The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-16
FINANCIAL NEWS
AND COMMENT
Wall Street Finds Some Rea-
sons for Sentimental
Betterment.
CALL MONEY AT Z PER CENT.

Some recovery In sentiment from the
extreme Of depression IN the first half Of
the week was manifest In wall street
yesterday. This was encouraged by varl-
Gus Influence, among them the more
hopef,i, tenor " war sdvIces regarding
the allies because wall Street believes
that the chances for early financial and
business Improvement here are materially
dependent ON tho progress of the allied
cause. Another matter which entered into
tho reckoning was the further gain In
condition reported by the Bank of Eng
land, whose reserve ratio rose . points
more loans decreasing and gold holdings
Increasing about S12,50O.OO0 to a new
aggregate 100000 900 above the best
previous record In tho banks history.
This showing suggests that tho London
position cUnduceB 10 the proffcr OF help
fui proposals to American finance by
the British Treasury representative, whose
visit has been awaited for the past week.
Official statements at Washington that
foreign trade figures disclosed the grad
ual accumulation Of an export balance
on rho daily movement were In Keeping
with a variety OF Information going 10
provo that foreign purchases of goods
and commodities are growing heavier
all the time, even though they are being
largely paid for by merchandise imports.
which are remarkably well maintained
under the circumstances
Our foreign trade must be counted on
slowly TO help the direct measures
sdopted TO relieve the strs ined situation
IN foreign exchange, which wa again
demonstrated by another advance IN the
pr1oe OF sterling bills demand being
ouvted around i97i5, with cables cent
higher There was alro some strength IN
exchange on Holland, which presufn-
ably represented. at least IN part,
PROCESS OF remittance TO Germany.
II would seem that tho gold fund com
mites has not sold a great deal or cN-
change 80 far, hut the provision which
Il denotes has benefited the situation 10
some extent by its assure nce OF OBTAIN
sble remittance which might NOT oth-r-
wise be procurtble. The ioutn call lot
payment OF subscription on the New YORK
city loan, the nstalment amounting to
sTs7s, OOO was accompanied by trans
fer of some $4,000. 600 moro god to Can
ada and II Is thought that the purchase OF
exchange on account Of the loan explains
TO a degree the persistent trrfrness or
sterling bills.
A striking and gratifying development
OF the day was prefer Of bank money
20 be loaned At ! per cent. ON call to stock
Exchange borrowers This was another
significant token OF the relaxation Which
las been taking place In the domestic
money market. where per cent. has lately
been the ruling call loan rate except IN
the case OF the accommodation granted
TO regular customers AT lower figures.
From outside points came reports OF re-
ttrement of clearing house certificates. and
this process should he accelerated by the
expanding volume OF emergency currency.
the issue OF which. according to Treasury
figures. amounted TO 335s, 900 by Tues
day last.
Apparently the domestic position OF
money Is getting TO be SUCH that n some
impulse TO reviving confidence IL afforded,
euoh as could emanate from the Inter
state Commerce Commissions allowance
OF liberal rate increase. in the reoDcned
Eastern rate case. distinct all around bet
ter7nent In general business might spon
be witnessed irrespective OF the interna-
eional situation The importance OF the
bearings which begin in the rate case
tfert week Is emphasized by the reasons
esf forth In the withdrawal OF the Wabash
REORGANIZATION plan from the Missouri
Public Service and Illinois Public Utility
commissions. The brief memorandum OF
the reorganization committee is most
effective presentation OF the fact that the
welfare OF corporate enterprise Is not af-
Iected solely by the emergency precipi-
tated abroad hut is involved In public
policies at home
Apparently business cOnJectuieS have
boon INDUCED in as 10 the meaning OF the
measures instituted for increasing per-
united dealings In securities. So far II Is
not obvious that the reopenng OF the
Stock Exchange has been brought nearer
hut II Is indsputabe that financial con-
ditions have been relieved by tn" expand
ing sanction given for cash purchases OF
bonds stocks and notes. Nor is Il quite
obvious why financial interests should dis
approve publicity OF quotations for securi-
ties which are not Customarily collateral
for hank loans. The public appetite for
quota tions is more apt TO be whetted by a
lcfusal 20 give quotations than by allow
ing some 10 bc furnished.
At another time the Washington init
nations that the Administration was pre-
pared 10 proclaim peace for big business
would have attracted more attention. Just
AT the moment notice In respect 10 Wash
ineton liz chiefly absorbed by the dispo-
sition which will he made OF Southern
demands FOR governmental aid 20 the cot
ton growers.
Bankers here are engaging themselves