The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-22
FINANCIAL NEWS
AND COMMENT
More Satisfactory Indications
Noted in the Foreign Ex-
change Market.
COTTON PLAN MODIFIED

Foreign exchange conditions may have
"A deceptive appearance. but IL begins 20
look as though the problems Of the inter
national money market were solving
themselves In a fairly satisfactory way.
Wall Street has been vastly confused
I'M the last few days by tho contradictory
character OF Washington dispatches pur-
porting 10 tell what has been discussed
| in the international conferences with Sir
George Paish and Mr. B!ackett tho Off
"ial representatives OF British nulnce.
Nor has much light been furnished by ar-
counts of the views entertained both by
Secretary McAdoo and Sir George regard
Ing the general nature OF measures In
tended to bring about more workable
conditions Tor commerce and finance. The
mysterious scheme for note Issues suR-
gested has proved particularly pulling
and bankers here are inclining TO believe
that the need OF special devices and ap-
plinnces Is nor great enough TO warrant
so much bewldcrment
AZ any ratio they are pointing out now
that the discharge OF American Indebted
ness abroad 81 proceeding quite 70 the
satisfaction o. London creditors r the
communications received from loudon are
{" be trusted Tho supply Of sterling OK
change. although far from normal. seems
10 be large enough TO meet demands and
tho availability Of bills for remittance
Is reducing the probability of a continued
gold export movement IN any sustained
volume.
or course the problem CT reopent1g m.
Cotton and Stock exchanges is not being
automatically solved. but the financial
community Is beginning 10 think that
international dealings In both markets. as
IN the money market, are likely TO be
Facilitated moro by the undertakings OF
10 Arl.
mental negotiations In progress Clrcllm-
stances may cause this opinion 20 he al
tered shortly, but II Is the one which is
coming TO prevail az the moment.
There was all around relaxation IN the
Foreign exchange market during the day.
Sterling bills fell 20 494t, for demand
and 495is for cables. n level from which
they rallied "A little, only 20 relapse again
toward the close. Francs eased off and
German exchange fell to new low dis
count, marks being quoted at Of. Their
lall was as usual Variouslv Interpreted
as rejecting either adverse financial con-
dluons IN Germany or process Of
establishing credits here {" be used In
financing purchases of supplies
Foreign exchange dealers were very
mucn Interested "a reports that British
insurance companies were refusing 10 take
risks on shipping 20 bellgerent countries.
bur there was no vFSN clear idea as to
just what THIS embargo involved. II was
not believed that it would AFFECT very much
the present growth OF our export trade.
Wheat rose sharply again on reports OF
heavy export buying and corn aud oats
We're both firm. The financial air was
filled all day with rumors OF he1dva.
making in the promotion ~ the scheme
for banking pool 70 lend $3.50. GOA. 900
on cotton md n feeling was manifested
that before long conditions would be
established conducive TO "A resufnptlor o.,
regular business IN this important stapIa.
the plan has been very greatly modified
from It's original character and the prlrct-
pa burden ia PLACED on the Southern
parker. VINO, however. gets large support
from the rest of the country. II stlll 70
mains question ~ the cotton grover viii
be reconclled to the low prices for cotton
with which the bankers ara reckoning but
the pool project should at least assist buy
ing OF cotton for consumption.
Discussion about tho reopening OF tIlo
Stock Exchange tended generally 10 rest
Tor the time being In tho outlook for the
railroads In N" rate case now being heard
ny the Interstate Commerce Commission
iessimlstc differences were drawn from
reports OF the proceedings, hut II is some
what premature to assume that the com.
mission can overlook the solid arguments
which bankers have been submitting 10
show how much depends on encouraging
Investment confidence IN the stability ~
railroad credit
weekly reviews ~ the iron md s+,nl
TRADE wore more or less depressing. al
though point wax madc Of extensive
'Ap"r' orders for machine tools