Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-09-06
Presidents War Tax Measure
Aids in Heartening Finan-
ciaI Community.
OPTIMISM OF BANKERS
ALSO IS ENCOURAGING
Foreign Inquiries for Rolled Steel
Products Noted-Domestic De-
mand Reduced in Volume.

NEW YORK, September 5.-Consider-
able progress toward a recti1cation of
conditions created by the European war
was made during the week. In fact, for
the first time since the closing of the
stock exchange the domestic financial
situation assumed such shape at to offer
hope of speedy return to the normal in
many lines of commerce and industry.
President Wilson's war tax mes
sage to Congress, the optimism
manifested by the bankers in con
, ference at Washington and the
formation of a banking syndicate to take
care of New York city's maturing obli-
cations abroad were the conspicuous
events which heartened the financial
ton conference to urge the immediate Or
ganiZation of the new federal reserve
system also is sure to be hailed with
satisfaction in all section of the country.
Grain Advances Hurtful.
Further sensational advances in prices
of grains were viewed with concern in
conservative quarters. where the specu-
lative operations in that market are re-
garded as detrimental to the best inter
ests of the country The outlook for
handling and financing cotton Is vlsibly
improved by readjustments now under
way, and exports of this staple and our
cereals are bound to change our foreign
debts into credits before the expiration
of many weeks, it was believed.
The steady decline in foreign exchange
was a natural result of the weeks devel-
opments Gable and demand bills on
London may be expected to show fur
Their relaxation as shipments of our COM
modities increase, but continental ex-
change probably will continue to reflect
the conditions prevailing at the French
and German capitals.
Money Market stifens.
The local money market stiffened in the
course of the week on increased scarcity
of supply, interior banks, in many in
stances, refusing to renew loans. Com
mercial paper was in better request, the
demand coinciding with authoritative
statements to the effect that the mercan-
tile trade is rapidly adapting itself to the
embarrassments and handicaps provoked
by the war.
Many railroad reports for July were re-
turned and with few exceptions they re-
f1ected decreased tonnage. IN the steer
and iron trade mixed conditions continue,
with further backwardness in the copper
industry.
Iron and Steel.
NEW YORK, September 5-Foreign
Inquiries for rolled steel products re-
suited in some business this week. the
most important transactions being
10, 900 tons of plates for export to AUS
tralia and the repurchase of 10000 tons
of rails for shipment to South America
and Australia. These orders were orig
inally placed with German mills. One
sale was for 1900 tons of barbed wire
and smaller lots of plates, shapes.
sheets and wire nails to Europe. In
quiries are still in the market for
80, 900 tons of rails for the Victorian
government, Australia, 1000 tons of
rails for South Africa and 1000 to 5000
boxes of tin plate for India.
Arrangements for foreign credits on
the western hemisphere have been
about completed. The United States
Steel Corporation has complied with
the legal requirements for the trans
fer of ten boats of it's fleet to Ameri-
can registry.
Reduction of Volume Noted.
Domestic business was reduced in
volume In nearly all lines, but tin
pla+e and sheets continued relatively