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Show MUG OFRATE CASE IStlTIFtG Wall Street Pleased With Decision of Interstate Commerce Com-merce Commission, NEW YORK, Sept. 21. In the absence of more definite developments. Wall street discussed with much gratification today the decision of tho interstate commerce com-merce commission to reopen the 5 percent per-cent advance freight rate case and the approval bv the federal reserve board of the $100,000,001) gold fund. - The decision of the interstate com- uierco cum mission whs accepted as evidence evi-dence of greater leniency by the government gov-ernment to the railroads, while the indorsement in-dorsement of the gold pool plan carried implications of a better understanding between the banking interests and the treasury department. Foreign exchange was again influenced to a great degree bv the success of the New York City loan and the J100, 000,000 pool, with the preliminaries of the latter lat-ter welt under way.1 Sight drafts on London Lon-don opened down a cviit on the pound sterling with a like decline in cables, ! but both recovered later on an increased. , demand for grain hills on London and , Paris. Exchange on Paris was again handled by way of the British metropo- : lis and some cotton bills on Berlin were negotiated via Amsterdam. Further large subscriptions for the city loan were received, many of them from abroad and the indications are that London Lon-don holders of the old notes will in many instances take the new Issue. A feature ot" the home demand was the large number num-ber of applications from small Investors in the middle west. The western money position continues strong, but railway traffic Is on the decline, de-cline, a condition wholly attributable to the European crisis. Expansion of enterprises en-terprises is being purposely checked by bankers, who are impressing the necessity neces-sity of retrenchment in all lines of business. busi-ness. Despite the smaller tonnage, grain movements are close to the average for this period of the year, while general merchandise shows some gains. On the surface the local money market shows an easier tendency, but rates still hold at 7 to 8 per cent. The supplv was larger; however, but last week's increased deficit in cash reserves acted as a partial par-tial check. There is little fixed date lending, but occasional loans for thirty days are reported at 74 per cent. There was an abundance of call loan money in the London market, where the D per cent rate continued for premora-tonurn premora-tonurn bills. Private cables reported a large over-subscription to the German war loan, with a gain In the specie reserves re-serves of the imperial bank of Germany. |