The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-16
FINANCIAL NEWS
AND COMMENT
Features of Improvement in
Money Conditions Here and
Abroad.
INQUIRY FOR CITY NOTES
Wheat Prices Up Agsin-What
Comptroller's Bank Call
May Show.
INQUIRY FOR CITY NOTES

Monetary conditions continued b. give
further indications OF Improvement both
at home and abroad yesterday. II such
betterrnent as has appeared Is owing much
20 the aspects OF the war news, and this
may be the case. for the financial and
commercial activities which interest us
most directly are presumably affected
by tho appearance OF turn " the tide
OF hostilities In favor Of the allies a
certain amount OF rererVs must be- felt
toward monetary implications Tho for
tunes OF war are too hckle for any grea;
reliance TO be placed on any phase of
the war short OF It's manifest determine
ton.
At tire ssms time financial reports from
London all went 10 show broadening
operations. including dealings IN seourl-
ties. There has been some successful
placing Of investmen issues in London,
chiefly OF a public character. and a very
large subscription Is expected for the
third Offering OF s75.ooo.ooo OF Treasury
bills 10 be made to-day Open market
discounts are ruling much tower than
tho bank rata although our bankers are
very ohsIy about avuilns themselves
of the priWlexs Of drawing bills on Lon
don They have had too much untor-
tunate experience lately N osins short
OF exchange In q war and arc not In
onned 20 take chances with military do
veiopments. proferins TO allow business.
10 develop In restricted fashion through
export dealinss and svoh ensascments
IN securities a. the ctruumetano,s OF
the day permit.
There b apparently some reason TO
believe that . fairly rcsoiute effort 4,
under way In London to solve the prob
lem or resumption OF regular business.
In tho securities market, and I, q alto
fhaf ~.
the reopcrins OF the stock exchanges will
be taken abroad This was tin, case IN
tn" measures adopted 10 rrhablitate the
International money market, although CO
operative cndeayOr will a-o be required
here. Thu point Is worth making a. 20
the matter % leadership In settling these
financial problems, Tor the stock exchange
question Is being discussed In this country
as though Wall Street alone must hnd
the answer.
How much progress has been made
toward the relief OF financial strain which
Is the necessary prerequisite 70 a resurlp-
ton Of activities IN tire se.urt.y markets
IL further evinced by tho expectation her.
that con-iders BILE amount Of the new
New York city per cent notes will DO
PLACED In Europe Nero;ia.ions 60 that
end have been partly responsible for caus-
Ing delay Of public Offering OF the
800. 600. 0on issue which the banpp have
taken. but from Inquiries which banking
interests hc-c have received u "a believed
that the response 20 the public Offering
OF the notes will be so widespread and
encouraging as 20 provide favorable In
:iuences for the relief OF a good many
pubic and private positions dcIsrdcnt on
possibilities OF getting some new financing
or refinancing done.
Ths Republic Steel Company by Do
serrirz action on the preferred diy1de nd
was added TO the list OF corporations
which have had to postpone d!sburSe--
nents on account OF business And financial
conditions. The request OF the American
Mailing Company tina, the holders of tho
s2,40O,O 900 bonds due next December eN-
tend them 20 the middle OF 1917 Is symp-
tomato Of the course which mus. he
adopted In many Instances. However. tho
development OF Dealings IN securities in
som- fa2hion OF market regular or
otherwise, Will promote movement OF
capital OF great help 10 corporate fnanoe
and 70 enterprise generally
Wall street has had "a growing oonvtc-
ton that the problem Of the securities
market Will be simpined II the attempts
of the railroads 20 alter governmental at
t.tudos toward them meet with an appre-
c!ative reception from the Interstate Com
merce Commission and other representa-
tlves OF governmental authority. This
subject II al the moment engaging more
financial attention than anything else IN
the category OF politics, although the re-
suits OF tho Maine election did not escape
notice The financial consensus OF tho
Maine returns WIS that they were not
particularly significant OF any extensive
alteration In political circumstances at tho
general election IN November
Foreign trade returns at the port OF
New York alone suggest a worse showing
for the country as a whole than had been
looked for Imports decreased si2 600, 900
In comparison with the corresponding
month last year, while exports fell of
S44 100000. Tho proportion OF these
shrinksgee tends more to denote ne en-
largemeut OF debit balances than the con-
trsry.
! without much change in quotations there
was an evidently easier tone In the local
money market, and more relaxed tenden-
| ces in foreign exchange we're evinced BY
"a decline IN sterling cable. TO within "a
half cent OF demand bills. which wore
/ quoted az 1874 The issuance by tho
Comptroller OF the Currency OF call for
national bank conditions as or last Satur-
day provoked some astonishment. because
! Saturday IS never n fair day TO test bank
positions, although the suspension OF deal
inys In securities may make the exhibit
more nearly measure OF conditions than
would otherwise be the case.
Unless also tho return should assist
/ Federal Reserve Board conclusions ali ut
| the establishment OF the new banking sys-
/ ten Il II not obvious why tho banks should
/ have been asked 10 make their reports at
such = season OF arrangement rs tho pres
ent. still tho call may have one very
excellent result II II should demonstrate
that whereas the banks Of the lead
ing cities have been doing all In their
power to relieve strain many OF the Interior
| banks have been INDUCING IN n repre-
henslble boarding OF reserves. Advertise
m~nt OF ouch contrasting attitudes oould
readily have the cfrect OF enlsting public
opinion TO compel the adoption or more
lbertl and sensible courses by the hoard
| Ing bankers
IN the agricultural commodity markets
prices turned upward again. After some
| Wild Tyratiuns wheat closed al u substan-
tial advance, the May option gaining Q
| cents bushel. Largo export buying WAS
reported to have been induced by the do
cline OF the last few days. In cotton cir-
cles Il IN tho confident conviction that
the syndicate plan 90 hnnuce New York
ard Liverpool engagements will clear the
way for ar early reopenine OF the cotton
exchanges. which would be Il very u-
portant step forward In the readlustneUts
that tho war cmel geucy has required. The
weekly weather report noted sdt.sluctury
progress In winter wheat Nloughiny and
planting