New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-25

The great grain exporting houses in
Chicago
should TIE events % the next few
weeks indicate that there will be no
outlet from The Black Sea until spring
4n immediate impetus 90 exports.
looked for, with q probable maftel
stfening OF prices. This would start
wheat moving from Che farm as wei as
20 the scahoard. Last weeks snip
ments Of wheat and -four were large
and may mean that the great export
movement has a. last begun.
Lumber, an important part OF 'he
tonnage Of many Of the carriers moves
slowly. A. 100 other lines depending
uron the willingness of investors 20
make large commitments. con truciloh
work ie backward. and this means mat
Iese lumber De- called for. franc I'D
miscellaneous merchandise 10 eApecieu
20 .rrrrovc. The outlook for the com
INC season In retail lines is eNceNehJ
and merchants supplies are 30 sma.'
that any important buying mean. lha-
stock must oe rcpienlshcd. trade re-
views are already telling OF orders
from retailers calling for immediate
delivery 70 On bare shelves.
Sterling Exchange Weaker.
Sterling exchange, instead Of getting
roarer to metallic parity Of 4s66J than
tbe 478 in the pound az which signI
Jrsfts on London sold four weeks o. so
AGO has been declining pretuly stead
IN on Tuesday there came 70 US
through Canada nearly $25,O00'UOO IN
cod to meet bills contracted for oy the
Allies. Pract. caliy every mail steamer
that comes from London brings Us some
of the precious metal used 20 meet M
+crrational balances. Yet the gold sent
has had little or no effect on eNchaISe
There was turned IN as FIRST payment
on the Anglo-French notes approx
ma.oiv S350O0O.00o. How TINS great
credit viii be applied 20 uphold ster-
ling rates Us q question that is per
plcxing foreign exchange experts. Inc
British government is reported as puf-
chasing American securities, and large
supplementary banking credits are be
ing arranged 10 appears that the ell
fort will be 20 steady sterling Tor
fairly long period rather man 20 MAKE
any remarkable appearance or strength
that cannot be maintained. demand
sterling last week got down TO 4.o5 IN
the pound, TO levels where II mad sold
around the middle Of last month.
The British government ls MAKING
vigorous efforts to preserve so lar ss
possible the prestige OF London as
financial centre. The Bank OF England
il releasing some gold for Spain, FOR
Japan and for South America, ns we!
as for the United states. Tn spite o.
this outflow Of gold. The Banks return
on Wednesday through lowered deposit
liabilities gave q proportion o. nearly
81 per cent of liabilities. There are
however, outstanding currency notes
issued against assets Of British imam
cial institutions. These do not bear on
their face any promise OF redemption IN
gold. and this growing mass or neon
vcrtible paper. combined with writ
ual restriction Of gold movement is
having its inevitable effect upon OK
change rates on London.
The United States is sending out
goods in immense quantity, for which
in great part the Allies have 20 pay.
ia September our shipments were the
greatest, save for last February, re-
corded in any month Of the nations
history. The total OF S29I.l6j,l0J was
within about S2.O00,000 of that Of Feb
ruary. The export balance in our favor
OF over S146.000.0JJ was again only eN-
cccdcI in the second month Of the year.
October viii apparently surpass tIc eN-
Dor. excess Of The month before. For
the first nine months of the year our
exports exceeded imports by Sl,228,-
100000,
Good Demand for Bonds.
Bond markets have been large, with
prices strong. The highest grade Of
Investment bonds arc becoming scarce
again The supply that came from
abroad last summer has been pretty
well absorbed, and institutions, which
constantly must purchase such obllsa-
tons to give occupation 20 their in-
creasing funds, have come more freely
TO the market. Individual investors
who consider safety OF principal mos,
important, have also accumulated .
good deal of these underlying obliga-
lions Some pant Of recent speculative
profits have been placed away IN good
bonds.
As prices for railroad bonds harder
the prospect for necessary financing
improves. The stronger railroads. which
have Te cL the temptation TO borrow
through sues OF shOrt-term notes, arc
not compelled TO engage I'm refunding
operations So far as they can they
viii refrain from new borrowing at q
time of high interest rates for capita.
investment Others, not so fortunate.
must come 90 the market, but they
should fare better, now that the grow
ing Investment demand and increased
confidence in railway issues because Of
traffic Improvement have strengthened
bond prices