New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-29
TOPICS OF The DAY
IN WALL STREET
Outlook for Unrestricted
Market Still Clouded
by Doubts.
STREETS HOPES ARE
WITH THE ALLIES
Neutrality Crowded Aside by
practicality-Canada Soon
10 Offer Bonds Here.

Ira Wall street CONVICTION - grow
;-,. .bat the market IS likely 70 DO
bsl.and-ehain atfair-that is that II
,,il drag us minimum prices around
sfter II until the end of the war has
come or IS definitely IN sight. Reduc-
lions In tho mluimums or certain Sc
-:.;,s f,ko Atlantic Coast Line and
Louisville q Nashville, which have cut
,heir dividend rates, gave encourage
mont 60 the idea that others WIN
... s,oculativc following will have
.1cir bars let down, but the best IN
formation does not support that no
zion. Neutrality, so Tar as the street
concerned. long since went by the
bosrd Nowhere in the country are
,bere such fervent prayers for the
snsedv success Of the Allies az in Wall
Street. because their defeat-with Ger
NAM supposedly bare Of Americans
and Great Britain, ireland and France
ret heavy holdcrs-present n post
bellum prospect Of little charm, 20 say
Tho least With the commission
houses 10 is not question Of sympa-
-hies but Of dollars.
New Test for Bond Market.
Within a few weeks, If not before.
there is likely 20 be n new test of the
local bond market. When the Cana
dian Parliament meets. IN February, it
will be asked 70 authorize an sddi-
'ionsl war loan Of Sl00,000,000. In or
der that Canadian investors may be
free 90 take up any part of this loan
that shall be issued, pending applica-
lions for an equal amount OF capital
ior private enterprises will have 10 be
sidetracked. As a young country in
austrislly, Canada still lacks many
.hings, and il is only natural that with
ner rapid growth the scarcest of all
commodities within her borders should
be capital available for investment
London, her accustomed place for Dor
rowing, is closed 20 her while the law
lasts. With war loans following each
ether there TO total already Of about
$1,000 900, funds for even English
Industries are not plentiful. and ss the
war proceeds the available surplus will
be less and less. SO Canada is turning
Tor eyes 20 the United States.
Canada a Competitor.
Indirectly the New York bond mar
Aet has already felt the change
brought about through all Europe
being go arms. The falling off in trait
lie receipts Of some OF the railroads
has Affected their credit 10 a degree
and the cutting off OF the European
market for American securities has
operated still further 20 lower the .s-
sue price of new issues, or-what IS
che Same thing-raise the interest
rate. When Canada enters the field
hcre with railroad offerings on a large
Gale some of them bearing the dou-
bic guarantee Of the separate prov
noes and the Dominion government
tho competition for investors savings
vll give graphic Illustration Of how
not only beligerents but neutrals SUI
fer from the wholesale destruction of
wealth De q great war. Capital. EXCEPT
u times of great popular excitement,
IS not patriotic. All things else equal,
10 goes where 10 is best paid. If the
money of American investors is 10 STAY
America. the investors will have to
have their price.