The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-01
FINANCIAL NEWS
AND COMMENT
Uneasiness Over Possibility Of
Continuation Of British
Moratorium.
WHEAT Is AGAIN STRONG
Options Rising Briskly-Not
Equalling Top Prices Of
Last Week.
WHEAT Is AGAIN STRONG

Over the week END and yesterday there
was no change In any essential feature In
the financial situation. The news OF
further German successes in the north Of
France continued to he made the basis
for differences as TO the probable length
OF the war These and a growing reaii-
zation OF tho generally unfavorable effect
or tho war upon business activities In
our own country had a perceptible effect
upon sentiment Intimations received In
foreign cables that the British morator-
ium- which expires on September 8, may
be continued for a further period OF time
also exercised an adverse influence. The
moratorium In England has been ono of
the most serious obstacles in the way of
a resumption OF our export trade and a
clearing up Of the many complexities OF
the situation which is now paralyzlng in
ternational financial communication.
The wheat market was again very
strong yesterday, options rising briskly,
although not quite equailing the top
prices of last week. The continued
strength In wheat Of course bears a
close relationship to tho developments In
the theatre of war. The now recognized
possibilities Of q widening OF the scope
OF the conflict to include at least two
more European Powers wore something
that could NOT be wholly diregarded.
EXP of wheat yesterday were smaller
than tho recent daily average. An i'm
portant incident in this respect was the
receipt Of word that the British Gov
eminent would forthwith appoint a oom-
mittee to release all cargoes. not actual
prizes OF war. which had been diverted
10 tho United Kingdom since the outbreak
OF the war This step will clear up one
feature OF the situation which has seri-
ously restricted action by exporters. II
Ia interesting to note that there Ia a
large foreign demand for copper. Ship
ments OF the metal during August were
As, 600, 900 pounds. or within 20 per cent
of normal
Conditions in the foreign exchange mar
ket were practically unchanged. Rates
did ease a trihe, but not enough TO give
assurance that new trend had been
est a blished. New York exchange on
Montreal continued TO rise, touching the
utterly abnormal figure OF per cent.
discount. which eloQuently testifes 20 the
pressure OF rernittances to that quarter.
Another conference was held between
bankers TO consider the specific question
OF meeting the New York city indebted
ness abroad II was reported afterward
that the obligations falling due in the
present month would be met In the regu-
lar way. but no details we're made known
as to the manner in which the transac-
ton IL to be arranged Presumably this
means that the disposition OF the larger
part Of this Indebtedness will be settled
later. Announcement was made also that
arrangements had already been made TO
meet the Lake Shore note maturing
September 9. In the case OF the latter
opportunity will be offered TO renew the
notes for another year on favorable
terms. those NOT wishing TO do 30 TO be
paid of In cash This ofrer ought TO
furnish an interesting test OF the foreign
attitude toward our securities, az we'll as
OF the state OF the capital market.
The Government cotton report for
August. issued at noon, made the
average condition OF the crop rs per cent
This compared with 764 per cent as OF
July 25 ana a condition OF $50 per cent
In August n year ago. The estimate now
is for n crop Of 100000 bales. The
remarkable Improvement In the crop
during the past few weeks, when the
prospects for the trade have suddenly
turned black az a result OF the Europcan
war. Is feature that is not altogether
season must be considered an awkwar I'd
he to increase the burden OF carrying
sumed on something like normal lines
The amount of September interest and
dividend payments IL perceptibly smaller
than for the same month year ago and
II is possible that tho effects OF hoard
ing OF cash by some OF the smaller cor
porations are already showing themselves.