The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-09
MAss|NC TAE|R FORCES
TO REAP FRUITS OF WAR
Bankers of United States Expect to
Prosper Through Disaster Which
Has Come Upon Europe.
NEW MARKETS OPENING UP
Problems on This Side of Water Are
Being Met. but There Are Sure to
BE Minor Hurts as Result of FL
unnCial Shock.
BY HRoADAN WALL.

NEW YORK, August S.-With Kings
and Emperors cutting commerce TO
pieces ana the soldiers of five nations
leVelins trade boundaries. the bankers
OF the United states are massing their
forces 10 reap the fruits to be garner
ed from the export markets OF the
WORLD.
Nsw York looms large as tho undis-
pGtcd centre of the financial world and
promises 70 become the clearing house
FOR the open business OF the Central
and South American trade. always con-
roHeG ~ the past from the other side
LID tLAMpED DOWN
on LOCAL TRADING
When Americans purchased letters of
credit or travellers checks prior 10 their
departure for foreign lands i, was
be called Tor in gold or that an Amcri-
can waTsAia would be practically the
only means OF conveying the metal to
IS small matter compared to the
fnaacins OF the heavy shipment .of
the paa!c-stricifen foreigner who finds
his othe! securities unmarketable. The
handling OF these big problems caused
the bankers 70 clamp the lid down
for the past week there has been prac-
tically no market for even our choicest
Then there are the demands OF mer-
chants. the qualifications Of trade are
SO wide and the demands upon the
raerehants will no doubt absorb ali
credit facilities for some time to come.
and The railroads that We're seeking
tTesn capital. or corporations wishing
TO extend their plans, must defer their
plans indefinitely.
ized While banks performed naio,.
operations on credit balances. The
operations Will no doubt be successful,
put numerous fatalities will resul,
Upon the closing Of the Stock EN-
change a week ago last Friday yari-
brokers' IN settling the differences be-
tween each other. and the banks raised
me interest rate 10 6 and per cent.
and this was effective in forcing the
S!oS!nS OF many accounts between the
brokers' and the!r customers. Rapid
progress has been made along these
!laes. ana many stock Exchange firms
worc abie 10 announce that their clear
inS- house balances We're entirely set
Stock Exchange committees. work
ing in conjunction with foreign eX-
SAangg htms aiiI the. clearing house
proportion OF the shipments that ar
rived from abroad. This has proved
one OF the most delicate operations, and
securities viii all have secured at least
q temporary lodging. The next step
VII VI i, be the return Of stocks borrowed
au.re several days moro
REoPENING OF EXCHANGE
STOtTLI OPPOSED
Change. opinions had become mixed
Houses with foreign connection are
strong in their opposition to the re-
opening OF our market until conditions
oecome settled abroad, as they feel that
under present circum stances heavy
seLing would result. and market
bordering on panic follow
Outside trading in stocks was CON
hned principally 10 the evening up of
open contracts with the shorts" the
main buyers. This demand fell off as
the week advanced. while offerings
showed tendency 10 Increase some
business was 0cn IL Londs. and this
market was called fairly firm
The wholly unexpected strain has
shown up some weak spots in our me-
taods !or transacting international
business IN securities. Reforms will no
aouot follow. and with bankers insist
Ing upon wider margins in the future
than ihey have IN tho PAST