Evening star., 1914-11-22
BUSINESS TAKING
A AcHEER-UP VIEW
Confidence in Financial Posi-
ton of Country Increased
During Past Week.
COTTON EXPORT TRADE
| CONTINUES A PROBLEM
Difficulties Continue Despite Opening
of Exchanges and Removal
of Restrictions.

NEW YORK, November 21.-Confl-
dence in the financial and business
position increased during the week
The quick reversal of the decision to
open the stock exchange today for
regulated dealings in listed bonds car
ried a warning of liquidation in unan-
ticipated volume. Sharp declines sug-
gested the hazard of liquidation in a
free market. Opening to subscriptions
in London for Great Britain's huge war
loan of $1,750.000.000 might add to pres
sure on the New York market. Ihat
the exchange is determined to resume
business, in part. at an early date Is
borne out, however. by the fact that
another plan to reopen Is to be sub
mitted to the governors early in the
coming week.
Signs of improved investment demand
were manifest, the opening of the fed
eral reserve banks offering much en-
couragement. Rapid retirement OF
emergency currency and loan certifi-
Gates did not prevent pronounced
easing of money rates. Good augurles
were drawn from success from munlcl-
pal and corporate financing soon to be
provided for. Exchange rates also
were held down to near normal, and
heavy exports of war materials kept
up supplies in that market.
Cotton Still Problem.
Difficulties were still met in cotton
exports. in spite of the reopening of
exchanges and removal of contraband
restrictions. Export demand for cop
per. in consequence, improved regard
less of the embargo. There were in
creased inquiries and larger orders In
the steel trade. The effect of the rapid
marketing of wheat on reserve supplies
caused some forebodings. November
gross earnings of railroads registered
severe shrinkage. President Wilson's 8
reference to the problems of the rail-
roads in his letter to Secretary Nc
Adoo added to hopes of a favorable
rate decision.
The first statement of the local
clearing house, under the new bank
ing laws, was rather unsatisfactory. in
that it failed in it's abbreviated form
to disclose any increases or contrac-
tions in the detailed account, while ex-
cess reserves reached the record break
ing aggregate of $176,S30,540, due
largely to reduced reserve require
mentS.
Steel Trade Encouraged.
Export orders for steel products were a
little more encouraging this week, a.
| though sales were exaggerated and prices
were unsatisfactory. In addition to sales
of bars, sheets, wire. fencing, wire rods,
billets, nails and structural shapes for
export to Europe, South America and the
orient, there were rumors of some ap-
preciable sales Of rails for export to Nor
way and Russia.
Buying of domestic manufacturers and
by railroads was again disappointing, al
though further concessions in prices were
! made. However. miscellaneous orders
were larger in the aggregate and more
manufacturers were sounding the market
on bars and plates for future shipment.
The Pennsylvania railroad placed an
order for $500 tons of rails and the New
York Central is said to be about to an
ticipate its 1915 requirements to the ex-
tent of $4,000 tons. The st. Paul ordered
twelve electrical locomotives.
Steel building orders called for less
than 1000 tons of structural shapes, the
largest orders including 1000 tons for a
| high school in the Bronx. New York city
1900 tons for high school at Pittsburgh
and S25 tons for an armory at Chicago.
| Active buying of small lots of foundry
| iron continued in the eastern territory
sales amounting to about $4,000 tons, 35,-
| 600 tons of which went to Buffalo fur
| naces- These lake producers have taken
orders for about 5000 tons in the last
two weeks. Some more basic iron was
| sold at St Louis and in the central west
Total sales last week were $4,000 tons.