The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-11
FINANCIAL NEWS
AND COMMENT
Foreign Exchange Market Wait
ing on Gold Plan Devel-
opments.
LICENSE TO DEAL IN BONDS
Objection by Mayor Mitchell to
the City Loan Arrange
ment.
LICENSE TO DEAL IN BONDS

With every disposition to encourage ef.
forts looking toward the termination Of
the war in Europe. Wall Street was not
persuaded yesterday that any promising
peace movement could be under way
whatever basis there might be in fact for
rumors Of pacific undertakings here or
abroad. 1t was doubted'if the war could
DO regarded a. having reached any stage
that rendered possible peace proposals
on any terms which would be an effective
settlement and the financial community
did not allow its attNption to be dis
GRAFTON Of tho pressing problems which the
war has created.
The Bank Of Engiand's weekly return
showed continued though moderate i'm
provement In the position Of the institu-
ton. and announcement was made Of
plan proposed to the British Government
TO help small exporters collect foreign
debts. q measure designed Of course to
promote q further relaxation of London
monetary conditions. Anything OF the
sort Is bound to be welcomed here because
of the contribution which must be made
thereby TO tho increase OF domestic fnan-
cial facilities and the lessening of pres
sure upon this country to pay it's foreign
obligations In the most expensive form.
levels established this week, about $50
for demand and IS for cables. with a
fair supply of export bills reported. but
not much activity. The signs were that
the foreign exchange market was walt
ing on developments In connection with
the plan for a $3.50. 200. 900 gold under
writing for foreign exchange purposes,
In behalf OF which tho Federal Reserve
Board has been asked to use its iniiu-
ence The local opinion was that the
further representations made by New
York bankers at Washington yesterday
strengthened the probability of an official
Endorsement OF this scheme. but naturally
II 10 something which cannot be discounted
In money market operations.
An interesting circumstance OF the day
was the information that Mayor Mitchell
had expressed opposition to the city loan
contract arranged with bankers to enable
the municipality to finance It's obligations
maturing abroad. Possibly the intimation
OF a hitch In the arrangement may have
been responsible for the midweek hard
enins OF sterling exchange. but the fnan-
cisl community refused TO believe that the
city administration would fail to accept the
situation. II was understood that the
Mayors objection was not to the terms
on which the city Is to pay its pending
maturing notes. but TO the pledge OF
economy which It must give. There Is no
sh.t 10, u,ltl =.
enance 'hsl VIC oane ~n aeoepe ene
.o.. % o
no real apprehension that tho arrange
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