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

ness Conditions.
of paramount Importance in the COM
,,ercial and financial news of the week
are the preliminary steps toward $780,
nm nm gold pool for the relief of the
foreign exchange situation, the success
tuI placing of the s1OO,OOO,OO0 loan of the
oitv of New York and the decision of
,be Interstate Commerce Commission to
reopen the per cent. freight rate case
rbese favorable omens in the business
world were further augmented by the
lifting Of the ban on trading in New
work.. Boston, Baltimore and Philadel-
mia, providing that statesmen may be
cont out to solicit business for listed and
unlisted stocks and bonds.
Following the sanction of the Federal
Reserve Board of the plan that the
stoo.OoOo 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
readv to advance whatever amount II
was considered they should. This
amount 1t is believed, will only total
about s25,OOO,OO0. which will be placed in
the Bank of England's Ottawa branch.
The 500 900 loan in New YORK and
the rapidity with which it was placed Is
.one of the best Indications of gradual
return to normal conditions. the loan
was more than five times oversubscrloeo,
and It Is understood that foreigners, par
ticuarly British investors, put In plus
for as large allotments as they could get.
Referring to the threat made by Secre-
tarv 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 1ork
world asserts: Secretary McAdoo's
warning to the national banks against
the extortionate use of emergency cur
rency is q 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 z-cep'
rste 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 trace:
without n 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. At.
The New York Times says on this
.ubiect: Postal treaties and conventions
fcient money order business with 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
Tinted States with South America steps
are being taken in Chicago for the or
ganization of a $50OO,O0O banking and
trading corporation. Trade experts dur
ing the week took trip on 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 IAN
guage, manners, etiquette poth sh sociai
and commercial, often in law by naturali-
zatlon, Brzlians or Peruvians. Longer
credit is another condition precedent to
American trade in South America
1t is estimated that the total wheat
production in the European war zone this
year will be about 26Oi,OooVo oushels, or
a2S ocr cent of last years crop. Thls
should be encouraging to the American
grain man, considering that this country
will have a 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
Eon;ery, 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 ana
there is every indication that there VIII
be ample room to store the cotton where
It can be held until the price advances
and there is a demand for it. The South
ern Cotton Association will meet in New
Orleans next Tuesday, and 1t VIII prop
ably name a minimum price at when
cotton can be sold. The price no" peihs
held to is lC cents pound