The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-23
FINANCIAL NEWS
AND COMMENT
Wall Street Has a Varying Set
Of Influences to
Consider.
SEATS ON CHANGE LOWER

Information Of mixed implication was
contained IN Yesterdays developments
having a marketwiso bearing The Vision
Of an adjourned Congress was entirely
welcome TO the banding and business COM
nunty, and It IL felt that whatever the
outcome OF the November elections the
next session OF the rational Legislature, and
many thereafter, will he characterized by
an increasing recognition of the nature
and function Of business instead of tho
prejudiced ignorance which has so long
displayed itself at the expense OF Ameri-
can values.
Wall street, 70 be sure, found special
reason for regarding recent Congressional
history with feelings Inspired by the ad-
ditional burden cast on dealers In securi.
ties by the emergency war tax measure.
IL IL rather striking also that on the day
when the agreement was reached TO add
TO the State levy already imposed on
trading in stocks \ Federal imposition OF
equal amount announcement was made OF
the sale Of Stoclt Exchange seat at
$4,000. of $4,000 from the last pre-
y
price in fifteen years
President Wilson's observations about
tho dcsirability OF an ordinary mental
attitude at this time toward the eXtraor-
binary situation that the war has created
were taken In good part, even though they
seemed to minimize a little too much the
material difficulties which have to be re-
moved TO permit substantial recovery in
general business TO be affected. A footnote
tn ~ ORE sld avaft nj lid lNxg
the indicated disposition OF the Interstate
Commerce Commission toward the petit
ton OF the Eastern railroads for the con-
cesslon of ratio advance on account OF
the war. which should. according TO COM
pstent financial Judgment have been
granted before the war. II the commits
sion should refuse the relief asked for
Of the times Is going 70 be very greatly
complicated.
September railroad return. of esrnings
have now begun 10 come IN ana the earli-
est reports do not make q very encOurag-
ing exhibit The Southern Pacific state
ment for September showed a gross do
crease OF $500, 900 ana a net decrease OF
;514 500. The Baltimore and ohio los.
almost 100000 In gross bu' was able 10
cut expenditures so heavily that IN" let
loss was only a little more than $4,000.
Negotiation OF new loans on collateral
security Snd the broadening purchases OF
commercial paper all testified 10 tte cas-.
ing trend of domestic monetary conditions,
the improved oircumstaac 3 being further
DENOTED by the process OF retiring emor-
gency currency and clearing uopsa ce'tin-
Gates which the banks more have nov De.
gun. Investment dealers are -hcoul s!uR
a response from Inc more iarprati" -i1n~v
market situation, and not only ere short
term notes stronger and nor" a,;ly" but
an cnlars!ra = -r'ui for long t,nc bonds
IS making itscf felt.
These Cirrl'gstaucHs aye favorable fnr
contentious that II cer,aln safeguards are
csta blished, the T.oneuup Of the roEI-
lar market kOr securities need not be- CON
sidered an insoluble problem N'vertae-
less, so far O. action Is concerned. pru-
deuce counseis attendance on pending
events and the progress ~ negotiations
between American and British finance, on,
cial and private.
London advices All suggest a persistent
monetary improvement. The nth issue oi
British treasury bills received thretfold
subscription and the Bank OF England 9
weekly statement revealed f. further gain
IA condition, the ratio OF reserve TO liza
bilities rising another point. 90 that 1t ia
now not far from twice the proportion "a
which It was reduced in early August
Tho banks accumulation OF gold en-
sbled IL to SET aside $1,000 200 more Ia
protect the Government issue OF cmCr.
gency currency and nj the Slme tim,
make a slight increase to a raw record
total, which Is Sl76000Oo0 above tn,
banks gold holdings u wear ago Til,
fart that In Great Britain, as in othe,
countries. there Is an unprecedented Lack
OF gold boarding on account OF war Is
an encouraging feature OF the times auc
adds to tho reason for believing that
fn1l tntE H.tN Ian
financial bueiness activities can be re
stored except In So far as they are d..
rectly interfercd with by the war itself
In connection with mo New York city
loan operation about 81, 800, 900 more goid
wds transferred 10 Canada. hut the i'm
plications OF the foreign exchange market
are that more than ample provision has
been made for whatever gold exports
may be necessary. These Implication.
are strengthened by the rather iadeiiuit,
but hopeful versions OF the incarnation
discussions which have been proceeding al
Washington and in which representativ
of The yinking community are now G.,
take part
There was no particular change In FOR,
clEn exchanges during the day, demand
sterling ruling around 4.95, with cable,
about half a cent higher. but there ~ a
feeling that influences are working In IN,
right direction for a reduction Of remit
tance TO more workable levels Por
figures show that the export trade move
ment continues to expand, while th'
trend OF imports is toward contraction
The grain markets are all sustained n,
export buying under tho leadership %
wheat and n arrangements can be mai,
to restore the market for cotton not onl,
will tho export trade movement be as
sisted but tho international monetary
strain will he further relieved.
The limitations that British finance Il
disposed TO make use OF our cotton sun
plies in the extinction of our present debt
balance are gratifying on this account
snd II appears that the plan for a bank
ing pool TO make loans on cotton is liSelj
20 bs adopted IN more or loss close coi7
cidence with tho completion Of arrange
rnents for reoprnins the cotton ex