Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-09-20
Decision to Reopen Case Ac-
cepted as Fitting End to
Improved Week.
PROBLEM OF EXCHANGE
IS MOST PRESSING ONE
Satisfaction Expressed With the
Amount of Emergency Cur
rency Still Unused.

NEW YORK, September 19.-The de-
cision of the interstate commerce COM
mission to reopen the per cent rate
case was accepted in Wall street as
fitting conclusion to a week of marked
Improvement in the financial situation.
Consideration for the interests of the
transportation companies was read,
also, in the abandonment of the pro-
posed tax on freight bills.
The most pressing problem presented
by the European crisis to American
finance continued to be the foreign ex-
change dislocation. Other consequences
of the war calling for attention were
the contracted bank clearings. shrink
age in steel specifications and orders.
passing and reduction of dividends and
a general shirt of caution in business
and enterprise.
Exchange on London reacted SUD-
stantially in connection with the pro-
vision made for the payment OF New
York city's foreign obligations and
with foreign participation In the city s
new loan. and new points were openeo
to exchange operations This was con-
sidered a happy auCury for financing
other municipal. state and corporation
loans soon maturing. Approval by the
600 gold fund to relieve the foreign
exchange situation was received with
satisfaction.
Pressure Explained.
The August excess in the value OF
imports, added to the forced hquida-
ton of securities which were thrown
upon New York. amply explains the
severe pressure which has been feit
IN the international money market.
Current shipments of wheat and food-
m
EXPORT side Gold shipments to OF
tawa incident to New York citv's loan
transaction were supplemented by
some shipments from domestic po'nts
for account of merchandise importers
Bank returns in response to the con-
treNn-'s call were scanned intert'v. and
satisfa ction was expressed with the
amount of emergency currency notes
still unused.
An unexpected large cash gain by
more than neutralized by the loan in
crease of se7 900. which makes the
expansion in that account for the last
three weeks in excess of s100.000.00o.
creased by over s3,300.000, to $3S.3S4,-
100 As whole, the exhibit reflects the
unusual shiftings of money! connected
with preliminary payments for the city
loan.
The Steel Business.
The increasing necessity for business
IN steel products was reflected this week
IN the willingness of some mills to make
concessions in prices on bars. p'ates,
shapes sheets. tinplate and bil,ets for do
mestic as well as for foreign shipment.
All mills however were not equally anx-
fous fer orders at a sacrifice in price, and
this resulted in more or less irregularfty
and an unsettled feeling.
The falling off in business was most
marked in those lines where credit Is
relied upon to facilitate transactions,
most notably in railroad equipment buy
ing and in structural work The wire
mills and other branches of trade that
find their greatest outlet in the agri-
cultural districts were relatively ac-
tive but as whole the industry suf-
fered from inadequate orders and
steady decrease in specifications
Contraction Is Likely.
The steel corporation produced ingots
at the rate of 50 per cent Of capacity,
and Independent steel companies opera
tons averaged 10 per cent less. Some OF
the plants had less than 40 per cent of
the ingot capacity active and further
contraction in output seems inevitable.
Tinplates, sheet and wire mills are best
mills suffer most.
The fabricating shops experienced
iearth of new orders. The largest orders
were of apartment houses and loft build
ings in New York city. calling for 3,100
tons of shapes
though some additional sales of wire
rods. nails and wire were made and
more inquiries Were received for sheet
bars, billets. rails, structural shapes,