The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-07
WELL-O|LED MACHINERY
OF WALL STREET At WORK
Financial Matters Are Progressing
Smoothly, With All Interests
Cu-Opcrating.
SETTLEMENTS BEING MAT
Hope Now Growing That Some
Means Will BE Found for Reopen
ing Stock Exchange, at Least for
Business on Cash Basis.
BY BROADAN WALL.

New York. August 6.--Wall Street was half
asserted to-day. Many Stock Exchange
houses were able to report that they had
cieanet UP the clearing. house transactions
thnt did not 80 through on last Friday
;heet. The hish rates OF interest charged
elements. Other houses were able to clear
QUO side by paying for all securities due
peeted the NEXT Ms step viii be taken up9,hat
Is. the return TO the lenders OF the stocks
borrowed against the shipments from
rhe arrival OF the MauretanIa a, Halifax
the late London settlement. Various com
mlttecs We're busly employed during the
day In assisting the foreign houses TO meet
heavy load until the Stock Exchange au-
thOrzed tho return ~ securities that wore
borrowed pending the arrival OF these ship
Matters have progressed far enough 10
lend strength 70 tho hope that some means
would 10 found for the reopenn9 Of the
the transaction OF business on cash basis
rhanhs "a The perfeet organization Of the
clearing house, representing the banks and
the stock Exchange representing the brok-
-, perfec. harmony has rciened: and earn
est co-opcra zion has simplihed tho working
Debit Is Reduced.
utinNfc~s have reduced their debit with
tl.r brokers ia a degree hardly believed pos
;;ihie .sw day ago and hroIer. in, turn
have paid of their loans with the banks so
that when Tho financing of $4,000 of Sc
'hrco days is Completed stock brokers' loans
"n collateral VIII he the smallest In many
on; export business has received severe
fe.o7 one hSus. r re- Sd1 the canceiiation
wire to-day. s,ippine facilities could not
,cwaTds the orsan!zation Of ered; ''e esso
ciat!on 70 facilitate the financing OF Central
he Continent had hitherto enjoyed mo-
ropoiy Of this BUSINESS and manufacturers
new Vaaied BY the foreign ~ .GS Sl
= cash market for securities may be es-
morrow, and Il is expected tha, tho closing
o. opcu contracts will he carried on there
Reduction H. tho English bank rate from
TO . PC Gcnl was an cncourasinE feature.
stock brokers In untanGlinI their domestic
rho sanA Of France reduced the discoun,
rate from TO t per cent. paving tho way
g, IN. observation-disclosures 81 intcrna tioual
NSW York London and Paris.
indh,,.ionH. o-daS Of rev WINS artiyi,y IN ~
finance aud Industry. hut IN most directions
coalition of suspended animation pre-
From thu s'ocl trade came reports. OF high
cr prices and more active inquiry Tho
iarin in Keeping. out foreign steel
New York banks continued. hut tho banha
'ua lie 10 urgent demands. and the money
Gnor,s were made to-day a; a meeting
q, Gnmnsr, ana M BOND dealers to stop outside
'.''i ,'@s ava ''''S NuflnE lne period III INC
stock Exchange suspension. II was de-
'ldcd to curtd!l such transactions
Sow York bankers received MANY inquiries
from interior banks regarding The value Of
Stock EAchInsc securities as collateral for
loans. These banks were advised TO hold
loans secured by stock Exchange collateral
until the exchange rcopcns.
the stock ENchanrc has removed restric-
lions regarding private trading to the cx-
sent OF permitting members IL close UP such
trtusat tons ~ were carried over from Ia : (,
Thursday. whore this mutually advau-
iaScous or could he done without the aid Of
fresh civilization or new loans from banks.
~ " word. The exchange il encouraging the
adjustment Of outstanding transactions. e.
peci~IlN where they involve impaired mar
KIM, which customers may find Themselves
una bic or unwilling to strcurthcn. II Is
opposed to any dealing Of q speculative
character. including the purchase OF stocks
"n margin. however adequate. and prohibits
INC public quoting OF stocks by it's members.
som" OF whom II i known, have submitted
tentative prices on inquiry.