The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-18
FINANCIAL NEWS
AND COMMENT
Foreign Trade Is Making Still
Further Gains in
November.
FALL IN COTTON PRICES

Following the important scale Of Mon
days developments yesterday was almost
IA humdrum session Of routine activities.
In all essential particulars. however,
there was no change In the newer note
of optimism which has been struck In
financial discussion. and nobody expects
under the circumstances of war that SEN
timent will continue at an exalted pitch
of confident excitement
There was sober reminder in the
cable advces OF the deadly strain which
the war is imposing on the general
economic situation. Tho London an
nouncement OF British war borrowings
aggregating $3.50. 100000 on obligations
Issued around % and bearing az per
cent. interest revealed figures In excess OF
recent anticipations. The British Chan
cellor's estimates Of the cost OF tho war,
the prospective doubling of the ordinary
income tax and so forth were all CAL
culated to impart conservative tinge
to reflection on the war factor In the
prospect for values.
II IL a question TO what extent mill
tary necessities may hamper our export
trade recovery. Just now a feeling or
satisfaction with the foreign trade move
ment has become an important influence
in business sentiment. The rising price
for copper metal Is a direct response to
heavy export buying.
Last weeks general merchandise Ship
ments at the port OF New York were
valued at s24,1S9.0o0. an increase OF So
60 900 over the corresponding week last
year. Treasury compilations for customs
districts covering about IS per cent OF
the country's external trade show that
there was an export balance OF SCI. 1915. 900
for the week. while the export excess for
the first half OF the month was S32.393.-
600. This is a distinct indication that
November business will be a largo gain
over October.
In the agricultural commodity markets
wheat and other cereals turned firmer
again. The impression produced by the
reOpening OF the Cotton Exchange was
denoted by the sale OF a seat at an ad-
vance OF s2.500 over the last previous
price. Secretary McAdoo persisted In his
campaign to round up subscriptions for
the unnecessary cotton pool project and
the banking community is beginning to
resent the pressure which he is applying.
The Interesting feature OF the cotton
trading was the general weakness which
prices displayed under heavy Southern
hedge selling against crop holdings. The
operation showed how much the trade had
needed the restoration of the future mar
ket
Wall Street observed with some pleas
ure indications that the New York Federal
Reserve Bank had been more nearly able
TO put itself in condition to do business
on the first day of the new system than
the regional institutions AT other centres.
I Transactions for It's account went through
the local Clearing House. The genera!
opinion seemed to be that the machinery
of the new financial organization would
no: be in working order all over the coun-
try much before the end OF the week. II
| the open money market continues 10 soften
| the initial range OF official discount rates
will probably have TO be lowered before
some of the reserve banks at least can do
much in the way OF business. An average
price FOR money in the open market here
on all forms OF accommodation would now
be . per cent.
Foreign exchange exhibited some frn-
ness at least for sterling remittance. Ger
man exchange was heavy. There was
, talk OF negotiations for loans TO foreign
countries, including China