Las Vegas optic., 1914-11-18

IHOWeNeT IHdt uuIllS Inc last mOu u
there has been less disposition to
sell and greater inclination to buy
which has not been able to make it.
self felt because of the closing the
exchange During the latter period
there have been no important new is
sues Of securities. In spite of dull
business, savings have been accumul
ated: and in all probability there is
an unusual amount of idle money
awaiting investment and depending
entirely upon sufficient return OF
confidence One more favorable de-
velopment is the early opening of the
New York cotton exchange, and the
adoption Of satisfactory scheme for
| financing the new crop. The expira-
ltion Of the British moratorium almost
without notice was also a significant
event.
The local morey market is easier
lowing to conditions already referred
to, and there has been further i'm
lprovement IN foreign exchange which
touched tie lowest rates quoted since
the war began The appearance OF
sterling loans in this market was
encouraging indicating that London is
no longer disposed to insist upon the
payment of our obligations in gold.
The establishment Of foreign govern
ment credits in this market, presumr
ably for the purpose Of buying war
supplies, was an additional element Of
I, imortance in the exchange market.
Some big foreign orders for war mate
rial have already been placed in this
country, and all indications point to
these continuing on an important
scale throughout the war. Such or
ders will prove an imortant compen-
sation for losses in our export trade
in other directions. In fact our ex-
port trade is showing very gratifying
recovery; shipments Of foodstuffs and
cotton abroad being unusually heavy.
The destruction caused by the war
will oblige Europe to come here for
food supplies to large extent for
months after the war is ended. This
means that the American farmer will
secure good prices FOR his products,
and the great grain belt of the United |
States, and Canada likewise, is prom
ised at least another year of prosper
ity from this source. The United States
does not wish to prosper at the ex- |
pense of other nations; but it is not |
in any sense responsible for the pres
ent destructive war and cannot be ex-
pected to do otherwise than gladly ac
cept any advantages that may legiti- /
mately come its way as the result of
terrible catastrophe. This country is
supplying horses, blankets, saddlery,
boots and shoes. clothing, auto trucks
and many other forms of war material
in amounts that will run up into the
hundreds of millions. At present these
are the only bright spots in our in
dustrial activity. The steel trade
continues much depressed and is run
ming at only about onehalf the nor
mai capacity. Our textile industries
have been much disturbed by the cot
ton situation, and now the woolen in
dustry is threatened by the embargo
upon Australian wool Our railroads
are suffering from the diminution of
freight caused by slack business. The
large number of idle cars and the
big decrease in untitled orders on the
hooks of the United States Steel cor
poration are nnwelcome proofs Of bus
mess stagnation in the east. Indlca-
tons however point to an early re
covery, especially in view OF better
money and credit conditions; although
no very radical Improvement can be
at once.
COHSEeSS VIII reopen Will the COIL II
ing of December, but the session will i
be short one, and President Wilson
is expected to use his great influence
in giving business a much needed rest
from legislative interference. The
railroad problem continues to be \
most urgent one; and unless the in
terstate commerce commission grants
some substantial concessions 1t will Il
appear to be miscarriage Of justice
at this trying time, as with diminish
ing revenues and an accumulation Of
deferred Improvements, their finan-
sial outlook is anything but encourag-
ing. Sound public policy certainly
suggests that the commission use its
great power for the purpose Of
strengthening rather than undermin-
ng American credit abroad H
Or late there has been a much bet I
-er investment demand for short term
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