New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-12
Money Market Recover
ing-lnveStors Buying
Short Term Notes.
DANGER IN PLANS
FOR COTTON RELIEF
Mercantile Paper Purchased
More Freely-Ssvings Bank
Withdrawals Light.

4 most important development 81
last week was the beginning Of bet
ter state Of things in the money mar
ket here. which showed itself IN re
sumption Of purchase Of commercial
paper by banks and trust companies
Of this city. II IL so clearly real
lied that tie financial institutions
here have the deciding voios in saying
when the Stock Exchange may be
orcned that any Improvement IN mon
etsry conditions is welcomed rs step
toward ending the deadlock IN secur-
ties. Trading in bonds and unlisted
stocks continued IN moderately m
creasing volume. and some business
IN listed stocks wss done through the
clearing house Of the Stock Exchange
At prices not lower than those of July
90. Considerable Of an investment de-
,nand appeared for short term notes.
Relief for the cotton growers AND
those who finance them was the sub
;ect Of much discussion. In this city
q, was generally felt that, serious as
was the embarrassment created oy
an almost record crop al time when
Furopesn markets we're cut of. there
was not sufficient excuse for adopting
cxpedients pslpsbly unsound. me
President, through his expressed DIS
approval, did much 10 discourage
,-ynIyo the led
oral governments credit and currency
4 plsn for the banks of the country
% raise some S150.O0O,OO0 to finance
. corner in the surplus bales was sub
mitted 70 the Federal Reserve bosro'
II II we're possible absolutely to limit
production next year such a scheme
light have more justification as an
emergency measure in an occasion OF
acutc distress. But We have no cen
tral authority that can issue and en-
force such paternslistic regulations az
has Egypt. and proposed limiting OF
acreage through state legislation Is
n questionable and uncertain remedy'
Is result Of such proposals con
.uunrion OF the crop is being nm
Gered through planters baslng eNtrAN-
.,-ant hopes Of much higher prices
some Liquidation of Cotton.
Some disnosition toward liquidstlng
Part OF the crop IS, however sppe"i
i1r. Arrangements have been ihaus
that should hasten the reopenlng OF
thc Cotton Exchange in this city snu
establish A market price for the Stsple
ON which business can be done bailhs
in The cotton states are eIerung solle
nressure on their customers TO sen
soyne OF their holdings at present
urices. and institutions here WIN
Southern correspondents reported re-
,o;ttaDces from this source. Export Is
.rowinr. though the weeks total was
-rifing as compared with that Gus
fomarv at this time Of year.
The foreign exchange MARKET IN
.ritc Of the increase in cotton DIS
.bo,ced a frmer tendency. Payment
hy hanks and trust companies OF part
81 their subscriptions 70 the city ioah
in exchange and covering by BANKERS
of finance bills drawn last Jul y put
demand sterling UP to around 4S';
The gold pool managers contenteu
Themselves with selling exchange
against the SlO,OOO,OOU ehlpPeu W
lava at rates little above the mar
ket. and so acted merely as cheek
against too abrupt an advance IN
prices.
Exports Paying Debts Abroad
Movement Of grain TO Europe con-
tinued in heavy volume, though wheat
and -four export was under the record
total set the week before. The GOV
eminent in its latest estimate mace
IN. wheat crop to be expected o9ZoOo,,
GOO bushels, with corn 2,676 ,ooO'ooo
and oats 1887, 100000, all OF when
means much when we are trying 10
nav our debts abroad in commodities
instead Of gold. Here and there are
made known large orders received by
manufacturers from the warning ma
lions that go to swell our balance IT
addition. Export OF steel has grown
until the Steel Corporations foreign
business is az great as before the war
even II its total Of untitled orders the
frst Of the month did fall over 100000
tons. A little improvement appeared IT
the report OF Great Britain's foreigr
trade for September over that OF the