The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-31
FINANCIAL NEWS
AND COMMENT
Aspects Of Turkeys Entrance
Into the War-Wheat
Rises Sharply.
BANKS GAIN MORE CASH

Wall Street had no new considerations
presented to its attention yesterday ex-
cepting those involved in the entrance OF
Turkey into the European war II would
probably be n fairly accurate representa-
ton OF financial opinion to say that de-
velopments OF this sort are not regarded
as adding materially to the adversities
OF tho situation. ON the contrary. the
permissible Inference that Turkeys ac-
ton will change the attitude OF several
neutral states TO one Of belligerency. pre-
sumably on the side OF the allies. sug-
gests that the duration of the contest
may he shortened by extending Its scope
There was not In any obvious financial
way a reflection OF the new turn in the
war, but the grain markets did respond
10 the certainty of military operations In
the vicinity OF Europe's southeastern
ersnary. 1t could hardly be said that
Turkish hostilities changed the status OF
the grain trade in the Mediterranean, but
n war Is going to become general in
southeastern Europe the crop position and
prospects must be detrimentally affected
Wheat advanced cents a bushel, and
retained NEST Of It's gain Mt the close
Cotton interests were actively engaged
In the efforts to remove the difficulties
IN the way OF q reoponing OF the cotton
exchange. A restoration OF the future
market seems to be not all dependent
on the scheme for a bank pool OF $780,
100000 to make loans on cotton, and IL
r. less certain than a week ago that the
pool will ever operate extensively. Sec
rotary McAdoo In laboring heroically TO
vitalize tho project. but his offer 10 a.
eept the two classes OF proposed loan GER
thcates as security for emergency cur
Penney issues cannot alter the light in which
che plan In more or less widely regarded.
The South does not like II. because tho
initial burden Is thrown on the Southern
banker and because 1t may have ten
dency to fix prices which the South re-
cards ne too low for its staple. New
England does not like IT, because IL seems
60 be rather ant gonist'c e the interests
Of the spinner. and bankers elsewhere look
upon IL varously as uneconomic In It's
probable promotion OF movement 70
hold cotton out Of consumption and as
psrtakirg OF the nature OF a conspiracy
In restraint OF trade.
Even In the South tho cotton situation
10 viewed as recurring chiefly
restoration OF tho normal trading facili-
sie- which the cotton exchanges AFFORD.
Onoe prices for cotton are being made In
the ordinary way. basis for credit oper-
atoms will he furnished and II Is likely
THAT all the funds which the banks would
subscribe to a loan pool would md their
svay into cotton accommodation anyway.
Foreign exchange was still relatively
firm for sterling bills demand ruling
around 4.eoA. with cables half cent
higher The turn Of the month and the
expiration OF the British moratorium are
now looked forward 20 as likely to mark
the beginning OF another decline in ster-
ling exchange unless the moratorium's
seouel IN London should be the disclosure
OF excessive tension in tho London money
market.
The quotation OF call money At 81 per
cent for some loans showed that the re-
taxation IN domestic money conditions
Svae making progress. further explanation
being afforded by the known movements
Of Dash These indicated a rain OF per-
baps 81 900, 900 by the local banks during
The week.
In banding circles there was good
e.ai OF talk OF negotiations on behalf OF
European Governments for loans here,
but 90 far only France Russia and Nor
way are accounted for. When satisfan-
tory terms can he arranged Il II likely
that our bankers will he very ready 70
supply such accommodation 10 public bor-
POWERS abroad because II will assist In
expand'ng the countrvs export trade.
Tho closing OF the hearing in tho re-
ppened rate case war regarded with mixed
feelings OF hopefulness and doubt. There
eeerns 70 he no reason why the Interstate
Commerce Commission should take any
great length Of time In rendering its de-
cis,on. and the sooner finance ana busi-
ress know how the railroads are 10 fare
at the hands Of their regulators the better
u viii he for all interests