New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-14
REVIEW OF THE
WEEK in FINANCE
Success of City Loan I'm
proves Our Foreign
Trade Position.
RAILROAD CREDIT
TO BE SUSTAINED
wider Trading in Bouds-Gen-
eraI Business Dull--BankS
Add to Cash.

Conclusion Of tho agreement through
which the City Of New York is TO meet
lts debts abroad marked great adj
vance step toward improving our Tor"
eign position How great the aid to
our credit abroad has been may be
seen from the large proportion Of the
elty's maturitics which are expected
70 be extended instead of paid The
next thing is 10 strengthen further the
esteem in which our securities are held
abroad by convincing the world that
the antagonism of our authorities
against successful business is coming
20 an end. II the spirit Of President
wilson's letter to railroad men who
sought his aid last week will be shown
by the state and the nation the good
effect should appear when the way 10
open for European owners TO sell US
what part they choose Of their hold
ipgs Of our securities.
The representatives Of the railroads
who went TO Washington made clear
that they were not asking merely some
specific rate increase. The committee
spoke for the transportation systems
Of the whole country, and asked the
administrations aid in bringing about
better feeling between the roads and
public authorities. Here, as well as IN
Europe, recovery from the waste OF
war will mean a great strain on our re-
sources, and no other branch OF IN
dustry has a greater influence on the
nations commercial life than that Of
transportation 1t enters this trying
time with depleted revenues, taxes and
general expenses increased and over
$500 100000 in maturities TO be met
between now and the end OF next year.
Recent note issues put out by some
of our carriers show how high they
may be expected TO bid for needed
capital. There is little eXaggeratlon
in the argument of the roads that they
face the greatest emergency IN the
history of American transportation
The President has called attention 10
the necessity that railway credit be
sustained ana Jne IOdus helPCN IA ~ >
possible way. 1t now appears probable
that the immediate result will be re,
opening of the advanced rate case and
prompt granting of the increase asked
for as a measure of relief.
Bond Trading Made Freer.
Opening of our Stock Exchange still
awaits the turn of events, though last
weeks successes of the allied armies
encouraged talk Of preparation for re-
suming trading in London after some
signal victory. A little easing Of re-
strictions on selling bonds has been
decided on. A considerable investment
demand has been accommodating during
the idleness of the securities market,
but price concessions below the figures
Of the final day Of trading have been
asked for. So il was admitted that, as
bonds were not subject to the same
selling pressure as stocks, being gen
orally held for investment rather than
speculation, some range Of prices could
be conceded. The bond houses are not
TO start statesmen out on the road
again to drum up business, and are TO
avoid establishing new quotations that
would disturb existing collateral loans:
The committee of investment houses VIII