New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-19
FINANCIAL RECORD
; here And ABROAD
Unlisted Bonds No Longer
Supervised-Foreign
Exchange Steady.

,.-ovement in the financial district
' msintained yesterday. Securities
w bought in better volume with a
W. J, investment demand, and there
s 90. some improvement IN prices par
..,.rlv in short term notes The
49,, market continued 70 broaden
uO", T..s5sv's advance in sterling ca
s.D IS not carried further. The COM
-. 80. Of investment houses which mas
nv srperyisine dealings in unlisted
" and unlisted guaranteed stocks
- the market in these securities
~ III established that il was able 10
50 W. ~ Negotiations for resumlng
eisso'',V rs5,nC I'm listed bonds al the
S.,ck Exchange made oonslueIaoIS !
s,osress. There viii oe no question: 0'
s~Sle banking facilities. ,-, ,...u
-pres;5elt Wilson's optimistic let'er
financial and business recovery
o-.s,ctine future bright with prom
NJ NE best things through oe'ter
.s' .,orofior of business men with the
SSV's.~ei authorities, made favorable
.S.-ressior. Particular attention was
-.S ro the Presidents rccognltlon O.
t.E@culties of the railroads through
49,. es 90 their ability 60 earn ialr
49, The Interstate commerce
T,,,,,ission. however. and not the
S.ssi3crt has 90 decide on railroad
- and his expressions OF solcltude
~. re1~oa6 welfare have not hereto
80. beer followed bv favorable action
~ tbe commission. The President
80 that the problems Of the rail-
~; would doubtless be dealt with IN
sri-if of cardor and justice, and an
...smpt was made by some TO draw
e. inference from this that the Presl-
-, would recommend relief by Con-
49, In case Of an adverse decision
< The commission. Railroad rate
-.skirr. however is not junction OF
our national legislature.
that there has been remarkable re-
,ovsrv In financial affairs Is unques-
@.,oi While the railroads, the great
-. industry in the country. are so de-
messed that they aye refralnlng from
practically al buying, too much must
not be expected of general business.
War orders are doing much TO renew
activity iu many industrial lines, but
,beir effect is still limited. The re-
vise8 tariff continues 90 cause read
iustments War ombargos are not
sufFcient 10 make up for lack Of pro-
lection. as the high levels at which
'rports are maintained amply proves.
In the iron and steel trade the up
.rv7 has hardly begun. Greater ease
IN financing the needs Of buyers is re
shifting in some better ordering, but
prices Of finished materials have been
receding further In pig iron, however,
purchases have increased, and this
movement has spread.
Completion of the bankers cotton
POOL having been accomplished through
assistance of frarCiers Of this city,
preparations are being made so as TO
offer assistance 90 the producers Of the
South as soon as possible. Bankers
here dep,ored the emphasis on sec
tora! ieal0usies placed by the Secre-
tsry Of the Treasury in his denuncia-
fior of oDp0si-iou bv textile manufact-
urers and ioce. interests. The success
in raising the foreign exchange gold
fund was largely Que 20 maintaining
the national character of the propo-
sition. and 10 is unfortunate that this
spirit OF cooperation should be weak
ened.
Private cable dispatches during bust
ness hours indicated that the British
war loan Of s350000.000 would be a
pronounced success. The appeal 20
patriotism Of British investors is great,
and 70 This is added an unusual offer
By the Bank Of England 20 lend on this
collateral ur 90 the amount paid at l
per cent under the regular discount
rate