The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-03
FINANCIAL NEWS
AND COMMENT
Our Bankers Make Progress i'm
Supplying Funds for Other
Countries.
ARGENTINE LOAN PLACED

Stocks were in a state Of continued
specifically a little heavy. but except for
Iome familiar features there was no
weakness. which was as significant a. the
sustained strength shown hy certain i'm
sustrials The st Paul convertible g.,
per cents made a rcacjiuuary response
60 reports about = forthcoming sale Of
some s2O. 100000 OF new long term bonds
by the company. but there is nothing in
new financing to make any hut feather
headed spectators bcarish The most
hullish sign which could Offer would be- q
good deal or financial activity nf the
sort. because il would mean tho genera =
zion Of forward business impulses
The wheat market was strong at the
high level Of the season. Other grains
displayed advancing frmurss Cotton
made another sharp rise and ono Of the
striking portents OF commercial improve
ment has been the uumistakahlc recover
ing trend IN this distressed staple. In re-
Spouse to heavy foreign buNiug for for
ward delivery, particularly 10y Germany.
few days ago the Agricultural Depart
ment estimated the value of the Cuuutry's
farm products last year at Sg.N13 600 Ou0.
new record. despite the contraction
which has taken place In cotton prices.
and agriculture has laid the basis for
better general business In the present
year.
Foreign exchange exhibited renewed
symptoms OF ease and sold below the
levels " Thursdays recovery. As usual
on Saturday no domestic money market
was quoted, but the aspects of money iu
al departments are auspIciuus. There
was only a slight hardening both IN
Wall street lending rates and In foreign
exchange over the year end. after
had fallen to new low levels at the
outset of the past week. Tho prospects
are for increasing money market activities
TINS month. but without rising quotations
And In all probability further relaNa-
tion will disclose Itself in some branches
Of the market particularly IN foreign cN-
change. as result Of the increasing
growth of the country's export trade
which apparently gave December an eN-
port balance OF $4,000 OOO or more
The weekly bank statement exhibited
the influence Of The year end adjust
ments. An increase OF almost sia 900.
600 was shown In deposits, but the de-
crease in surplus reserve was only a
little more than 81 10000
To what extent Wall street Inactivity
IN the last few days has been owing 70
disposition to await the opening of the
London stock Exchange tomorrow is a
question. The sinking OF the British
batleship Formidable was rather a poor
preparation for the London resumption,
but the restoration Of the London mar
ket will be SO much mater II form
at the beginning ;hat there has been no
reason to regard IL as ANYTHING more
than marking the point o. departure for
financial Improvement later on
One OF the best signs in fGrei ign
financial advices has been te evidence
that the French situation WAS going
better toward the end Of 1914 after hav-
ing been relatively the worst I'm Europe
At least efforts toward betterment have
been indicated by the announcement that
some ~ the larger French banks would
~ once return to doing business as usual
and waive all moratorium provisions.
Two items OF news which came out
over the New Year holiday and attracted
much attention had an important tearing
on our external financial! relations. II
was stated that the Bank of England
had sold more than $1,000. coo gold aud
there we're implications that this rcore-
scented some kind Of shifting iu the
nature ~ transfe. from ottawa to
New YORK. At the same time g. was re-
ported that about ,G,5u0 prH gold was on
the way from Brazil 10 London.
The other significant piece OF news was
the success OF group Of leading Amet-
can banks and banking houses In taking
from lfDtlOu cOnlItllI on Nll ATEtIIlI'lf
Governments issue Of $4,000, 600 ~ one.
two and three year 6 per cent, notes The
loan will he offered for public subscr,p-
ton here aud will undoubtedly he readily
absorbed. The arrangement thus made
20 place American capital at the disposal
Of one OF the leading South American ma
tions is hut an earnc.' Of what this
country can do i'm the direction Of pro-
noting the recovery OF commercial Ell
terprise everywhere.
American attention has been turned
70 the possibilities OF entry into the
worlds banking business and steps have
already been made to establish the Amer
lcan banker IN new capacity in the
International money market. The Argen-
tine loan follows rapidly on tho loan OF
almost $1,000. 600 made 10 the city OF
Montreal and both are Of encouraging
omen for the further expansion Of the
country's export trade and It's favorable
reflection on domestic enterprise.
The publication OF the Admiuistra-
lions note Of protest against excessive
British Interference with our commerce
helped to dispel any financial uueasness
which might have been felt over the
matter The admirable lone OF tine note
seemed calculated 10 elicit = satisfactory
reply from the British Government and
such a reply IL expected