina;
the President will prevail upon hin
to serve the full ten year term 10
which his faithful service and IN.
questioned ability entitle him. Tire
nation Is still in the midst OF tnar
cal crisis. and with two OF its strong
est members gone the Federal Re
serve Board has been weakened In q
manner which must give the Pres'
dent real concern. The service calls
for a man Of commanding ability and
thorough training. with broad enough
vision to see instantly the right course
to pursue and having determined upon
it to follow it to the end
II Paul NJ. Warburg had not serv'i
upon the Federal Reserve Board dug
ing the past four years the Fedora.
Reserve system might he very dt'
ferent from what It is to-day The
American people ought TO recall hin
to office as a high expert in the most
vital OF all industries connected WIN
our participation in the world conNc'