New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-03
BR|EF NOTES OF FINANCE
paragraphs Of Current Interest
for the Investor.

,.-,,rates OF financing zone IN GREAT
-, in the form Of Canadian iotation
i S,,t,. the period covered by the first six
,, Of this year show a total of about
ma GOO and include railroad, public
o,,y and municipal issues and some in
gun. ..iols in the forms Of debenture stocks
tNsu "r bonds. short time notes. prefer
nee shares etc.
Money Situation Better.
&C. monthly letter issue Of the 1st
!" ,bs Fourth National Bank says that
me- ,aonev market situation has been
lN SD hv the action Of the Secretary
~. treasury In offering 10 place. II
Q. -. from $4,000. 900 to 500, 0oO,-
n'S', 18th the depositary banks. The dis
'.,,,ion OF these deposits will do great
- :, good in enabling the banks Of the
~ and West TO provide for the crop
- demands with much less difficulty
-. seemed probable a few weeks ago
10 - Money will be used 10 good advan-
&C the Treasury has been careful to
..s,,lste lust what uses it should be put
- the effort TO relieve the tension
.,icb so often develops during the har-
vss,ing season.
m another paragraph this letter says ::
The great banks of Europe have made
..-.bs- progress in strengthening their po-
,i,ion through the accumulation Of an i'm
-.,se gold reserve. The Bank of Eng
"a for the third week Of July reported
-. largest gold holdings for that date in
~ year since 1895. Its ratio of reserves
:. liabilities stands higher than the fig
-. renorted at that time in any Of the
80, sixteen years. The Bank OF France
~. increased its gold holdings during the
car no less than S24.006,000. It's gold
,oldings. except for the year 1909, have
,svs- been exceeded for this time OF year.
TIE Bank Of Germany also holds $50, 900
ssA more cash than II reported at this
S.,. IN 1912. These amounts show that
,,s n-incipsl banks Of Europe are making
asr,ded progress in the accumulation or
large gold reserve, which will stand
hem in good stead during the period
vhan pending loans are 10 be financed
ira New York banks have also good
r-nlus for this season. and because Of
va thoroughgoing liquidation that has
AIKEN place the general bank position Is
,o-day unquestionably strong. So much
las been done in preparing for the au-
wrn drain that the chances are that the
demands Of that period will be satisfied
without undue difficulty. and the banks
rll unouestionably extend whatever &C
rmmodatlon is needed by legitimate Dor
-owers Of all classes"
Outlook More Favorable.
The present situation as indicated by
ne DEVELOPMENT Of affairs during Au-
rvst. according TO the deductions Of
spencer Trask & Co. is more favorable.
The following is an extract from their
letter just issued:
"Bv far the most conspicuous develop
nent IN August was the improvement In
the money situation. Relief came from
various ouarters-from Washington, from
Europe and from realization that owing
n deterioration the crops would be moved
with less strain than had been expected
previously.
The individual action that was the
most effective in bringing about the I'M
r-ovenent was that OF the Secretary OF
The Treasury in arranging TO place $780,
go 900 OF government money In banks
Of tho South and West 10 facilitate har-
yestng operations. The effect OF the an
nsuncement was an immediate stimulation
q the markets. as II was figured that
TX Of the main clouds overhanging the
STATION had been dispelled
That the action of the Secretary has
zen successful in bringing about an
asier condition In the money market IS
evident from the freer offerings Of time
money as well as from the lowering OF
rstes. and 10 that extent the country
should be pleased. Whether. however. the
move is not open 20 severe criticism on
grounds more substantial than those or
ttmporary expediency is question.
There are authorities throughout the
country who feel that the entry OF the
smernment into the banking field is in
.srently unwise and unsound. and that a
.tep such as this brings US 70 the verge
4 imitation.
Another factor that has brought about
more favorable outlook for money is the
improved feeling in Europe. Peace be-
tween the former allies has at last been
tgned after a campaign that has shocked
he civilized world by its atrocities. ana
:ss left the participants exhausted physi-
ally and practically. II not actually,
bankrupt. How impaired IL the credit OF
he Balkan States is evident from the
fact that they have recently attempted
II need hardly be said-to
obtain loans in this market, offering rates
roihing less than usurious.
Every Balkan state, barring Rumania,
whose armies saw little actual fighting,
needs an enormous amount Of money for
rehabilitation. reconstruction and reorgan-
ration. and 10 this should be added the
millions that Turkey must have TO repair
the wastes Of her two unsuccessful wars
The only good we can discern through the
smoke OF all those burning villages is that
/ will be a long time before any OF the
combatants will be able TO wage another
serious war unaided by larger power
and from that standpoint there is some
real compensation for this fight 70 a
finish.
an the same. funds have TO be Cd
iained sooner or later, and France VIII
Undoubtedly be called upon TO supply the
major part II not all This should not
prove an altogether unmixed blessing FOR
the financial markets. because, as we have