When the Federal Reserve Bank of New York, at the suggestion of the Federal Reserve Bank, first began its campaign to force deflation by means of high interest rates imposed on borrowers on stock collateral, the Financial Editor of The World called the attention of the Washington authorities of the fact that the necessity for liquidation was not confined to stocks, but that it extended to all quarters of the country and that the profiteering that was causing most discomfort to the people was centred very largely in the South, where the banks had loaned enormous sums on cotton at fictitious prices, and in the West, where unwarranted credit was being extended grain and food orders. The truth of this was immediately conceded by the national banking authorities. Rediscount rates were made uniform at all regional institutions, and the great price readjustment movement, which has led to a universal decline in the cost of living resulted. The World through its financial columns began nearly a year ago to call public attention to the usurious rates charged by some of the profiteering banks of Wall Street, which, it declared, amounted to the proportions of a public scandal. These charges were taken up by Comptroller of the Currency Williams, and confirmed in every particular. In denouncing these factors the Comptroller took occasion, in an interview given the Washington Correspondent, to pay a high tribute to the Financial Editor of The World; Mr. Fontaine has not only rendered a public service but he has shown all along a remarkable grasp of the situation. Some notable articles pointing out the necessity for economy at the hearthstone, if the country is to return to the thrift of pre-war days, have appeared in The World’s financial columns and have been widely copied by the press of this country. They have met not only with widespread approval, but they have been real factors in promoting a wholesome spirit of economy of the land. _THE DRAMA_ No other city in the world contains so many theatres as New York, or is the centre of so great activity in every branch of the stage’s art. The entertaining articles on plays and acting by Louis V. De Foe, for more than twenty years The World’s dramatic critic, are everywhere recognized as a dependable guide to the theatregoer—this, because of his fearlessness and fairness and the authority of his opinions and impressions gained from more than a quarter of a century of constant observation and study of the most popular and generously patronized of all the arts. _ART_ Art affairs are covered by reviews of important exhibitions in the museums and galleries, news mention of other exhibitions, reports of sales of major interest and summaries of art activities in other cities where museums are maintained.