The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-11
FINANCIAL NEWS
AND COMMENT
Opportunist Policy Coming to
Obtain in Wall
Street.
STEEL TONNAGE REPORT
Full Guarantees TO Be Required
Of Foreign Buyers Of
Our Goods.
STEEL TONNAGE REPORT
Affairs in Wall Stree. had settled down

Affairs IN Wall Street had settled down
at the opening OF the second week Of
the war abroad to state Of temporary
resignation 20 a prospect OF suspended
activities in many directions pending
events which would denote tho lines along
which effort could be safely and profita-
bly, exerted. The financial community
continued TO engage itself in a considera-
ton OF plans 20 assist In the resumption
of commercial, Industrial and monetary
movements, but II was not evident that
any very dcfinste and concrete agree
ments were in process OF formation. go
much progress was made last week In
relieving strains and tensions merely by
doing each day the things that seemed
necessary and desirabl TO do that an OPP
portunist policy is meeting on all sides
with increased favor because II is be-
iieved that events will march with sut-
flcient rapdity to prevent such a policy
from being obstructive
There was nothing m the war news
from abroad, 90 the extent that Il could
b trusted. which wns In any way oalos-
lated to give shape TO financial thought
Specific advices from financial centres In
Europe were all 70 the effeot that work.
ing conditions have been established and
that hsadway was being made in reliev-
ing banking and business positions
through processes OF liquidation and set
Element 70 that business could be done
presently despite the difficult orcum-
stances with which Il must be attended.
A. showing Improvement in this re-
spect the quotation OF AZ per cent. for
open market discounts in London might
he noted as well as the fact that the
reopening OF the London Stock Exchange
Is being mooted In the same way that the
reopenng OF the New York Stock Ex-
change Is being quietly aRitated here.
The locS exchange has now been closed
as long az In 1873. the only previous
suspension on account OF critical emer-
sencies, but there Is no indication that
regular dealings In securities will he
resumed IN the very near future. The
troublesome point Is the amount OF for
eign liquidation to be apprehended. and
this is something which Is 80 far only
a matter OF conjecture. In ali proba-
bility a great deal OF European llquida-
ton could be absorbed without n mate
rial weakening OF prices, provided the SELL
ing was done over period of months
Renewals OF time loans were made in
Wall Street at per cent. and the re-
newal of call loans at the same figure
became more general The return of tho
SIC. 800, 900 gold which had been shipped
on the Kronprlnzessin Cecilie went far
toward offsetttns last weeks exports to
Europe and to Canada. A hint OF better
conditions IN foreign exchange was AZ
forded by the quotation OF sterling cables
at 5L, down nearly So from the recent
maximum. bu, II could not be said that
there was as yet any trace OF the inter
national money market with which Wall
Street has been familiar.
Through direct dealings with exporters
a moderate supply OF grain bills is said
to have been placed. but the export trade
and foreign exchange market are still
deadlocked over questions OF shipping and
OF guarantees against losses. Grain ex-
porters observed with interest the report
that tho Belgian Government would guar
antee tho risks on grain shipments, but
exporters are coming to TIL point where
they are ready to insist that foreign con-
sumere make all guarantees ironcad
/ through proper provisions in financial
quarters. The further rise OF almost 3
cents bushel in wheat might have been
taken as showing the trade expectation
that grain would move freely TO the mar
kets. OF tho world before long. and Il was
an encouraging omen that corn declined
sharply. losing up TO cents q bushel on
/ reports that the crop position was better
than last weeks Government figures made
out.
In the other news OF me day there was
much that was OF hopeful import incIud-
ing the preparations 20 organize the Fed
eral Reserve Board this week. The idle
freight car report as of August ! showed
q decrease OF almost 10000 cars in the
net surplus OF equipment in the last half
OF July The United States Steel Cor
poration's tonnage statement showed a
gain OF 1879 tons in booked business
last month bringing the total at the end
OF the month up 20 within 1875. 900 tons OF
the forward orders at the end OF last year
The company's situation seems also Ia
have been bettered in respect to prices
because the factor OF foreign oompetl-
ton has been all but eliminated by the
war.