The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-09
FINANCIAL NEWS
AND COMMENT
Foreign Exchange Holds Around
Decline Established
Last Week.
SOME FEATURES OF TRADE
sharp Fall in Wheat on Specula-
tive Liquidation--CrOp
Report

There were no Developments Of more
obvious significance In Wal, Street yes
tcrday than the ma intenance OF the lower
level to which sterling exchange fell af:er
last weeks indications that American
finance and business were going TO make
every effort TO meet their obligations ma
turing abroad. Demand bills went to
i.9Gh In the morning. with cables
cent higher. but there was a somewhat
frmer tendency toward the close without
IN any way affecting the favorable con-
clusions which had besn previously drawn.
There Ia no question that the London
money market and the British banking
position Will he very much helped by
he Manifestations of our debt paying In
tentions and consequently an improve
ment in financial conditions will be felt
at other financial centres ne a result of
the prospective Employment Of American
banking power TO facilitate the restorn-
ton of the interua tional exchanges 10
something like their normal activity, A
shipment Of 81 900. 600 gold to Canada wos
announced and further trarsstis Of the
sort arc looked for now thst there Is a
more Intelligent appreciation OF the very
effective use for which moderate
amount OF American g "A may be roienstd.
According TO Washington despa tches
the Federal Reserve Board received and
considered the report OF last Fridays
conference committee usgeatinE q coun-
rywde bank underwriting OF An neree-
nient to furnish $3.50. 100000 r I'D for tbs
use OF the Internal onai money market,
one-third TO go 10 Canada Tor deposit az
Bank q England reserve at Ottawa. but
Il IL not doubted now that much less than
the full amount OF tho underwriting pro
posed will suffice to promote a satlsf G
tory revival OF International financial re-
latlons provided the haz rds OF war DO
not make wreck " present prOjerts The
risks which attach TO nil plans during the
war constitute a factor which cannot DO
overlooked In current calculations An In
teresting circumstance OF the day was
'Ne reported neEoti t;lors to substitute
Borhe ux for Paris az tho French foreign
exchange market
Sentiment In the local financial COM
munity seemed 90 take on a slightly moro
far as concerns the war this feeling was
not owing 10 the claims Of successes
for the allies but 70 the curious and In
tangible tokens that the underlying in
cllna.!ons OF the European beA!serents
were not adverse 70 proposals To- peace
however, II there was a genuine
conviction thar peace al this stage Of the
war was n reasonable possibility. no mat
ter what the desire here for a termination
Of the European horror. President VII
sons proc!a nation OF a day OF prayer
served nevertheless 20 point the direction
In which the thoughts Of humanity must
be tending
A sldelight on the current discussion Of
foreign trade opportunities was cast by
the British trade report for August, show
ing a decrease OF SIS 10000 IN imports
while exports decreased 100000, 900.
This was evidence enough OF the fact that
the war has not done much 10 create com
merclal advantages for any nation. for
Great Britain, although engaged IN war.
Is still well equipped to trade with other
OF direct financial interest was the dvi-
den5 action taken by various corporation
directories. The declaration OF regular
disbursements continues TO prevail. but
the number OF suspensions or REDUCTIONS
= Increasing. The Chino Copper dividend
was cut from 10 cents to 90 cents for the
quarter ana inc Ray and Nevada Con
solidated dividends were deferred. The
copper metal market has already suffered
worse than most markets from the in
dustrial contraction which tho war has
caused.
To-dsy's meeting ~ railroad execu-
Ives with Pres dent Wilson was looked
forward to with no little anxiety because
the conference Is likely 70 be Of great
Importance in determining the possibility
OF good deal OF constructive legislation
and governmental action which Is going
TO become necessary In order to save the
from an excessive depression on
account OF the war. More Is involved In
the White House meeting than the aues-
ton OF remunerative rates for the rail-
roads. although that question alone IL
one OF much moment
Agricultural commodities came In for
much attention FOR various reasons All
grains were weak, corn declining moro
than cents bushel and oats ] y cents,
their fall being at least In sympathy with
wheat, which dropped cents and more
busheL Apparently the prices reflected
lquidation OF an unwleldly speculative po-
sltlon for the rise. for there was no slack
ening either In the export demand or in
The movement OF grain TO the srs board
or out OF the country. In the last two
days exports of w'<at have been moro
than two and quarter million bushels or a
new record for any similar period, and
about twice thai amount was yesterdav
on its way from the interior to coast
points Not far from half the
large aggregate total OF last weeks ship
about 100000 bushels. was
taken hy France
Crop reports made an important item
in the days news. The cotton ginning
figures OF September ! showed about
f7b 600 bales ginned. as against 500. 900
last yenr. This clearly reflected the heavy
blow which the war has dealt the cotton
trade The Governments general crop
report as OF September showed that
despite the trying weather OF August the
season was having on the
whole gratifying outcome There were
declines in condition all through tho list,
but total corn crop OF 2.SOo. 600. 600
bushels was estimated or wen above the
average Of recent years, while tho total
wheat crop was put at 500. O0o. 900 bush
els. Returns on oats. hay and other sta
pies and commodities were good IN the
main.
THE COFFrE MApKET