The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-30
FINANCIAL NEWS
AND COMMENT
Foreign Exchange specifically
Easier--Aspects Of the
Gold Fund.
CITY'S NEW ISSUES REACT

Banke-, n charge ., the 800 .00o. 600
gold fund arrangement continued their
labo-s yesterday. but affairs were not in
shape 20 lss,re into any immediate action
for tho relief OF the foreign exchanges. II
~ still a question 10 what extent tho
gold provision will be efrectlvs In restor-
inr the discount facilities Of tho inter-
national money market 10 which We have
hitherto had access and on which We
hats been accustomed 10 rely for the
continuing process of adjusting debit
balances that are now giving so much
trouble.
Tho assumption is that tho London
market Is ready 10 do its part in making
Il response such as banking efforts Ia tnts
country call for. Counting the gold ex-
ported this year Up to the early part of
August the subscription OF gold for the
New York city lunn operation and the
Sioo. 600. 900 fund now under negotiation.
q can be seen that tho United states has
actually or prospectively supplied $780,
0ou. 600 or more Of reserve money for tn
tc-uatioul uses in 1915 II might he
imagined that some subs tsntial recosni-
;iou was due 20 tho manner In which
American finance has met urrrecedeutcl
emergencies and IL still meeting them
.Advlces were received from various clear
ing house centres Including Pittsburg and
Cleveland that the allotted subscription
for tho gold pool had been voted and
transactions based upon II seem to he
r. eight. Whether or not this prospect
had any effect on tho sterling market II a
matter Of conjecture. but foreign ex-
change was relatively somewhat easier
during tho day. Romittances were
quoted quito steadily at about t9oia FOR
demand and s5.0oh for cables. or about
tho closing level reached IN the late re-
action Monday, but the undcrtone was
firm
Grain exports have slickened a utt,.,
but there IL a small supply Of cotton
bills. although r.liculOu<iy less ,htu the
normal amount At this season. Under tho
circumstances 10 IS Of encouraging omen
that the general merchandise outward
movement 20 growing rapidly, Judging
from export figures for this port, when
have IN the past fortnight been running
well above the high totals IN the co-re-
spending period last year
Talk OF tho Stock Exchange reOpenng
was uCabsted. but discussions all have
an academic quality In that there is
prevailing cOuclusiou pnstu1ting the prob
able necessity OF some definite turu Ia
tho WY abroad as "a precedent 20 resuWp-
tlon OF regular business 100 ;lc securities
market Tie failure 81 small stock
LNenlnge hrIn WAS "a curious Incident be-
cause ot 80 pheuomenor as an occurrence
during the suspension Of the exchange.
Lower prices were recorded I'm thu new
securities Of New York city. the three
year bonds selling down about a point
and the other iIsues about q hair point
each. The general inf rrnco WAS that
the movement denoted nothing more than
a reaction ~ sales made FOR quick profits,
ana the tact that quotations could fiuctu-
At" 80 much WIS rather welcome irdi-
cation o. the normal character OF tho
Ie'lugs iu city obligations.
40 surprise was manifested over M.
NcAdoD's discovery shat he had mad q
charge OF usnry against New York banks
withoI; sufficient evidence 10 warrant
such repetition " tho exhibition ~
racl.css,rSs which me had given before
II Was hoped that the episode might be
effective in pafsu1diuR IA. Treasury TO
moro cautious ana oonsldorote policy at
q time when there Is every reason for
refralulug from exciting financial uneasl-
uoss and resentment
Wt.tern railroad returns for August are
showing up better than Eastern reports
The Union Pacific statement disclosed a
gross gain Of about s2faO0 and "a net
gain OF more than $lNH.0Op