Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-29
Though Bonds Showed a Gen.
eraI Decline, Financial Sen
timent Is Cheerful.
BORROWERS FEEL SECURE
UNDER BANKING SYSTEM
Steady Improvement Felt Through
out Industrial World, Though
st
Steel Orders Continue Light.

| NEW YORK. November 2S.-The
event of the week, mainly because of
its sentimental influence, was the re-
opening Of tae stock exchange for lin
tied trading in bonds. The net result
shows a preponderance of declines.
dus in large part, it was believed, to
the pressing needs of some home in
vestors, whose interests and incomes
have been adversely affected by the
foreign cataclysm.
Elsewhera)in the general financial sit
ditioW there was Iurther substantial
y, ogress in the repair of damage caused
by the war. The Chicago stock Elk
change successfully resumed operations,
and other domestic exchanges, lncIud-
ing the local coffee exchange, prepared
to reopen.
Extension in the operation OF the ma
chinery of the federal reserve system
proceeded cautiously. with the con-
slant necessity of study and test of I'M
tried questions. Rapid retirement of
clearing house certificates and emer-
gency currency removed elements of
threatened redundancy.
Security for Borrowers.
The enormous surplus which resulted
from the reduced reserve requirement
gave sense of security to borrowers,
houses warning regarding the new
surplus as fund awaiting investment
Rates for loans of all classes inclined
appreciably
The weekly bank statement in its
modified form showed Il moderate in
crease in loans and cash loss much
below estimates, hut the excess re-
serves, although decreased by about
s3,ooo,ooo, aggregated the unusual sum
OF 32,i24,0U0. In other respects, the
N-i,~f,,
last weeks confusing statement
Much "of 1.-The news from abroad was
IN keeping with the more cheerful SEN
tlment prevailing here. Although the
settlement now in progress in the Lon
don market is the most critical of any
negotiated since the outbreak of hos
tilities. prices of stocks in that mar
ket give no hint OF undue strain Sub
Scrlptlons for Great Britain'S huge war
loan made inroads on London's avail
able supplies, this being a factor in
raising the exchange rates here. Re
sumption of cash trading on the Paris
bourse early in the coming month
pointed TO a clearing OF the financial
skies at that important center
Orders for Pig Iron.
Many consumers of foundry iron in
the eastern territory made haste dur
ing the week to place orders for their
pig-iron requirements for shipment
during the first quarter and first hall
of 1915, while the Buffalo furnaces held
the price at the 81 level Contracts
We're placed for about 100000 tons at
Buffalo alone, over half of which was
due to the purchases of the American
radiator Company. In other sections
furnaces procured orders for about
$4,000 tons of basic and foundry grades.
November orders amounted to about
10000 tons, the largest monthly sales
since July. AT Buffalo prices were adj
vanced after the large sales IS cents
to 81 per ton. Some large iron con-
tracts are pending in the south and
east, including $4,000 to $4,000 tons Tor
pipe works. Contracts for 10000
tons for the Geneiai E4ectric Company
also are left to be placed.
There was an increase in bookings of
small miscellaneous orders for steel,
but the aggrc gate was not heavy. the
United States Steel Corporation is now
opei atinS per cent o. Its lnSot and
IS per cent of it's pig iron capacity.
Railroad equipment orders this week
included 10000 tons of rails, $500 tons
of tie plates and 100 tank cars for the
Santa Fe railroad. The Illinois South
Central bought seven locomotives. Steel
buildings and bridge work was fiat.
the fabricating shops reporting orders
for only 1900 tons. Export orders in
GUIDED 15,UUU tons oil plates Tor Aus
tralia, 5000 tons of billets for Eng
land 1900 tons of shapes for Japan
and coo tons of shapes for Argentina.
Bids went in Friday on 10000 tons of
rails and track supplies for the Nor
wegian railway. but this business is
expected to go to German mills.