The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-10
FINANCIAL NEWS
AND COMMENT
Fair Activity in Various De-
partments Of the Invest
ment Market.
ENCOJ RAGING CROP REPORT

II all goes well November will be a
month OF important financial and busl-
ness developments Included IN them VIII he
the opening Of the Federal reserve banks
next Monday and unless expectations are
disappointed the cotton exchanges will be
reopened before the end OF the month.
Apropos tho cotton problem It would
appear that tho political interest is what
the promoters Of the cotton loan fund have
chiefly TO rely upon TO mako the scheme
70 through. Banking interest in II has
not obviously been increased by the eX-
traordinary process If obtaining from the
Federal Attorney General a grant Of i'm
muuity in advance from any antitrust
law penalties for participation in the loan
fund.
II Is conceivable that Treasury con-
Germ Ia tho matter IL largely the result
OF q conviction that the establishment OF
the fund will hep any disturbance at
the coming Congressional session from
becoming as serious rs the movement 20
nave tho Govcrumcnt do something for
cotton which almost prevented the ad-
iouruwout ~ the long session. Incl
.,Icutnlly IL might be noted that the cotton
evidence that this years crop Is prac-
tioaly of the same size as the huge
Weld Of three years ago. ard that the
South would have had 70 market It's
staple AT large decline In prices even
had there been no war.
For a month in which there IL so much
70 look forward to the beginning OF the
second week was dull enough from tho
point 81 news bearing on values. For the
most part wall Street energies were en-
gagged with preparations for restoring the
cotton futures market and the inaugura-
ton Of the reserve banking system, but
some attention wac spared for the rather
battling puzzles Of the Paish- AcAdoo CON
ferences IN Washington, and Moreton
Frcwen's views, which appeared In a
London cable message TO THE SCS, at
tracted good deal OF notice on this
score 1t is not necessary to subscribe
altogether 10 Mr. Frewens opinion about
the workings OF the various daring eN-
perimerts In war finance undertaken by
the British Treasury TO recognize that
there is every reason for official caution
here in committing the country TO such
entcrprlscs as Sir George Paish may have
recommended However. on this subject
conclusions are held In allegiance by the
financial community until more facts are
furnished.
There was fairly satisfactory re-
Election of the favorable features which
have recently begun 20 show thems elves
There was nothing new in the money
market but all forms OF investment bust
ness we're fairly brisk under the c!rcum'
stances OF the times. There was good
buying Of commercial paper and bankers
acccptances as we'll as of notes, bonds
and guaranteed stocks. showing that In
yes.rneut demand had moi relaps"d
Possibly some Of this buying is in ante.
patton of further relaxation IN the money
market to follow the estab shmeN OF th'
Federal reserve banks with their iaci.4
ties for increased credit accommodation
Although New York banks alone naE'
retired more than S35,D00,0OO OF ener
rency currency Treasury figures at tn
end OF last week show that there ia!
been a contraction of only little NOR
than S5O0O,OOO from the October max!
mum. Very evidently Interior banks ar
Increasing their circulation, presunabl!
in the agricultural districts. ana eSpe
cially in the South, where Secretar'
| NcAdoo is making 80 much effort L
/ force emergency currency Into use Ac
cording!y there are indications OF eros
currents which are going 10 complicat
/ the monetary situation before long NJ
| matter how gradually the reserve oanN
get into working order
on the New York city loan accoun
! gold ahipments to Canada, aggregatni
SlO.75OOOO were made, being about two
7 thirds OF the remittance required on th'
cali for payment OF the eighth instalmen
of the loan. The suggestion sim IL ina
gold ehIpments in this operation Will fal
IsubstantIally short OF tho total pro
Nided for, which IL a token of the I'm
Droyement that has been effected In GU
foreign exchange position. Sterling bill
were perhaps a trihe easier again, VIII
demand below 4eOia and cables aroun'
I49l, German exchange was weak an
francs relaxed somewhat.
Gratifying information was contained II
the Government crop report as OF Novem
her l. This estimated the yield OF corr
at EROS, 900 900 bushels. slight tncreas
over the October estimate and very nearl'
25O, 900, 900 bushels more than last year
outturn The potato crop. which wa
placed AT 4OS, ASS 900 bushels, Is one o
the largest on record. Intelligence q
this sort, however, is distinctly offset b.
tho rapid spread or the caule piasut
which has now involved thirteen State
in the quarantine regulations and threat
ems a severe loss to important industries
az well as 20 infiict higher. living cost
on the public.
The annual report OF tho Southern Pa
cific for the year ended June 30 dis
closed earnings OF about IA per cent o
the company's stock. compared with 9s
I'm the previous year. To the company
shareholders, who have almost double
lin number 20 10000 some very forcofr
facts were presented relative 10 the IN
roads of Federal and State regulation D
the margin OF profits, 1t is calculate
THAT such regulation cost tho Souther
Pacific 100000 in gross earnings las
year and added moro than Sl,00o,00O
expenses.