The Birmingham age-herald., 1914-10-16
] ATE ON CALL MONEY vAS A REDUCTION
,st Significant Financial Development of Day.
 Exchange Strong

1. war. Large amounts were placed at the reduced rate and some relaxation of long- time maturfties naturally followed.
 Foreign exchange was stronger as the direct outcome of call to participants In the recent New York city s1oo.oOo,oo 900 note issue for payment of another installment. The rise in exchange was attended by large gold shipments to Ottawa. Cables on London rose to 4.9Sas and sight drafts were cent lower Francs were again nominally quoted, but of marks the mar ket. seemed to be wary.
 In point of fact, today's exchange mar ket was extremely dull except for some business in cotton bills. Brokers believe another fortnight of exports on the scale reported will create larger credit bal x ance in London with resultant lowering of existing rates of exchange at this cen ter.
 The cut in the Amalgamated Copper companyss quarterly dividend from $1.50 to 50 cents was in line with general.expec- tations.
 Pittsburg advices suggested continued shading of prices for finished iron and steel.
 The proposition to organize a sl5o.ooo,- GOO cotton pool under the supervision of the federal reserve board engaged the at- tention of some of the leading banking interests. but so far as could be ascer- tained no definite conclusion was reached. Local financiers, it is said, may with hold their support unless the plan is considerably modified
 The Bank of Englands weekly state ment was notable for a further piling up of its gold holdings by about $12,400- 900, total reserve increase of $1S,200Oo0 and a gain of per cent in reserve ha- bilities.
 Trading in London's financial markets nil o1 ot than extreme caution.
 Prime Mercantile
 New York, October 15.-Closing: Mer- cantile paper, 6@7 per cent; sterling ex- change firm; 60-day bills, $4.s3.50; for f jcables, $4.9s.65; for demand, $4.97.65. Bar ssilver, 51ssc.
 Bank of England Statement
 London, October 15.--The weekly state ment of the Bank of England shows the following changes:
 Total reserve, increased e2, e4o,0oo; circu- lation, decreased E161,o0o; bullion. in- creased f247s, ,47s; other securities, de- creased a4,179,0O0; public deposits, in- creased G7,S1Sy000; notes reserve, increased 92,59S,0 600; government securities, decreased e40o,00o.
 The proportion of the banks reserve sto liability this week is 26.6 per cent: last week it was 24.53 per cent. Rate of dis count per cent.
 Toronto Exchange Opens
 Toronto. October 15.-Authorized trading among dealers of the Toronto Stock ex- change was begun today. Trading is for cash only. No prices will be published. T
 Sugar Market
 New York, October 15-Raw sugar quiet; molasses, a.S7c; centrifugal 452c; refined flat.
 Coffee Market @
 New York; October 15-The coffee mar ket was very quiet again today. The cen- sorship established by the Brazilian gov ernment on cable messages is reported to be interfering with cost and freight busi- ness, while recent large arrivals here have replenished local stocks, and confirmed the disposition of local buyers to operate from hand to mouth. A further advance Sf 1ad in the rate of Rio exchange was considered a favorable feature from the standpoint of Brazilian finances, but to- days special cable from Santos reported decline of 100r for 4's The local spot market was unchanged at 61zc for Rio 7s and 1014c for Santos As.
 Live Stock Market
 Chicago, October 15.-Hogs: Receipts. 1s,000; market lower. Bulk, $7.30ff7. 80; light, $75odS.05; mixed, s715aS.15; heavy, Sds.o5; rough, s7a7.15; pigs. s45oa7.5o.
 Cattle: Receipts, 1000; market steady. S3eeves, $650a1o.90; steers, $6 10@9.10; stock CTS and feeders s5. s0ds 10; cows and heif- CTS, s3.4Gq9; calves. s7d11.25.
 Sheep Receipts. 45,000; market weak Sheep, s476@6; yearlings, s5.5oa6.4o; lambs, $6n7.S5.
 St. Louis, October 15-Hogs: Receipts. $500; market higher. Pigs and lights s675 97.S0; mixed and butchers, s7.40a7.sO; good heavy, $.6od79O
 Cattle: Receipts 6300; market steady. Native beef steers, S5O@1o.s5 cows and heifers, $sqs.65; stockers. s5@75o; Texas and Indian steers, s661050.
 Sheep. Receipts, 2900; market steady to shade lower. Native muttons, $4Q6. 70; lambs, $7dS. Kansas City, October 15.-Hogs: Re- ceipts, 7000 market steady. Bulk. T.101 745; heavy, $7.15d7.50; packers and butch CTS, s7.2507.55; light, Sa7.5o pigs, ss.5On7. Cattle: Receipts 45O0 market steady. .,iRrime fed steers, s9.65@11.25; southern steers, $7.10@Z25; cows. s4.501725; heifers, l $e.50G9.50; stockers, $5.75QS. Sheep: Receipts, 11,600; market steady. l Lambs. s6.9o@74o yearlings, 5.25@s weth- l CTS, $5q5.65; ewes s4.2SQ5
 Naval Stores Savannah, Ga October 15.--Turpentine nominal, 451sc; no sales; receipts, all; | shipments, 4; stock, 27,10s. Rosin nomi- l nal; no sales receipts, 1903; shipments zS; stock, ,493. Quote: A. B, $350; c. l D, $3.521k: E. F, c, IT, I, $3.55; K. $415; 1 M, $4.5o: N, $8; VIC, s6.25: wv, $6.s5.
 Cotton Seed Oil New York, October 15,--Under active l hedge pressure and reports of easier crude oil the early market for cotton seed oil showed decided weakness. With later | steadiness in lard however, combined with good western buying and a better consuming demand, the market rallied quite sharply and closed at to 10 points decline. Sales. 15,1OO barrels. Spot, 5.16@5. 40c; October, 5.15G6. .40c; No- 1 ' vember, 5.1s@5. 22c; December, 5.30@5. Sic; | Jenuary, 5.40a5. Ale; February. 5.50g5 .54c 1 March. 5.@Q5. 66c; April, 5.7SQ5.s1c; May,i , 5.ss@5 .90c Total sales, 14,700 II AA~