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Show WESTERN BIKERS LEi MONEY IN EAST Rates of 7 and 8 Per Cent Prove Attractive; Foreign Exchange Weak. N'KW YORK, Sept. 17. Weakness of foreign exchange, which fell to the low-eat low-eat quotations since the outbreak of the war, was the most significant development develop-ment In the general financial situation today. Cables on London declined to ?-J . G4 and demand to J4.96, chiefly as a result of buying of the new New York City notes. Grain bills were in better supply and offering of cottun bills on Berlin constituted consti-tuted a new feature of the exchange market, which embraced more activity in francs and pesetas. Gossip centered largely around the Xew York City loan and its attendant features. The most conservative opinion was that Europe would take at 'east 20 per cent of the Issue. Is-sue. Demand for private investors and big corporations, such as the insurance-companies, insurance-companies, was said to be gratifyingly large. The better sentiment extended to the curb, private sales of Standard Oil Issues being reported at prices on a parity with those of July 30. As a partial offset, however, how-ever, it was stated that bond prices were lower, fear of foreign liquidation in these securities being the most serious aspect. Other adverse news was contained in the passing of the International Harvester Har-vester common dividends, similar action by the Crucible Steel company on its preferred pre-ferred stock, reduction of the American Express quarterly disbursement an(l more curtailment of operations by several of the Michigan copper companies. In every instance those conditions were traceable to the foreign situation. On tho other hand, advices from Chicago Chi-cago and other Important trade centers bespoke a more cheerful view of the near future, several large industrial companies adding to their working forces. Calculations regarding this week's bank statement are likely to go awry as a re-suit re-suit of the payments now being made for account of the city loan. Western banks are lending more freely In this market because of the attractive rates, which hold steady at 7 to 8 per cent. London's discount rates continue to offer of-fer a striking contrast to our own, three-months three-months bills being taken there at 3 per cent, although the Bank of England rate remains unchanged. That institution made a favorable return today, its liabilities liabili-ties reserves being further strengthened, while gold holdings increased about $6,-000,000. |