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Show Arrange to Ship Grain Other Steps Also Being, Taken Look-' Look-' Ing To Relief of Foreign Exchange Situation '' Now York, Aug. 26. Additional' steps looking to tho relief of the for' elgn .exchango situation woro taken' by international bankers today. It is understood that tho 3,000,000 of. New York City obligations which fail duo the first week iu September wilt" bo met by the'purchaso of' exchange in this market. ' Arrangements are under way also to facilitate shipments of grain una other commodities to Europe In larger larg-er volume. It Is noteworthy in this' connection that some banka have do elded to Issue long bills agalust fit- turo grain shipments. Most of tut grain now going abroad is consigned' to France, whilo England Is takirtg small amounts of cotton. Apropos of tho cotton situation-southern situation-southern Janks were again active borrowers today and aside from numerous num-erous renewals of loans which mature between this and tho end of thi-month thi-month many now Joans were report ed. in order to meet theso iresn uo mands It is likely local banks wilt havo to increase their supplies of emergency currency. A rovlow of the -steel nnd iron lip dustry Indicates, that tho leading mills are no less actlvo than a month, ago, somo even moro so, but tho buying power Is steadily running behind be-hind .production. Thero has been, Eoiho Inquiry from abroad, Incidentally Incidental-ly Australia, without much actual buying. Nevertheless, it is tho prevailing pre-vailing opinion that exports eventu. ally must assume largo proportions becauso of tho cutting off of the Eu ropean supply. Announcement by tho Penimylva-nla Penimylva-nla railroad of Its Intention lurttiu, to curtail Its passenger service along the main system was attributed to foreign conditions. In various lines of Industry and utility thero are ln; dlcatlons of reduced activity Including Includ-ing the Montana copper region. Money shows a tendency to harden some loans being made at as high as 9 per cent. .Foreign exchange has been visibly strengthened by the reported re-ported success of the German army. Demand sterling was quoted at C.01 to COS with cables at 5.05 1C to a point higher while the little business dono in Paris cables was between 4.90 and 4.95. ) |