The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-16
HOPEFUL TENOR OF
WAR NEWS HELPS
/. MARKET SITUATION
BANK or ENGLAND CONTINUES
TO BUILD uPGoLD--NEw YORK
BANKERS FAVOR ST. LOUIS
COTTON LOAN PLAN.

New York, Oct. 16.-Some recoT-
cry in sentiment from the extreme OF
depression in the first half of the week
was manifest In Wall Street today
This was encouraged by various IN
fiuences, among them the more nope
full tenor OF war advices regarding the
allies, because Wall Street believes
that the chances for early financial
and business Improvement here are
dependent on the progress of the
allied cause. Another matter which
entered into the reckoning was the
further gain in condition reported by
the Bank OF England. whose reserve
ratio rose two points more, loans 1e-
creasing. and gold holdings increasing
about 1880 600 to a new aggregate
OF $50, 600. 900 above the best previous
record in the banks history. This
showing suggests that the London
position conduces to the proffer Of
helpful proposals to American finance
by the British treasury representative
wtlose visit has been awaited for the
past week.
offfcial statements IN Washington
that foreign trade figures disclosed the
gradual accumulation OF an exnort
balance on the daily movement wore
In keeping with q variety of informd-
ton going to prove that foreign pur-
chases of goods and commodities are
growing heavier all this time, even
though they are being largely paid
for, by merchandise imports whi"a
are remarkably we'll maintained under
the circumstances.
Foreign Trade VIII Help.
! Our foreign trade must be counted
on slowly to help the direct measures
adopted to relieve the strained situa-
i ton In foreign exchange which was
1 again demonstrated by another ad-
vance In the price of sterling bills,
! demand being quoted around 4.97 Ia.
4 with cables a cent higher. There was
also some strength in exchange On
Holland which presumably represent
! ed at least In part process remit
+ lance to Germany.
4 1t would seem that the gold fund
committee has not sold a great deal
| Of exchange so far, but the provision
which it denotes has benefited the
situation 10 some extent by its assur-
ance of obtainable remittance which
might not otherwise be procurable.
The fourth call for payment of sub
scriptions on the New York loan. the
installment amounting 70 t,67s,600
was accompanied by transfer Of
some 100000 more gold to Cana la.
and 1t Is thought that the purchase OF
exchange on account or the loan tX-
plains to a degree the persistent firm
ness OF sterling bills.
A striking and gratifying develop
ment of the day was a proffer I
bank money 10 be loaned at 7 per cent
on call to stock exchange borrowers.
This was another significant token cf
the relaxation which mas been taxing
place In the domestic money market
where per cent has lately been ire
ruling call loan rate except In the case
of the accommodation granted TO
regular customers at lower figures.
t& Bankers Support st. Louis Plan.
Bankers here are engaging them
selves in support of'the ST. Louis plan
for a $3.50, 900, 600 banking pool to
make loans ON cotton because for one
reason II promises to obviate any pos
siblity of governmental acton. More
over, if certain changes are made in
sne plan which will advertise its al
yantages for buyers as well as sellers
of cotton 1t can be made an altogether
more desirable project than as at frs:
outlined.
Heavy export selling of wheat was
reported and there was a modest re-
action in grain prices. The quarterly
dividend on Amalga mated Copper was
declared at the rate of so cent share.
a reduction OF 81. which had been
foreshadowed by the recent action Of
the Anaconda directors.