The sun., 1914-09-15
FINANCIAL NEWS
AND COMMENT
Biz Break in Wheat Market
Seems to Reflect the
War Advices.
GOLD GOES TO CANADA
shipment Of 1000, 900 on the
New York City Loan
Contract
GOLD GOES TO CANADA

Whether or not the wor news yeeter-
day justified any trustworthy conclusions
respecting either the duration Ut outcome
Of hostilities. there was q; least one quar-
ter IN which there seemed TO BE- an eco
nofnic reflection OF the apparent suocesses
OF the allies against Germany. The con-
siderable output OF peace talk in the
last few days has NOT been as ropresenta-
tive OF financial and commercial views
as have been the responses made 10 I'M
cations that victory for tho German arms
Was not assured. for there can bo no
question as 10 the prevailing opinion OF
tho banking and business community re-
gitrdng tokens OF failure TO establish
Geimanys military supremacy over lSu-
rope. II Is the general opinion that
thus would mean u shortening OF the
war and II 10 NOT altogether surprising
that The grain markets should have fallen
so violently on the European advices
over the week end
Closing prices vcro the lowest OF the
DAY. with oats down cents bvshel and
corn down 2S cents. The decline IN
wheat was spectacular. Tho May option
closed ST.. cunts below Saturday, a totsl
fall OF 20 cents IA bushel from the maxi
mum reached ten days or 60 ago. The
selling which brought about such u rela-
Tive collapse OF grain prices was ao-
cording 20 a.. acoounts, stimulated by
- 'oe1eci VI liit WiAI nrWb
tho CONFLICT might not AFTER all Be- pro
trsicted. but Il must be remembered that
other Influences entered into the deoline
Farmers have been selling wheat heav-
'ly out OF . huge crop and there has
also been an inordinste public speculation
for the rise which has besn undoing its
position IN haste. II would a1em now
that the selling side OF the grain market
may oe taking too much for granted re.
spectinE the phases OF the war or i,- prob
abls effect on commodity prices Even
IL an early termination OF the war were
assured. foodsturs would have no pros
pect Of chespness before them
Foreign exchanges did not disclose any
apparent reflection OF the war news De-
mand sterling was dealt In around 4ss
and cables were a cent higher and some
moderate business was reported In con-
tinentll remittIncc.. including marks via
Copenhagen, but there was a good demand
for sterling bills, despite a fairly salts
factory supply. The accepted Inference
WAS that steady purchases were being
made by banks which contracted for the
New York city loan and ono OF the eI.
Change markets theories OF operation had
II that . good many bankers were ueInS
tho per cent. commission from tho city
TO offset q loss on exchange so that they
could avoid tho shipment of goid Mean
while u transfer OF 5000 600 gold was
made to Canada rs the initial instalIncnt
OF exports OF tho metal which may be
necessary 20 carry out the arrangement
for the discharge OF tho New York city
debt abroad and u was understood that
the gold shipment 10 Ottawa In this trans
action would probably be increased thi.
week 10 ss.000.00c.
An Interesting circtlInstance of the day
was the unoonnr1ned rtImor OF efforts
making 20 float among German citizens
~ 81
loan. II was douhtoi n any very satis-
factory re'rit could be obtained and IN
view Of the attitude adopted last month
toward a French loan the question was
asked II positive disadvantage might not
In the long run accrue TO the promoters OF
tho rumored German undertaking.
Attention directed toward such Wash
ington activities AS are engaged with
the war crisis vas very largely occupied
with the disposition which the Admins.
tration might make OF the war tax meas
ure. II wss rcit that - mistake had
been committed In proposing 20 tax rail
rond freights, and X was generally hoped
that Congress would, n this as In other
matters. recognize tho opportunity which
offers TO EXHIBIT u constructive intention
toward American enterprise and Am-r
can values. Tho fact that Maine was
holding q state election Of sone trad'-
tionsa s.En.ncance was not overlooked
and curiosity was shown in the evidence
which II might furnish as 10 the extent
to which the European wsr had conpn-
Gated the calculations OF domestic poll
tics.
Nothing IN Wall Street Developments
at the outset OF the now week offered any
encouragement 10 notions that the em-
barge on tho securities markets would
be rfted before long. still there were
signs Of feeling In financial circles that
consideration Of the problem OF the secriri-
ties market could not be indefinitely post
pOned