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Show SITUATiGTJ EASIER Development Is One That . Interests Financial Circles Cir-cles on This Side. XEW YORK, Sept. L The most interesting in-teresting riuaucial development of today, to-day, as been from thisnu-jln, was the rciiier ense rei'orted ip. the l'urd.m discount L-imation. Despite tl:e extension exten-sion of ihe British moraioriun., some Jjoiieoti bankers were reporte'l ti. !e buying American 1 .ll?, of waici rlie v.ifpiv was soiail, "ik wever, :nisc ot ihe su,'nsef ecrjtnktton of -.'-a: -liases ir. connection wtvh initial Xew tor citv payments at J oinion an l I'ans. ilxcl'raige was u tritle easier, but1? cables and demand "being from'1- 10 1 cent under yesterday's highest rates. These slight declines were ascribed to the passing of September maturities. Sight dnU'ts on Paris were a fraction above yesterday, but agam the quotation quota-tion was without actual signiricance. No change of Imporraucc oceurved in rlie local money market. Bids of S per cent "were made for timo loans, but tbe supply of cash was limited. It was regarded re-garded as noteworthy that interior nanks are showing lau increasing disposition dis-position to hold their reserves here intact. in-tact. Recent a tion of some of thi e institutions. especially those which called loans early in August, has been the subject of some criticism. Cables from Berlin suggesting the opening of the bourse for regular business in a limited way lacked confirmation among local bankers with influential German connections. The opinion prevailed that any financial operations that may be attempted in Berlin at this time would be ou a strictly cash basis. Regarding the railroad situation, the tonnage outlook appears to be more favorable so far as it has to do with the grain-carrying roads. Tonnage at leading industrial centers has decreased in a marked manner, however, and t day:s review of the steel industry indicates in-dicates that any benefits developing from the war are likely to come slowly. The Pennsylvania system, it was unofficially un-officially stated, purposes making further reduction in its passenger service, serv-ice, beginning the middle of the current cur-rent month, and other leading lines are expected to follow its example. As indicating the caution now shown bv substantial interests, one of the largest local trust companies omitted the declaration of its "extra" quarterly quarter-ly dividend, while a subsidiary of the American Tobacco companv distributed some of its stockholdings" in another company to its common shareholders in lien of a cash dividend. |