The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-24
FINANCIALNEWS
And COMMENT
No Untoward Response to the
British Naval
Reverse.
CITY LOAN At A PREMlU VI

In no financial or commercial quarter
yesterday was there any obviou. unfavor
able reflection of the British naval lois
IN the North Sea. There had heen some
notion overnight that this reverse might
operate against some Of the current
processes for the rehabilitation OF ths In
tcrrlatlonal money market and mgtr
Cvolo some response from the shipping
industry or the grain market. There can
be- no question that the German challenge
Of British naval supremacy on the vari-
GUS oceans affects insurance rates and ship
,htrtering and interferes with the r,coN-
cry of the ocean carrying trade other
Mise It might be assumed that tho bank
Ing and business community regarded uhe
war news as striking something of a bali
anco between land and sea and calling for
no change in present plans or efforts.
I'm the grain markets there was little
change in prices, hut wheat turned nrm IN
the late dealings. with the May option w
more than a cent a bushel, which would
hardly have been the case II n checking oi
the export movement was expected As an
agricultural token of the times II is worth
noting that competent reports agree mat
winter wheat acreage viii he materially
Increased. Farmers in all countries out
sido tho area of war VIII undoubtedly turn
their attention 20 the profitable prospects
OF fOpdstuUS, WHICH inc suppress Ou 81
AGRICULTURAL enterprise in the field OF war
is bound 20 develop. As bearing on the
cotton outlook, which Is a matter OF 80
much desperate concern 20 many interests
IN this country. II IL OF Importance TO re-
cord tho tnCt that campaign has begun
iu Great Britain based on tho adv stability
Of storing raw cotton there against q GER
tain decrease OF the supply resulting from
the efTeGt which the war has already had
on tho position OF the cotton grower.
Some items ~ domestic trade infor-
nation of "A routine character were vouch-
sifed. The fortnightly idle freight car
report showed a decrease OF 27,277 N
the net surplus OF ridetracked cars In
Tho FIRST half of the month, or three times
tho decrease In the last half Of August
The grain traffic Was Responsible for two
thirds the decline. The Baltimore and
ONO published It's return for August
showing "a fall OF s920.0OO In gross earn
iuyS, tho decrease I'm not heing cut 70
s2j5. 600. but the exhibit IS measure
Of the difficult situation with which rail
road finance has now to reckon and sup
ports the plea for Government relief
from oppressive regulation. The Iron Auc
In its weekly review said that conditions
IN the Steel trade were getting worse.
London financial conditions did no,
seem TO be adversely impressed bv tho
torpedong OF British cruisers 4 com
Wittee report Was said 70 have been made
on Tie question OF reopering the London
stock Exchange. bu; no intlmation OF So
nature Was afforded further than .h,.
cooperation 10y the banks and the rrenS-
ury would be- required The Bank M
England set aside another sum OF gold
Tor the redemption OF Treasury note.
and an issue OF $40. 600. o0n Of India Gov.
/ trhmcHt bills was oversubscribed ON "a
/ : Ito per cen. basis
f"Te.su eNchdnso here was active am
! rFh' STERLING bills were quoted at 40,
+ FOR demand. with i97 for cables f.
which the principal business was done r.
order 90 obtain remittance for uuart.rl,
settlements. i was said also that thor.
was a more active market for German
cable exchange than at any time sine,
Inc outbreak or the war, presumably ais,
/ Tor quarterly payments. Proceeds OF Tn.
second call for payment on account ~
tho bank underwriting OF the New YorI
city loan were Transferred u canada ii
~" form OF gold 20 tho extent of 81
$4,000. Nj the indications were tina
fu, banking support would he given u,
the different sections OF the country to TIM
tl00.0OO.O0o gold pool for foreign cX
change employment. tho Chicago clear'n,
house having already voted a $4,000 O0
pro, ision to he apportonod among Ia
Chicago banks, which with tho New NolI
city shar" OF $4,000 900 will take car
OF almost tvo-thlrds Of the total
Financial feeling has been improve
by the progress made In furnishing fac.l
tiles for a restoration OF the internatioua
exchanges and has been further holpc
by the signs OF the Investment marie
conveyed In tine New York city loan opera
! ton. \ bid price of 10l was cstablisho
Yesterday for the three year bonds, IL
shorter issues being a little above pa
and il !s a fair presumption that trans
actions will he made AT higher levels.
, very large part Of the city securities W
, be lodged abroad and out OF town an
II was reported that allctncnts IN the Nv
and three year bonds would he scale
down TO 90 per cent. FOR subscription
> above $4,000.
Sentiment among Investment dealer
was that banking interests would hc Just
+ fed in permitting a further widening ,
, the limits In which business could I
formally sanctioned and there wa sal
! 20 be a considerable foreign inquiry r
short term issues. Tho problem of
general resumption OF regular DEALING
- In tho securities market, including ~
r reopeuing us the stock Exchange, Is e.
gazing more and more authoritative A
. tcntinn. but 50 far nothing resemhlln
1 a concrete conclusion IN tho direction
, resumption has been reached