The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-11

ward large employers of labor. better
| times should be expected. AS / read
the business horoscope, the history of
| 1914 will be shaped in no slight degree
! by the handling OF these vital matters:
L. The personnel of the Federal Re
I serve Board to be selected by the Pres
/ idcnt in n few days.
| > The Interstate Commerce Commits
sions decision on the Eastern rail-
roads application for a per cent ad-
| vance in freight rates.
g. The ADMINISTRATORS antitrust leg
| islative program and its general atti-
/ tude toward the business interests of
/ the country.
I T. development in Mexico.
Leading Problems of Day.
There are. OF course, several prob
lens less within any ones control
which Will have more or less influence
upon the years developments. Impor-
tant factors To be taken into consd-
! Grafton include:
|. How the tariff will work out in
practice.
.. How the new banking machinery
will run at the start t'The benefits
| OF the system. ] suspect will prove eS-
/ tremely limited-almost negligible
| for quite q while)
| 3. The crop prospects, aud, later, the
actual nature OF the harvests.
| 4. The breadth and severity of the
trade reaction in other countries.
3. Developments in the money mar
ket. (Although money has been dear,
the recession in trade will bring down
rates if nothing untoward happcns)
| g. The attitude of foreign investors
toward American securities. Cribs will
he governed chiefly by the tenor of the
rate decision)
:. The attitude of our own inves-
tors.
S. The attitude of capital nj home
toward the administration.
Q. And-as fundamental and far
reaching as any other consideration
the spirit manifested by the people to-
ward our leaders in the fields of finance.
transportation, industry and commerce.
cannot do better than repeat here
the conclusions have reached as TO
the whole outlook for this country:
If President Wilson, Congress, the
Interstate Commerce Commission and
other regulatory bodies: il capital ana
the public, sinking all narrowness and
prejudice, work tremendously to stay
depression, unemployment and starva-
tion, a revival should set in ny sum
mcr and the whole country, given rea-
sonably satisfactory crops, should be
marching toward prosperity during the
second half of the year.
Before thcn-pcrhaps very shortly
security values, under favorable con-
ditions. should rise very SUBSTANTIAL
~. especially in the eilt-edecd divi-
sion
III. on tie contrary. The governmental
and the financial leaders work al cross
purposes and if The railroads are un-
tremendously denied relief, | shrink
from contemplating the possibilities
at home and the effect abroad An
upset here could to?ple over the al
ready creaking credit pyramid abroad.
Personally / have faith that Amer
ica viii choose the sancr conrsc, and
that at The opening Of 1915 Il foreca st
less hanpered by IFS" and less eau
tionaiy IL tone viii be in order.
New York January io.--The stock market
sharp break In New Haven. REFUSAL Of - the :.
, supreme Court TO sanction the proposed
issue OF se7ocooc) New Haven convertbles.
caused the stock to drop ~. TO %. Trading
was active for a time. but no attempt was
. nude to unload large holdings. and the
price began 10 mend. closing at 75
opening prices elsewhere showed small de-
eines. hut as soon as 1t became apparent
that New Haven was being held firmly in
hand the whole list began 10 pick NJ. and
J az the end Of the any mos; representative
shares were an a level with, slightly
above. yesterdays close
The monthly United states Steel fgures.
which appeared after tile close Of the mar
: het. showed a decrease Ia unified orders or
1899 tons. which was In excess Of eNpcctu-
: lions. This Was the twelfth successive de-
cline in unified orders.
, Aside from New Haven securities t.,e via
est movements ~ the day were in special
Tics. Texas Company jumped ~ to n high
record Of ii2 on rumors that the company
Was 10 be taken over 10y the Standard OH
interests. Tobacco stocks reiapsed after YES
teTaays advance. New York Central made
4 new low price for its present movement.
dropping to sSis, within IA fraction OF its low
mark for twenty years.
Expectations OF huge cash gain as re-
IL az ~ ~. -.