Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-26
IN COMMERCE
-. AND FINANCE
Happenings That Throw Light on
Present and Prospective Busi-
ness Conditions.

ness Conditions.
or paramount Importance in the COM
fnercial and financial news of the week
are the preliminary steps toward a $780,
100000 gold -pool for the relief of the
foreign exchange situation. the success
full placing Of the s1OO,0OO0OO loan of the
city of New York and the decision of
the Interstate Commerce Commission to
reopen the per cent. freight rate case.
These favorable omens in the business
world were further augmented by the
lifting of the ban on trading in New
York. Boston, Baltimore and Philadel-
phia, providing that statesmen may be
sent out to solicit business for listed and
unlisted stocks and bonds.
Following the sanction Of the Federal
Reserve Board of the plan that the
100000 900 be raised to place the foreign
exchange market on firm basis. banks
throughout the country came forward
with the announcement that they stood
ready to advance whatever amount 1t
was considered they should. This
amount it ia believed, will only total
about s25,OOO,0OO, which will be placed in
the Bank of England's Ottawa branch.
The St00,000,000 loan in New York and
the rapidity with which it was placed Is
one of the best Indications of a gradual
return to normal conditions The loan
was more than FIVE times oversubscrlbed,
and IL is understood that foreigners. par
ticularly British investors, put in bids
for as large allotments as they could get
Referring to the threat made by Secre-
tary of the Treasury McAdoo that he
would publish the names Of banks hoard
ing emergency currency and would with
draw Government deposits from any banks
found to be doing SO. the new York
World asserts: Secretary McAdoo's
warning to the national banks against
the extortonate use of emergency cur
rency Is a warranted interference by the
Government in their practice"
On Monday Postmaster General Bur-
leson announced that he had under con-
sderation a plan to make the 2-cept
rate for letter postage effective through
out the Western Hemisphere. This an
nouncement is hailed with satisfaction
among business men. who are now work.
Ing to build up South American trade.
without doubt this proposal should
become operative. The plan, OF course,
would result in smaller revenue for the |
Government but 1t undoubtedly would |
increase our trade with the entire South
America
The New York Times says on this |
subject: Postal treaties and conventions |
looking to the establishment Of an ef- |
nClcnt money OrueT DuSlIeSS Will all |
Central and South American countries, |
Including the British, Danish, French |
and Dutch West Indies, should follow
the measures already taken to extend
banking facilities to merchants OF this
country in South American cities
Further to increase the trade of the
United States with South America steps
are being taken in Chicago for the or
ganizaton of a $4,000 banking and
trading corporation Trade experts dur
ing the week took trip on a special train
OF the Lehigh Valley, telling the needs
and advantages of Latin America. The
New York Sun holds that Americans at
the present time are not adapted to
trade relations in South America as the
Germans and the French are, because OF
the fact that the latter "become in lam
guage manners, etiquette, both social
and commercial, often in law by naturali-
Zaton, Brizilians or Peruvians. Longer
credit is another condition precedent to
American trade in South America"
It is estimated that the total wheat
production in the European war zone this
year will be about 260i, 100000 bushels. or
s2S per cent of last years crop This
should be encouraging to the American
grain man, considering that this country
will have n large surplus of wheat over
her needs this year.
The cotton situation assumed brighter |
aspect this week. Five Cotton Exchanges
IN the South. at Dallas, Memphis Mont
Komery, New Orleans and Savannah
opened. This should lead to considerable
buying of cotton throughout the country.
New warehouses are now under construc-
ton to care for the cotton bought, and
there is every indication that there will
be ample room to store the cotton where
1t can be held until the price advances
and there Is a demand for 1t. The South
ern Cotton Association will meet in New
Orleans next Tuesday. and 1t vii! prob
ably name a minimum price at which
cotton can be sold. The price now being
held to is 10 cents a pound.