The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-19
FINANCIAL NEWS
=. AND COMMENT
Chief Interest in Violent Ad-
vance in Wheat-Strength
in Cereals.
FREER GRAIN MOVEMENT
Shipments This Week Will Ex-
coed Last Weeks by More
Than 100000 Bushels.

The chief feature Of interest yester-
day was violent advance In wheat, ac-
compancd by general strength in other
cereals. The Importance OF this move
ment lay in the fact that IL seemed to
be caused principally by the prospect OF
big export movement OF grain. The
gradual clearing up OF the situation in
this respect Is exhibited In the compare
lively free supply OF grain bills and In
the actual shipments being made from
American ports II Is estimated that
total shipments OF wheat and flour this
week will run we'll over 5000 900 bushels
as compared with 3.726.000 bushels last
week. The loosening up OF the blockade
on foreign trade has already led to a
freer movement by the railroads OF grain
from interior points TO the Atlantic sea
board
1t must he admitted however that the
supply OF grain bills has not made any
great impression on the exchange market.
Rates yesterday after declining a little
reacted sharply. closing at q net advance
for the day Of three cents. Nevertheless
II Is obvious that beginning has been
made toward definite Improvement In this
n pToIbe N nbu Out lOT -
restoration OF ocean transportation to
something like normal conditions. Prog
ress In this direction will greatly lessen
anxiety over the meeting of maturing
indebtedness abroad and the payment for
American securities sold back to us in
future II that be necessary.
From London comes the rather extraor-
binary announcement OF an Offering OF a
small block of Anglo French Oil II elds
stock for public subscription. this being
the first fotation since tho crisis. or
course this attempt to interest the public
is nothing more than an experiment and
should hardly be taken seriously. New
ertheless II throws an interesting sidelight
on the return TO the activities OF ordinary
life in British finance. The Bank OF Eng
land discontinued its discounting OF bills
yesterday. but this action was taken
$ IMPLY to AFFORD an opportunity for catch
ing up with accumulated business
The persistent inquiry from the gen
ersl public and from the fin ncial dlstrie;
alike for reopening OF the exchange
may be based on a complete msapprehen-
sion OF the situation. The question OF
whether or not business will be resumed
Is not dependent upon the local exchange
situation. Even II 1t were no notable
change has occurred In this respect In the
past fortnight. Tho first shock Of alarm
over the outbreak of hostilitiee has passed
| and with II many hasty selling orders
both of local and foreign origin have beer
cancelled. But there Is no doubt that de-
velopments OF an untoward character ir
the ccnfiic. broad would cause this world
wide liquidation TO be resumed on 8
scale which might prove overwhelming
| in view OF the present credit position.
All this and the completion of out
| standing contracts has benefited tho tech.
| meal situation. But IN this there IL nc
proof that conditions are ripe for this
reopening OF tho exchange. The monetary
| position Is still abnormal. The measures
taken thus far have been fully successful
| in maintaining the status quo. But have
| they done anything more There Is M
assurance that the banks are permitted tC
| extend the accommodation necessary FOL
| tho conducting OF speculative activities
along normal lines much less TO arrange
10 carry an additional load of liquidateC
| stock. In its Anal anlysls the whole ques
tion depends on the monetary position.