New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-17
BRIEF NOTES OF FINANCE
Paragraphs Of Current Interest
for the investor.

re,urn OF the Bank OF England for
nsk shows an unusually large pro
ui -.,on OF reserve 10 liabilities and 5i.So
p0l Emf makes a most favorable COM
Pc with any corresponding week In
-. ,en-year period. and is especially high
li' .o,,narison with the ten-year average
oG per cent. 1t can hardly be said
The statement all around is spe-
"' 'r,, good one but, on the other hand. II
ca, .,,sr than last week and is not dis
S~a04ng. From the continued loss in
'"srIstjon. which this week amounts to
- -, q 900 600. a slowing down of trade is
S,,.o,ed which in itself will lessen the
H.,d on money Other features OF the
1,sr,ent present a slight Improvement
81 last week. and II the incessant de-
nd for gold which hss been in evidence
,.,.lv Is not kept up, the bank may not
:. obliged to advance its rate to per
v. minimum. otherwise IT may be neces-
w. % raise the rate before November !.
More Favorable View.
p.,orts regarding the condition OF the
ii trade are not uniform. and even the
IA journals fail 10 agree on the pres
-, s+atus. 1.-THE Iron Trade Review" in
y. digest for the present week is more
".,,pIstic than some other published
onnments. and says:
The industry is apparently going
,h,ongh a period Of suspended activity.
here In the opinion Of leading manu-
t.ct,rers patience rather than price cuts
!. most required. A report that the
RATED States Steel Corporation is about
"a announce a general reduction in i'm
rortsnt finished steel products is pro-
..r,ced officially 10 be without founda-
A., Prices are showing considerable
,-,.V,larity, but there is no disposition
.rons the larger producers TO offer any
grounds for the possible development of
decentralization in the market, particular
10 where there is no promise at present
that increased tonnage could be gained
through sharp concessions. Despite some
,enorts 10 the contrary. the Steel Cor
,oraton's bookings in October TO date
ave about ZOO tons daily ahead of Sep
,.rber. which showed about $500 tons
s,uy average, compared with $500 tons
n August. Rail buying has been coming
more slowly than was anticipated. but
additional orders are near at hand"
Russia's Stock Of Gold.
review Of the gold situation in The
London statist" says that the Bank of
1 Russia enjoys exceptional strength in a
s.ock of cash almost entirely of gold in
excess Of It's note circulation and with a
tock Of gold equal TO its note circulation.
The following Is quoted
III the bank were conducted on the
principles proved to be sound in other
Continental countries, II could largely in
uesse its note circulation without making
any further addition TO the gold held. In
recent years, however, the bank has main
tanned a stock of gold much larger than
Us note circulation, and the fact that the
gold has now fallen to level with the
circulation is regarded as a relatively
weak situation. 1t will, Of course, be EVIL
dent that the position of the bank is still
one Of exceptional strength. For instance,
the Bank OF France, with note circu-
laton Of ESQ, 000,0 900. possesses cash
amounting to less than f64 10000, or
which the gold amounts to HSS, 100000. The
ADVANCE in the Bank Of England rate VIII
not check the shipment of gold TO Egypt,
but il will indicate to the authorities in
Russia, as well as to bankers in New York
and other. countries. that the stock Of gold
IN London at the present time is no
greater than is necessary, and that the
Bank Of England must obtain some of the
gold arriving from abroad in order 10 on
set the shipments to Egypt especially as
there is the possibility that a demand
may be made upon the bank for gold for
India as well as for Brazil. The Russian
government never wishes TO disturb the
International money markets, especially at
time when the financial situation calls
for care and we do not doubt that the
action OF the Bank Of England directors,
in raising their rate, will check the de-
mand for gold on Russian account"