New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-30
FINANCIAL RECORD
HERE AND ABROAD
Short Term Notes in De-
mand-Outlook in Freight
Rate Case Poor.

An easier tendency in the local money
market, improved buying Of short term
notes and failure of sterling exchange
TO show sign of recovery TO the I'M
reasonably high levels recently prev
Rlent were the outstanding favorable
features Of yesterdays financial de-
velopments. Reports that camo from
Washington during business hours Of
the progress of the argument in the
advanced freight rate case, however.
were not encouraging. From the start
Of the rehearing the attitude of the
commissioners has appeared adverse TO
any general increase in freight rates
because of the financial difficulties
arising from the war Their view has
appeared TO be that the railroads must
suffer with the rest Of the industries
Of the country in times Of depression,
though since rates and services are
fixed by public authorities they can
not adjust their affairs as can unregu-
lated enterprises.
The visiting representative of the
British Treasury, in consultation with
local Stock Exchange authorities, gave
il as his opinion that business in secu-
rites should be resumed as soon as
possible Many of the difficulties that
had prevented this were, he said, al
ready surmounted, and confidence was
being rapidly restored here and n
England. He reiterated his belief that
liquidation here by English holders OF
our stocks and bonds would not be
heavy. Foreign selling, however, Is
still feared by many OF our tnanclers,
and there are reports OF great vol
ume Of European selling orders out
standing, particularly at houses with
German connections.
To many it stu appears that there IS
danger of Understanding the Danger
of reopening our exchange too hasllIE'
They feel that as time goes by we gam
in strength. and that this Improvement
should be allowed to continue for some
months longer. Our heavy shipments
10 Europe and practical elimination OF
the sums spent for European traVel
will before long build up large creolV
balance on the other side. mere a
spirit Of economy rs growing lhaV VIII
aid US in accommodating resources 20
finance our needs and BUY PACK our
stocks and bonds. while the new re-
serve law will I'd immensely 10 iunos;
All this. il is a.Cued, taxes uihe' anu
time should be c-anted.
The bankers cotton relief plan yes
terday appeared to be meeting conslu-
erabIe opposition. In New England the
necessity Of lending money TO Spinner
is beinc taken into account in decldlnS
Row far the banks will 60 in aiding the
Growers The South is reported as as
SSioasod ~ the greater risk its banks
are to assume and at the Withholding
Of Q ner cent on each loan Tor the
Guarantee fund. In South Carolina the
! legislature. called TO consider cotton
rolief has under way a bill Tor an
iseun Of S24.OOO.OOO in state binds 70 De
ysed for loans on the staple. 80 lar as
Nv York fnanciers are concerned,
tbov believe the plan they proposed
veil edapted TO meet an emergency ID
The most practical fashion. IL inc
south does not care 70 accept ala on
tho terms proposed. bankers oil thl9
citv will feel that the emergency couiu
moi he so great. after all, anL Apply
The Bank Of England's return showed
reserve improved TO nearly 80 per cehC;
4 broadening discount market TeoI I,..l
-, -r;yate donosits over G16,0OO,000 where
formerly there had been stea S6Eo go GO
vance. and bullion was 4l'oVV; nv
Greater than on the week before. d inS
loan item decreased nearly Ao'oVo,oOo'
and apparently little Apprehension
being felt as TO the result OIL the emu
- e tho MORATORIUM.