Omaha daily bee., 1920-10-30
Financial
She Nem y crk 6imes.
BY ALEXANDER DANA MOVES.

Chicago Tribune Omaha Bee Leased Wire.
New York, Oct. 29.-In the sixth
consecutive day of 10 per cent call
money, again with 9 per cent the
days minimum prices pf most stocks
recovered on today's stock exchange.
The days movement, however, was
irregular and entirely matter of
professional activities. Some stocks,
especially, in the industrial group,
declined a point Of more before the
later general recovery aqd the days
net gains varied widely, Bond mar
ket prices were also generally firm
or than the day before, including
the war loans. ~,,.-
In the foreign exchange markc:
the course'of rates on Germany was
the point of interest; they touched
the lowest figure since the third
week of MARCH. From the quota
tons of to 1-3c in that week.
which represented a depreciation of
95 per cent from normal parity, the
market recovered in May to about
3l-3c, u dep, ec:ation of 81 per cent.
Today's rate for German sight ex-
change was practically l l4c again.
To countries like our own such
variations in al excessively depie-
ciated currency may seem OF little
Importance; but after all, they mean
that the foreign purchasing power
OF GerInany's currency has been
trebled in two months and reduced
nearly iwo-thirds in the five months
following.
French Exchange stesdier.
The German habit Of mind being what
1t is In such things, some attempt at re-
adjusting the paper currency IN drasuc
way would seem to be one OF the proba-
bilities Of the not wholly. remote future.
Sterling was LITTLE changed today; French
exchange was steadier.
The September earnings Of the railways,
a considerable number OF which were
more confusing than Illuminating. This
could hardly have been otherwise. The
Interstate Commerce commission Itself, m
Its report Of July 20, granting 20 per cent
per cent in freight rates. emphasized the
fact that 'it was impossible to forecast
with any degree Of certainty what the
volume Of traffic will be-" to which one
commissioner added that mo one can tell
what revenue will actually be produced"
Subject to these uncertainties. the rate
award mad Ueen tmmedlately preCeueu py
a grant Of higher pay to employees by the
railway labor board, and the increase In
wages. being allotted not by a uniform
percentage but by specified additions to
the previous pay Of diffeSent groups of
employees. created question Of great in
tricacy as to wha. acrual iISrease In the
payroll of given railway d system OF
railways would be. Insofar aS this wage
award was retroactive. the question OF the
next few monthly accounts was still fur
ther complicated.
Statements Confusing.
Undoubtedly this Is why tho net operat-
ing income for September. the first month
tEe new rates, shows such seemingly be-
wildering variation In the comparison for
different roads with the results of year
ago. Some OF the statements produce all
that has bce.i expected. insofar as In
crease in the net Is concerned. but some
give actually smaller net returns than IN
September. 1919. On the whole. the show
ing can hardly be taken at anything but
q preliminary and purely experimental
test 1t was frankly SO regarded by the
Interstate Commerce commission
Their duty IN the whole matter OF rate
fixing was explicitly recognized by them
as that Of Establishing rates that win
yield. in the aggregate, as nearly as may
be" the prescribed percentage on property
valuation. II the rates as first arranged
sufficient for the purpose of carrying out
these instructions then. the commission
added. they must necessarily be subject
to such readjustment as the facts may
warrant. But the facts still remain to be
determined.