The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-22
FINANCIAL NEWS
AND COMMENT
Wheat Shipments, Largest
Since War Began, Give En-
couraging Outlook.
CITY DEBT PROBLEMS
Sending Of Gold to Canada May
Be Method Adopted to
Meet Obligations.

On the whole. q calmer tone prevailed
h the financial district yesterday. There
was little news of consequence and dis
cussion busted itself with the various
problems obstructlng the return TO nor
NAL conditions in the operation OF for
eign trade and the use OF international
credits and with tho steps actually taken
or proposed to overcome these problems.
The situation in one respect. namely
wheat shipments. offers distinct grounds
OF encouragement Wheat shipments yes
terday amounted to 1,293.ooo bushels.
This is the largest total for any single
day since the blockade began. Brad
streets figures place tho wheat movement
for the week ut $500. 900 h,rhels, which
In about equal TO the amount exported
in the same week year ago and which
compares with a total OF only 100000
bushels in the week previous. Certainly
great pressure has been applied from
several quarters to stimulate this move
ment, and the results perhaps ought not
to be considered more than moderate.
The export movement OF wheat Ia not
free one. In spite OF the more liberal
extension OF accommodation by the local
banks to exporters as result OF the
action OF Secretary OF the Treasury Nc
AQOO, inc Ol1Icul1N OF competing trdns-
actions on the other side OF the Atlantic
still remains. Most Of the wheat exported
nowadays Ia being bought by English
grain firms which have their own
branches in this city. Moreover. the
case OF wheat In exceptional other COM
modities, such as cotton. move practically
not at all Nevertheless the simple fact
that the outgoing trade Ia steadily grow
ing Is extremely gratifying. on tho other
hand the foreign exchange market testi-
fes 70 no apparent diminution OF the
recent inquiry. The urgent nature OF this
demand Is displayed by the quotations
OF 5.03 for sight sterling and eos mr.
cables
Bankers are still considering plan. for
the meeting nj maturity Of the New York
city maturities. OF which some 81 900. ooo
fail due by the end Of next month. Tho
task is n difficult one under tho crcum-
stances. and Il IL understood that no con-
illusions have been arrived at, There Is
no idea that the city will default upon
It's obligations and II may he that this
and other pressing matters Of the kind
will finally he settled by the shipment Of
a moderate amount of gold to Canada. In
all there are about $4,000 900 OF these
New York city maturities falling due
within the next five months. But with
the possibility OF great changes in the
international credit position there would
appear TO he no immediate necessity Of
considering the disposal OF the later ma
turtles just now.
cable dispatches from England re-
ported additional gold receipts by the
Rank OF England. The rush TO discount
hills again swamped the machinery OF
the bank and the extension of credit had
20 he again suspended temporarily The
weekly trade journals on general business
conditions in the country speak OF the
check to domestic industry from the war
in Europe. hut lay emphasis on the spirit
OF confidence with which the future is
regarded