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 OOHulttOuSs
OF paramount Importance in the com
mercial and financial news of the week
are the preliminary steps toward a s1OO,-
100000 gold pool for the relief Of the
foreign exchange situation, the success
ful placing of the $1,000 1000 loan of the
oitv 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-
phla, providing that statesmen 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 ,
s1OO,OOO,O0O 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 it
was considered they should. This
amount, 1t is believed, will only total
about s25,0OO,OOO. which will be placed in
the Bank of Englands ottawa branch.
The 100000 900 loan in New York and
the rapidity with which IL was placed is
one of the best indications of gradual
return to normal conditions. The loan
was more than FIVE times oversubscrIbed,
and it 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 |
.t,a, rpt- nj nv "a q
found to be doing SO, the new York
World asserts: Secretary McAdoos |
warning to the national banks against |
the extortionate use of emergency cur |
rency is a warranted interference by the |
Government in their practice"
On Monday Postmaster General Bur-
Lesson announced that he had under con-
sderation plan to make the 2-cept
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 1t 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-
fclent money order business with all
Central and South American countries,
including the British, Danish French
and Dutch West Indies. should follow
banking facilities to merchants of this
country in South American cities"
Further to increase the trade of the
United States with South America steps
are being taken in Chicago for the or
ganization of a S5,OOOOO0 banking and
Jl,y to Jpr. |
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
guaEe, manners, etiquette both social
and commercial, often in law by naturali-
zation, Brizilans or Peruvians. Longer
credit is another condition precedent to ,
American trade in South America"
II is estimated that the total wheat
production in the European war zone this | 5
year will be about 2,6Oi 100000 bushels or
92,S per cent. of last years crop. This
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 c
New Orleans and Savannah t
opened. This should lead to considerable +
buying of cotton throughout the country
New warehouses are now under cOnstruc- '
tiom to care for the cotton bought and
there is every indication that there will +
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 I
Arn Cotton Association will meet in New t
Orleans noXt Tuesday, and il will prob I,
ably name a minimum price at which
cotton can he sold. The price now being
held to is 10 cents pound. c