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
mercial and financial news Of the week
are the preliminary steps toward $780,
100000 gold pool for the relief of the
foreign exchange situation, the success
full placing of the $1OO,OOOOO0 loan of tho
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 salesmen 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 a 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 1t Is believed, will only total
about S25000,000 which will be placed In
the Bank of England's Ottawa branch.
The Sl00000,000 loan In New York and
the rapldity with which 1t was placed is
one of the best indications of 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 extortionate use Of emergency cur
rency is warranted interference by the
Government in their practice"
On Monday Postmaster General Bur-
leson announced that he had under con-
sideration a plan to make the 2-cep'
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 a South American trade.
without doubt this proposal should
become operative. The plan, of course.
would result in smaller revenue for the
Government, but it 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-
fcient money order business with all
Central and South American countries,
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
ire being taken in Chicago for the Or
yan ne banking and |
rading corporation. Trade experts dur
ng the week took trip on n special train
If the Lehigh Valley, telling the needs
md advantages of Latin America. The {
Iew York Sun holds that Americans at
he present time are not adapted to {
rade relations in South America as the
Germans and the French are, because of
he fact that the latter become in Ian
,uage, manners. etiquette. both social
md commercial, often in law by naturali-
alton, Brzians or Peruvians. Longer |
'rcdlt Is another condition precedent to {
american trade in South America"
1t is estimated that the total wheat '
in the European war zone this S
ear will be about 2,6Q 100000 bushels, or q
rs per cent. of last years crop. This
hould be encouraging to the American
rain man. considering that this country d
will have n large surplus of wheat over J
Ter needs this year. p
The cotton situation assumed n brighter | .
spect this week. Five Cotton Exchanges
n the South. at Dallas, Memphis, Mont o
on;ery, New Orleans and Savannah f
pcned. This should lead to considerable !
uying of cotton throughout the country,
Few warehouses are now under construc- "
ion to care for the cotton bought, and
here is every indication that there will h
e ample room to store the cotton where
can be held until the price advances y
nd there Is a demand for it. The South Il
rn Cotton Association will meet in New II
rleans next Tuesday. and 1t will prob I,
bly, name a minimum price at which -
otton can he sold. The price now being 81
eld to Is 1G cents a pound. cl