The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-19
FINANCIAL NEWS
AND COMMENT
Wall street More Confident
About Securities Market
ReOpcning.
WILSON ON THE RAILROADS

The better fcc1ng which has been man
ifestins itself in Wall street lately WAS
expressed In a further stifening of the
bond market yesterday. Far less is being
heard now OF the potential selling pres.
sure to which securities are subject and
more about the large latent investment
demand that is awaiting bargain Offer
ings that might come on a wave OF liqul-
dation.
Between these contrasting extremes the
sober judgment OF the financial commu-
nifty is inclining more strongly to the
view that the experiment of restoring the
organized securities market by progressive
steps should he shortly undertaken. The
idea in foreign exchange circles that there
are traces of renewed selling from abroad
may have this much TO go upon. that
there was a position left In the London
stock market after the month end settle
ment in July which does not seem to
be provided for by the schemes in prep
aration for the reopcning of the London
Stock Exchange. but the matter does
not cause concern here. The price OF
the new New York Central note issues
was advanced for the second time within
a week and "A canvass of investment
have been cleaned out.
The betterment of sentiment received
perhaps some acceleration from Presi-
dent Wilson's letter on the general bust
ness situation and prospect taking the
inauguration Of the new banking system
as a text. What Wall Street especially
fastened upon was the Presidents en-
couraging reference 20 the state OF the
railroads and their central importance In
the country's financial organization. His
remarks on this score were of the most
general sort. but they seemed to have
a significance from the fact that they
were made at all and from their close
relation to the Presidents illusions to
the plight of the cotton grower.
1t might be noted. though. tina, there
is distinction between the railroads and
the cotton situation which the President
does not make. The railroads cannot
overcome the difficulties which confront
them without a definite government al
concession of relief In the cotton trade
tho producer is not hampered by oppres-
siNe governmental restrictions. In time
he Will work out of his troubles. even IL
no artificial measures of temporary as
sistance are contrived TO- his benefit
Secretary McAdoo's completion of tn
cotton loan pool is "A triumph Of Treas
ury persistence. II may keep the Ad-
ministration from getting into difficulties
with the agstators for a Valoriz4tion of
cotton At the next session OF Congress.
bue~i3 never had and does not nov have
anything to commend Il as business
Measure. As matter of fact Rankin
opinion Is that only small portion OF the
total amount OF credit provided for will
ever be loaned on cotton through the
pool ma nayement. in which. very pc ul
arly the Federal Reserve Board finds
itself represented
Now that the cotton exchanges have
resumed business tho process OF ma X l.
ing cotton is quite likely to go on II the
ordinary way. the huge surplus being dis
trihuted In economic fashion according
to the facilities for contract trading. \
feature Of the pool plan worth word
OF comment is that IL II is ever op rate
to any extent IL will force emergency
currency to go into circu alton o. to re
main in circulation when 1t ought to he
giving way 10 the Federal reserve note
issues So far as the cotton market T.
self was concerned the announcement OF
the completion of the pool had no apqar-
ent STRENGTHENING effect on prices.
An optimistic bit Of information was
contained I'm the Iron Ages weekly re
view OF trade condIt ous. Pig iron. ny
..g is reported 20 ne on the incNe -.
In steel lines better buying is expects
before long although a further weak n
ing in prices was re o"ded Wheat was
strong and other cereals were nm
There was no noteworthy change In for
eign exchange.