New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-26

portion Of the funds necessary for
loans on the crop.
Just how this will work out IL In
definite, but the endeavor will be 70
avoid tying up q large amount of cot
ton for . longer time than n neees-
tary TO give stability TO the market.
The low basis on which loans will be
made, s cents In the case OF Southern
banks and less than for others, with
tho burden OF warehouse and insurance
charges and the per cent interest
on the loan, should hasten the market
ing Of cotton ss soon as an opportune
time appears. Already, according TO
information received by the Treasury
Department, this city has some Sl0,-
O0O. 900 out in loans 10 Southern institu-
lions, so with around $50, 100000 more
furnished toward tho pool New York
bankers feel that they have q right to
use q considerable influence toward
making the scheme . sound one.
Monetary Ease in London.
In London the expiration Of the
Moratorium on bills OF exchange
ps Led with no apparent disturbance.
Sult tent government aid Is now being
extended and in prospect 70 cause pre-
dictions that the end Of the general
moratorium will be effected on Novem-
Der with equal ease. The Bank of
England reported = reduction of some
fq00,0o in loans and increased its gold
holdings, in spite Of large additions 70
the sum set aside for note redemption.
Though private deposits continue 10 be
swollen TO greater totals each week,
the reserve has improved to 27h per
cent. Open market money rates con-
tiuus low. A fifth allotment of Treas
ury bills was put out at around the
average rate Of previous issues, 3N
per cent: Russia, il ia reported, il
planning to issue $60,000,o00 OF short
term treasury obligations in London
to provide credit for purchases Of mu-
nitions OF war.
Loans Here at Lower Rates.
Here the easier tendency in money
did not mean any extended offering
of funds. Call money, however, was
offered as low as per cent, and new
time loans on Stock Exchange eollat-
ersl were placed at the same rate.
Commercial paper passed ~ low as 6
per cent though 6I4 was the ruling
rate for best names.
Demand sterling at the end Of the
week sold FOR cents in the pound
less than on the Saturday before.
Grain and cotton bills had como into
the market in greater volume and pur-
ebasss hers by agents OF the warning
powers assisted in creating exchange.
The downward course Of prices seemed
90 we'll established that bankers we're
selling freely at the close OF the week.
Francs were cheaper, b.18 being OBJ
tainablS for Q dollar, against b.06 the
week before, and marks which ordi-
psrily sell at about four for 81 cents
were offered freely st under 90. This
decline Of exchange on Germany be-
low parity cannot be wholly account
ed for by the establishment OF credits
here 70 pay for purposes Of export,
but to a considerable extent must rep
resent 3 movement toward transferring
balances in German cities TO this
country.
Local Clearing House institutions
were able to report al average reserve
for the week OF more than SS,OOO,OOO
in excess of legal requirements. The
deficit. which first appeared on the
second Saturday of August and reached
nearly SAS,000,0 900 a week later, finally
disappeared through cash gain OF
81 100000 and 8 100000 reduction
o. loans, with a consequent lowering
Of deposits some S10,000,000. At this
time last year the average surplus
was only about 100000 greater.
Clearing House certificates are being
and the great amount OF cur
rency outstanding is proving more than
tho needs of slackened industry call
for. As idle funds are transferred to
this centre they will seek employment,
and should make the problem Of fnanc-
Ing free trading in securities seem less
difficult,