New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-10
BRIEF NOTES OF FINANCE
paragraphs of Current Interest
for the Investor.

LS,,tt,es shown in the Bank of Eng
70 -. return Of this week has not peeh
anu "a nor even equalled, and in that
exec" discount rate was only per cent
Y'' .ompared with the present per cent
g. considering the statement there-
from its proportion OF reserve 10
l'p,,,ss il presents strong appearance
NV ,.s 5e79 per cent is more than hve
H higher than the ten-year average
PO4.-',. ,.r cent. There is reported FUR
0! - sacrease in circulation, however,
the' .,rg 10 100000 and public deposits
s nv~ sls.75OOOO. Compared with last
o.. r,s figures for the same period the
&c not now in as strong position
US' .Act autumn requirements which TINS
ore expected 70 be heavy. Consider
yea A. rate at which bullion holdings
me zen absorbed it would not be sur
HS a. the bank were to increase us
p I..,, rate 10 per cent in the near
~'e On the whole, however, the
t.ax,s position is not alarming and does
w. 70 seem to suggest that danger line
Is in sight
india Currency System
vie evident from the reported SITUATION
,.a,a that reforms in the Indian cur
y system should be inaugurated' Inc
w. - recently of the Credit Bank OF
a. a. IN Bombay calls attention to analrs
M .bot mart Of the Far East which have
:" ..o.bed the critical point. The BANK
.,,izations of India, which are oper-
,rder very Indifferent system OF
....,r,ent supervision, have developed
% If banking which violates the iuhaa-
.,,aI rules of conservatism, and an eA-
.s,on has followed that has tied UP
W ard impaired assets. Commentihs
,ha situation Dow. Jones co. say
.r,erv YEAR the government co4Iects
srros in taxes, which 1t removes
-, trade channels by locking up IN l's
.'.~,,s much after the manner OF our
,u,r independent treasury system. Inc
....sury surplus thus Withdrawn from
tive employment in business mas pee"
~.o,5rg and at the end Of August II sur
800 s1OoOOO.c0O In addition, the couh-
- commerce is handicapped by an IN
Ito currency. For these reasons
..orsv stringencies, with their attehua"'
shorrosen,ent 10 the commercial and IN
sns,r,sl community, recur with each crop
.,.,o season. At this very time lhe
s,,,c,nation Of bumper crops Is driNihe
-.o,sv rates TO higher levels, ana the
,,,ch Is already beginning TO be ie''
81, remains 10 be said in this connec-
.o, that steps have been taken to reculy
,h.ss faults in the credit system. a roya'
..,,roission is now sitting on the ques-
49, Various proposals of reform have
s.4n made, among them the fornatloh %
central bank for the entire country os
,nalgamating the three so-called fresi-
ssncv hanks. which seems TO be meetihs
with considerable favor.
, revival of the rumors regarding the
nsunent Of back dividends on the Plus
turgh Coal Company's 7 per cent preierleu
,,ock has been floating around wan
street during the last few days. Last IAN
tins were freely distributed that the pre-
,srred stock was destined to sell maHy
,o,,ts above its then quoted price anu
"a, the directors were planning to begin
,svng hack dividends. How they were
a, are 10 be paid is the question thaI
,,ss the story unlikely then and casts
escredit on 1t now. To issue oohus u
The stockholders to cover the back oi'4-
tends as Pittsburgh reports have reporter
vold he only burdening the company
With additional obligations In the way Vi
interest on the bonds, so the only pan
consistent with conservative management
vopld he 10 nav the accrued dividends out
q, earnings. and taking the record Vi
earnings and the amount Of money aVali-
abe for dividends il is hard 10 uhuei-
stand how these dividends would be pau
ppl4ss the rate were reduced 70 a point
which will allow the present earnings
10 eoyer the annual requirement ana
provide an additional amount that coulu
Be applied 10 the accumulated back d4N4-
tends
British Cotton Growing.
The efforts Of the British Cotton Grow
hg Association, which up 70 this time
has followed chiefly experimental hhes'
Ieemed to have reached a point when the
result Of their findings will be benehcial
IN nsuring some future material increase
IN the British cotton crop. The LONDON
Tines In reviewing the work or 'he
association SAYS in a paragraph
1T has taken ten years TO test ade-
Gus,sly the cotton growing possibilities OF
he empire. Now that a decision has been
reached as to the most promising areas
for the production Of cotton suitable Tor
the needs Of the Lancashire industry the
output Of empire cotton should show
Isnes Of substantial increases.
The New Orleans Times-Democrat
sots not view the outlook with any alarm
and says:
The South need not be disquieted by
The resolute effort to expand cotton-cut-
IRE within the British Empire, for the de-
nand is growing at a rate that Will more
han absorb any possible increase OF sup
plies from that source through many
year, II not through many decade 10
come. The boil weevil and kindred pests
have made overproduction in America un-
hsely. Thus II is that the bears nave
ever TO fight on the defensive.