The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-10
FINANCIAL NEWS
And COMMENT
Another Large Cash Gain by the
Banks in Past Week
Indicated.
FOREIGN EXCHANGE FIRM

Matters Of routine were about all that
ohtrudcd themselves or Wall Street at
tention yesterday. Such actual develop.
ments as there were did not Indicate any
particular change in financial or business
conditions. certainly not for the worse.
London advlces continued TO employ the
word easy" in reference TO the money
market over there.
Tho only feature Of politics which came
IN for much notice was the passing of the
Clayton antitrust hill. Tho banking and
business community has observed tho
completion of the political programme at
Washington with an academic regard
lately because Of the more press
irg subjects which have had to
10 dealt with. Also Il has been
felt that much of the new bust
ness restricting legislation would not en-
dure the tests awaiting II. With respect
10 the Clayton bin curiosity was pro-
voked az to how much OF IL may have TO
he repealed or remain dead letter under
tho conditions which tho war Is going to
create for American enterprise.
striking Item Of trade Information
was furnished ny the abatement ~ dry
goods aud merchandise imports At the
port OF New York. The return showed
that tho inward movement, Of goods was
kkeepirg well up to last years imports-
lions Tho only conclusion which can be
dra p'u from this H. that great foreign
liquidation Of commodities and manufac-
tured articles under way Is forcing alb
sorption here. The fortnightiy statement
Of idle freight cars showed q decrease
Of a. little more than 5000 IN the net
surplus In the last half Of ptemher, this
falling off being much less than In the
previous four weeks. Wall street con-
al
hibt Of the United states Steel Corpora
ton made the maximum guess of II de-
crease OF $50, 600 tons in untitled orders
during September.
Announcement was made OF a blanket
mortgage plan for the Baltimore and Ohio.
which Is thus added 20 the frightening
list Of large railroads making cornpre-
hensive plans for future financing. The
shareholders of the company will he asked
10 ratifv refunding and Improvement
mortgage scheme under which not more
than $500, 100000 OF bonds can he issued
except by express vote OF tho shareholders.
The syndicate which took $40 900, 200 OF New
York Central a. per cent. bonds last
spring has been extended for six months.
II is understood that only about $1,000
900 % tho bonds remain to he sold.
Wheat after some display of strength
reacted and closed at "a decline. Corn
and oats followed a similar course. The
fecliUg IN cotton circles was tlat between
the efforts Of bankers and OF trade In
forests matters were shaping toward some
arrangements which would lessen tho
distress threatened by the prospect OF
large unmarietable surplus from this
years crop. The campaign In which Sir
Charles NIAGARA, official head OF the cot
ton spinners in Great Britain, is en-
gagged TO procure joint action by our
Government and the British Government
70 finance this cotton surplus a reserve
against future shortages advertises n real
economic possibility IN tho situation.
On the known movements OF money the
local banks have gained upward OF $50
100000 cash this week. The current Of
cash lately Is another indication OF the
underlying tendencies OF tho money mar
ket toward Improvement because OF i'm
provement in the banking position. For
eirn eNcange continued It's peculiar dis
play of strength in sterling. demand bills
being quoted around 49, and cables
around 4.9s. Marks reached a new low
level
BY next week perhaps the operations
Of tho gold fund committee may take
more effective turn. especially as there
seems to be impending a series OF confer
snoes here which win he participated IN
ny an official representative OF the British
Treasury and of British finance In gem
enal. Sir George Pash s expected to
arrive before long and his arrival should
Initiate negotiations which may have the
most optimistic outcome