Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-27
STREET RAILWAY SITUATION
i. SHOWS SMALL IMPROVEMENT
s'aNarious Phases of the Matter-Public
'''' Needs Roads World Credit Must Be
Controlled Times Have CHANGED.

goods here for some time. however
discouraging to purchasers the ex
change rate may be. but exporters
who have come into a falling market
with bills on which they. too, must
realize, can take little satisfaction in
this necessity of Europe's. The solu-
ton of the problem is held to be in
greater cooperation of bankers, man
ufacturing and producing interests.
and the general public in providing
means to finance Europe during the
period of readjustment.-The Guar
anty Trust Company.
Report on War Finances.
Secretary of the Treasury Glass has
submitted to the finance committee
of the Senate and the ways and means
committee committee of the House q number of
statements covering the financial OPP
erations of the government from
April 6, 1917, to June 80, 1919. and
the financial situation as of the lat
ter date. Prominent in these state
ments is the reiteration of the opin-
need be foated. and that short-term
notes to financial institutions will
provide sufficient funds if taxation is
not too abruptly curtailed and strict
economy is practiced. He reports the
e eo OF wartime exS Is of the
81
which S30,177, 100000 was chargeable
directly to the war. without deduct
ing $500, 2S5.0l5 in foreign loans,
practically all of which is guaran-
teed by the allies. Not including in
stallments on income and excess
profits taxes for the fiscal year ended
June 30. but which are yet to be paid,
the total revenues from April 6, 1917
TO June 80, 1919. were s9.3S4.27S,7OS.
expenditures in the month of June.
1919. amounted to $500. 900, 900, or less
than for any month since September,
1917. Expenditures for the fiscal year
Just ended amounted to S1S.514 ,O0O.-
ooo. The preliminary statement of
pubic debt shows bonds totaling
: l q ls''oSo,6 03.50 and notes and
4 reasury certificates totaling s3,634.-
: ,49O. which, with war savings GER
tihcates and old debts. gives a total
gross debt of s25,4S4, SOC, 1905.
Times Have Changed.
England won its place in the sun
through acquiring the habit of ex-
tending credit for longer periods of
time than American exporters were
willing to concede
lime and again the opportunity
for further extended business rela-
results because of the credit needed
to consummate transactions.
Today the United States is the
greatest or world markets because its
industrial productive capacity is at
its height, and it's supply of raw ma
give credit
The whole banking fraternity has
got to aid in the financing Of the
world. and fortunate it is that the
sinews are available for the big
n n a NJ will
place the devastated nations of
Europe on their feet.
Money in Abundance.
Verify there is an abundance OF
money. The loans Of Wall street
brokers are larger than ever before
in the history of the nation, the pay
ment of the billions In taxes has i'm
poverished few. the greatest crops
in the history of the nation are being
marketed without trouble,
foreign loans are being fioated every
day. great industrial corporations are
large issues of stocks and
bonds and merchants are buying more
and higher priced goods than ever
before, but money Is reasonable
commodity on all markets.
Great is the federal reserve law!
Liberty Bonds Fluctuating.
A slump in the stock market nova
days calls for a few more liberty
bonds as collateral, and there are
billions of them functioning as money.
Otherwise the United States would
not be in a position to take adyan-
tage of its opportunities.
1t is needless to specify the ma
are all applicants, with Europe our
greatest customer. and they have not
the cash to pay. Therefore they must
have credit.
Measures are being taken to pool
millions under the Federal Reserve
effort should not be under the con-
troll of a partisan commission ap-
pointed for political reasons, as sug-
gested in one measure now before
Congress.
The great American public must
come into this national credit mob
ilizing machine, once it is set up, for
the investment of American dollars
is needed to perfect that credit OPP
Grafton and make for greater pros
perity and larger man-power en-
ployment.
James S. Alexander's Views.
James S. Alexander, president of the
National Bank of Commerce of New
York, the financial center Of the
world today. believes that the United
States can solve the matter Of extend
ing credit in great amounts with
safety and satisfaction and that
America can meet Europe's needs.
He has this to say:
Our industries are committed to
an output greater in many respects
than our own domestic trade alone
will consume. Unless Europe is en-
abled to purchase the SURPRISES, we
will be left with them on our hands,
and we will have the picture on one
hand of Europe suffering physically
for need of them, and, on the other,
Of American industries mourning
great losses simply because they were
unable to get their goods to market
There may be mentioned two gene
raj methods to be followed in market
ing these American goods. One would
be the unrestricted, competitive
methods of normal times. where each
industry and business man
had to fight for his markets, and the
strongest won. The other method is
that of organization. where the total
market for the United States, in re-
spect to all nations and all COM
would be submitted to an
alysis and ALLEGATION for the common
good. / feel def1nately that this
second method must be followed
under existing circumstances for at
least a short period of years, until
such time as worldwide conditions
work themselves back more nearly
to normal This method should be
followed to conserve the commercial
interests of the nation as a whole.
Needs Organized Control.
"Granting that Europe is to carry
trNt