New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-15
Virtual Withdrawal of Pro-
iected Issue of Rentes
Changes Situation.
RANK OF ENGLAND'S
ACTION MASTERLY
Omen Market Inclined at Times to
Break Away from Conserva-
tive Guiding Power.
fBy Cable TO The Tribune.1

ro,don Dec. 1.-THE Stock En-
change, as we'll as the Continental
,ourses feels the influence Of the tall
81 the Barthou ministry In France.
Although diverse opinions obtain In
paris as to the influence Of that fact
p the money market, the feeling seems
10 he in France, as it certainly is out
side that the country has made an I'M
favorable change.
The big French banks have been
flooded with applications for some time
10 make advantageous loans. In some
Instances the banks wanted to supply
,ne funds asked for, but the govern
ment strongly opposed any new issues
until the loan was disposed of. Thus,
/ The fan of the Barthou Cabinet is re-
4 earded by some people here as well as
IN France strongly in the interests or
The banks, for the new loan has been
virtually withdrawn. 1t seems prooa-
/ BILE that the pending great issues, with
. their invariable big profits, will be
| forthcoming. Probably ii may take
some time. however. for the banks
and the investing public to accommo-
date themselves TO the new situation
| and form a definite opinion as to the
| course they should pursue.
The Bank of England is much COM
nNmented here ever the skilful way In
which it tided the country over the
irving autumn period. Even though at
1 times the open market took saneuine
view of the immediate prospect and
was inclined TO break away from the
benIl. the latter stood firm, and, through
the loyal support of the greatest banks
Kim the country. weathered the storm
Cnd did not find it necessary to advance
the discount rate.
1t now seems unlikely that there is
any prospect Of an upward movement
IN the bank rate In the first place, the
year-end window dressing" will not
permit the banks to lend very freely
because everybody wants to make
good show for the end of the year.
Again, there will be all the engagements
Of the new year to prepare for and to
meet. AS far as the new year is con-
cerned, the prospect seems the same.
The payment Of dividends will largely
increase liquid supplies in the open
market, but everybody in the market
will bear in mind that the last quarter
\of the financial year always witnesses
Nov far the largest collection of reve-
nue.. and consequently money is trans
ferred in such considerable amounts to
the Bank of England that very soon
the bank is in control of the open mar
ket. and consequently it is unlikely
that the market will act unwisely.
Besides this the last return made by
the bank does not encourage reckless
ness. Though money is plentiful on the
Continent, though Germany is not MAX
ing her usual eager preparations,
Though Paris is full of unemployed cur
rency and though Austria Hungary is
easier. yet during the week ending on
Wednesday last the bank received from
abroad only S1,340,OO0 gold. The ncte
circulation almost matched the change
in gold, and thus the bank stands prac-
tically where it did week previously.
George Paish, editor Of THE Statist."
in a cable dispatch to his paper, says
that while the currency bill is much
criticised in America. especially on the
score Of loss of deposits in the reserve
banks and loss Of interest by the coun-
| try banks, the general feeling is favor
able toward accepting the inevitable
and giving the new measure, with pos
sible amendments, full support. No
considerable withdrawal from the ma
tional banking system is probable, but
b. modification of it's coercive features is
Ydesirabe' He adds that he has in
Vestigated the New Haven thoroughly,
and is confident of its future. He an
tcpates that Howard Elliott will sue
coed in restoring the company to it's
erstwhile prosperity, and he counsels
all present shareholders to retain their
stock.
Call money was quoted yesterday at
AZ per cent. weekly fixtures at AZ.
two months bills at ,, three months
bills at 4ai, four months bills the same
and six months bills at AZ per cent.
The banks reserve increased 81, 029, SS5
TO Sl32, 45l 500. Bullion increased SOL
5l5 to 5000, 400. The proportion OF
reserve TO liabilities was 55.SJ.