The Washington herald., 1914-10-09
ADVANCE RATES
WOULD GIVE AID
Concession to Railroads An
Important Factor IN Open
ingN.Y. Stock Exchange.
PROSPERITY IN KANSAS
Western State Has Resped Benefit
From War-LOcal Clearinghouse
Meeting Today.

Fear Of foreign liquidation Is the only
reason now given for not reopeutng the
New York Stock Exchange New York
: City notes and high-elass bonds are In
good demand and investors are willing
to put them on a five per cent income
basis In high-class state and municipal
bonds the bid puts them on a basis OF
four and one-han per cent or better.
This does not represent a disastrous
shrinkage in market values since the
war broke out and the banks still have
ample margins Of safety on their stock
exchange loans as far as the bonds are
concerned.
Railroad officials and some big COM
mission houses claim that not only
would liquidation OF railroad stocks for
ing for that account would be stimu-
lated if the Interstate Commerce Com
mission would restore traffic rates to a
profitable basis. American Securities are
infinitely the best in the world today as
far as war risks are concerned, but for
eign investors have lost faith in the abil-
ity of the railroads to pay their way.
It will be remembered that GermAny's
leading financial expert said that the
railroads are being ruined by unproft-
able freight rates, and the comparisons
he drew between the Prussian railroads
and our own seemed conclusive. These
government railroads charged higher
rates. though all wages and salaries
were far below the American scale, and
most Of the supplies cost less than in
this country. The Interstate Commerce
Commission can lower rates If it finds
them too high and it should sanction at
least a tempory increase to tide them
over at time when the Federal gov
ernment is forced TO ask Congress for
aid in the form Of new and higher taxes.
Every commercial concern can either
charge more for what it sells or quit,
but the railroads are able to do neither.
Prosperity in Kansas.
In the agricultural territory of which
Kansas City is the commercial center
the, benefits acruing from the European
war are far in excess OF the losses. The
decentralization in cotton is being felt only
moderately, while the enormous rise in
wheat and heavy buying Of army horses, |
saddles. harness and foodstuffs by the |
European belligerents is bringing large
revenues. The sales Of army horses to |
Great Britain by Kansas City dealers 1
alone in September amounted to S1,O0o.oO0 /
this sum being paid for about 6,ooe head. |
Grain and live stock interests enjoy the
greatest activity. Wheat receipts in
Kansas City are now averaging four TO
five times the volume Of q year ago, the
arrivals there in September reaching the /
record total of L, 600 bushels. against
2311,2OO bushels in September, 1913. The
live stock movement is also heavy, with
prices high. The output of feeding ami
mails indicates more extensive fattening
operations in this district than a year
ago. Until last week the purchases of
feeder cattle wer restricted in some local
titles by inability to. float loans, but the
market for cattle paper has since broad
sned. Hay is weak owing to the abun-
dance Of excellent pasturage. Hides are
bringing record prices.
Implement dealers are feeling the un-
precedented activity Of the Southwest in
sowing wheat.
U. $. Steel Dividend.
As the time Of the quarterly meeting