Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-01
BUSINESS TAKING
BRIGHTER OUTLOOK
Even Steel Trade Is Inclined to
View the Situation
0ptimisticaIIy.
COTTON POOL EXPECTED
TO PUT THROUGH PLANS
Approach to Normal in Foreign Ex-
change Reduces Menace of Liqui-
dation in Europe.

NEW YORK. October 31-Sentiment
over the business prospect was de-
cisively brighter this week. Even in
the steel trade a hopeful note was
sounded.
Progress was made in working out
the cotton problem, although some
financial institutions in the west and
other interior points show a lack of
enthusiasm for the plan. Great Brit
aims exemption of cotton from all con-
traband restrictions when shipped in
neutral vessels. even to belligerent
countries. released large export orders.
This was a prime factor in the drop in
foreign exchange rates to nearly nor
NAL.
Confidence was undated that the cot
ton pool would be operated and an
early reopening of cotton exchanges
was expected Re-establishment of an
open market for cotton would insure
renewal of buying by mills. Clearing
up of contraband question also helped
mand for foodstuffs from abroad con-
tinued and many domestic centers re-
ported buying of war supplies on a
large scale.
A Stabilizer of Values.
The nearly normal conditions in for
eign exchange which have followed the
flood of exports naturally reduces the
menace of foreign liquidation of Sc
curities, but the time for resuming
regular trading on the stock exchanges
cemains matter of conjecture The
order of the controller OF the currency
10 pass collateral in national bank
loans at July 80 prices is calculated to
stabilize values of securities, but NAV
check the tendency Of borrowers to re-
duce loans.
Notable easing of money rates is re
sulting from the imminence of federal
reserve bank openings on November
16, with release of cash reserves esti
| mated at more than half billion dol
lars. Marked improvement was shown
in investment demand for short term
securities.
Local banks made further progress
in their work Of rehabilitation during
this week, with a material increase In
excess cash reserves and further gain
of cash. The surplus now shown by
these institutions is vastly more thar
that reported for the corresponding
period of the two preceding years.
Concession in Steel Prices,
Because the steel companies needed
orders, concessions of from 81 to So q
| ton were made during the week Cred.
| its, however. remained strained ano
| banking accommodations were still
confined within narrow limits, so that
| the lower prices were not effective il
! bringing about a larger volume of bus.
| mess.
Semi-f1nished steel for export sole
| several dollars per ton below the ask.
| ing prices for domestic shipments
! Bars, plates and shapes are 81 per tor
! lower at $1.05 to S1.10 base mill. Sheet.
are down So per ton to $1.85 and $2.85
| respectively, for black and galvanized
| Tin plate dropped 81 to So per ton
| with offerings at S3.15 to 1925 per bass
| box.
| The principal railroad equipment or
! ders of the week included $500 tons o.
/ rails for the Baltimore and Ohio ant
4,4OO tons for the Southern railway
| The Northern Pacific ordered $50 stee
| car underframes and the Big Foul
| bought ten locomotives. while othel
/ lines took bids Oh bridge work calling
i for about $500 tons of steel.
! The Navy Department awarded con
tracts for $4,000 tons of armor plat,
and steel for the battleships California
| Mississippi and Idaho. One European
order for 5000 tons of armor plate wa:
taken by a Pittsburgh mill. Stee
building and highway bridge contracts
called for 1900 tons of fabricated
structural steel
The pig iron trade was more or les,
demoralized, with prices lower and fur.
naces aggressive for business.