The sun., 1914-09-25
October 1. ,i..oo.Ooo OF which the STATE


October I. si.tO0,OO0 OF which the STATE
is desirous Of extending.
The Secretary's utterances relative 10
reasonable rates OF interest suggested that
his own comprehensions OF the situation
mi ght b. better for Ii tie more information.
There is a big difference between grant
Ing crNdit ~ stif price because pru-
dencc requires IL and Withholding credit
at any price. The obstacle In the Ten
ne~seo note negotiations seems to be
chiefly "A question OF interest, and WHEN
the city of New York has TO pay practi-
caily per cent for accommodation
Tennessee can hardly expect to obtain
credit at normal levels. 1t might be added
furthermore that II Mr.. McAdoo is going
10 undertake to secure the extension or
maturing public obligations of all sorts
on what he calls reasonable terms he Is
likely to have his hands full
Advices from London stimulated none
fut expectations Of the continuing I'M
proVcment of tho International money
market. The Bank Of Englands weekly
rctuirn showed an Increase OF about sl''-
900 OOO in gold holdings TO the highest
total ever reported. the reserve rtuo 10
liabilities making another gradual rise
II was thought that the announcement
which came over the cables that the lr''-
ish moratorium would cease altogether on
November T. with preliminary ternina-
ton Of certain features on october T.
nuet be interpreted as evinCing "A mate
rial hptterrnent all around In the BRUSH
banking position.
Sterling exchange remained firm AZ this
weeks level OF recovery, but there shou'd
h. another decline to now low levels after
the turn Of the month Commerclal paper
was reported to be moving more tree'S'
although without any lowering or prices
and increasing business was done IN ac-
cppttn,es. which we're quoted at bnb's
per cent for discount There Is no doupt
mat a real discount market Is being es-
tabllshed hero Al last ana that doI'@r eN-
change is being created.
Trading in the new securities OF New
York city met expectations by rising
prices The three year bonds went up
To iU2. with the two year bonds At l"i'
The notes were quoted trire above par
Tn, fact that tho stock Exchange com
mttee Of five rcscinded tho prohlpItloh
against using the facilities OF Stock lN-
chang. houses TO clear transactions for
non-members was an unmistdkahle token
oC expert Judgment that Investment CON
ditions favored Increasing enortS 70 90
business without restriction.
The grain markets were again more or
less heavy. The May wheat option closed
down ii5c oushel Attention was az
trac,ed by tho representation made 70
President Wilson IN behalf OF tho South
ern cotton growers who are asking TOT
direct Government loans on cotton ana
It was suggested that Mr.. McAdoo's state
neut on bank boarding was parity IN
.plred by the evidence mat Southern
banks were uudulv restricting credf N
;ho region from which these wenacing
proposals Tor Government assistance are
cmIuIting
The southern Pacific Railroad reported
for August =, decrease OF S5N2,ooO In gross
clruings and "A decline of tih6.5oo I'm net.
The International Mercantile Marine Com
papy announced that October interest on
th, counanv's ~, per cent bonds would
bn deferred.