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

ness Conditions.
OF paramount Importance in the com
,rercisl and financial news Of the week
ore the preliminary steps toward $780,
mn mn gold pool for the relief Of the
foreign exchange situation, the success
,ul placing of the siOoOOO,ooo loan Of the
,tv 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
r,orId were further augmented by the
uftInr of the ban on trading in New
York, Boston, Baltimore and Philadel-
nhia, providing that statesmen may be
sent out to eolcit business for listed and
unlisted stocks and bonds.
Following the sanction of the Federal
Reserve Board of the plan that the
,tOo,OoOOo 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 so5,O0O,OO0. which will be placed In
the Bank of Bngland's ottawa branch.
The Sl00000,0O0 loan in New York and
the rapidity with which 1t 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
tIcuarly British investors, put In blds
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
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 a 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-cent
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, or 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 et-
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
United States with South America steps
are being taken in Chicago for the or
oI,o nf RI O0O Cn0 banking and
trading corporation. Trade experts dur
ing the week took a 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 lam
guage, manners etiquette both social
and commercial often in law by naturali-
zatlon, Brizilans or Peruvians. Longer
credit is another condition precedent to
American trade In South America
It is estimated that the total wheat
production In the European war zone this
wear will be about 1904 900 bushels, or
92S DER cent. of last years crop. This
should be encouraging TO the American
grain man, considering that this country
will have a large surplus or wheat over
her needs this year.
,r The cotton situation assumed brighter
ASPECT this week Five Cotton Exchanges
in the South. at Dallas, Memphis, Mont
gomery New Orleans and savannah
opened This should lead to considerable
buying of cotton throughout the country.
New warehouses are now under construc-
tion to care for the cotton bought, and
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 it will prob
ably name a minimum price at which
cotton can be sold. The price now being
held TO is 10 cents a pound.