The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-24
FINANCIAL NEWS
AND COMMENT
Surplus Reserve Indicated for
the Clearing House
Banks.
OTHER MONEY FEATURES

m one respect az least the nnancHn,
situation inspires effort 10 remove Oh.
Eaoles which in other directions lie In
tho way OF business recovery. OF course
contraction OF trade and Industry Ia u
principal contributing factor and another
In tho resort made 10 emergency meas
ures for accommodating credit strain
hut tho domestic money market manifest
continuing signs OF improvements
\ typical Wall street reelection n tic
conspicuous nrmncss of short time cor
porate notwithstanding "A maturity up 10
a year and half. These are much easier
to-day 10 sell than TO buy and furnish a
fair gauge OF tho price OF temporary CAPT
tal IN tho yield basis Of about 81 per
cent. on which transactions arc negotiated
for noter Of the highest grade.
Purely banking activities are unques-
eonsoly increaeing. There is not only
not moro borrowing. but banking EFFORT
Ia taking on new forms illustrated strik-
iuriy by tho moderate hut nevertheless
eSpepdinK volume ~ acceptances both for
domestic and foreign bills. which are now
uestinE "A ready sale. The known move
nents OF cash point 20 q gain OF upward
os $4,000 900 by the local banks THE
week and Il IS u fairly safe guess that 4
% reserve eurplus has NJ last taken tho
ulace OF the deficit 80 long exhibited
All theee are gratifying features OF tho
present financial position The Interstate
Commerce Connission's attitude toward
che arguments and evidence submitted in
hehsis OF the railroads IN the pending
rate case Ia interpreted 20 foreshadow a
refusal OF the petition for higher rates
and 90 constitutes n rather dark cloud
IN the prospect. but otherwise the bank
ing community ia growing moro hopeful
nooIt tho solution OF problems on which
depends The resumption OF business prac-
tics1iy or partially suspended In many
iner
Tho Roadway which has been made IN
preparing FOR tho opening Of the Fedora!
reserve banks toward the end OF Novenl-
Ter Is regarded as satisfactory and there
Is every indication that tho conferences
which nre going on with British financial
representatives will help further to- re-
licve 1he foreign exchange situation and
facilitate tho restoration Of the regular
markets Tor cotton and securities. A good
zeal Of general benefit will have been
accomplished by tho IIars that are work
ing out for the reOEenng al the Cotton
Exchange nc a result Of which cotton cN-
ports VIII certainly increase materially.
ana already vague talk II being heard Of
providing an organized substitute for the
New street gutter market IN securities.
oven though the opening OF tine stock
Exchange for customary trading has 70 DO
POSTPONED
There was no particular change in ster-
ling exchange yesterday, which lowered
around the level OF lo5. hut marks wera
weak and almost unsuitable below 81 for
sight remittance. The dealings IN Ger
man exchange clearly show that Ger
many IL buying supplies here which are
being received through neutral countries.
AMI presumably this ~ one reason why
aEEr' Ssi'c British naval efforts are again
"ownNcatinC the shipping problem.
There was really nothing new In me
1uiado 81. Louis and Western Railroad
roco'Nership. The company defauited on
August or about Si1,6O0. 600 worth %
bonds secured by Chicago and Alton
stocks which may no worth about Sc
ooo,0n0 In the market. The roVeverslip
Gas simply been postponed by the grace
period The Idle freight car report as
81 October 10 furnished measure ~
tAe genera business situation in the IN
crease OF almost $1,000 cars IN tho net
surplus during the first half of the month
S!dc.raoiSed equipment now aggregates
rhoit 100000 cars, compared with
shortage Of more than 6 600 cars in the
corresponding week last year
Further strength was exhibited n the
Erain markets, December wheat selling
~ me highest price In \ month and 2
han The weekly port statement showed
What Imports 81 general merchandise here
we're about 81 000,0O0 below the total
I'm tire corresponding week IN The last few
Years. but exports are being made
on Q rising scale. Tho outward move
iuent Of copper has not attracted much
attention. but e IL said that the snip
,uents for the month may be almost nor
mai IN amount