New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-11
FINANCIAL RECORD
here And ABROAD
NALL Street Marking Time
Until Exports Again
Are Possible.

-, dsv soon, as the financial com
- sees il, there will be battle
- which shall determine whether
=, England and her allies are to
-.l.rs Of the Atlantic, and so
~ our exports and imports of
4. and perhaps Of gold, shall once
mass uumolested. In the mean
here must be days of waiting
~ devising temporary eNpedients
s.r,her such business as will run
~ Of capture. Such day was
.,.r5sy. There was more adjust
II deliveries between Stock Ex-
-. houses. more meetings of ex-
- seeking ships. Tension in in
.~,Ss largely dependent upon OK
So. ~. or imports, or both, sensibly IN
49, In a cOrnered market tin
- SCARED and ferrO-manganese,
- needed in the making Of some
80 80 If steel, went 20 prohibltlvc ny
other commodities likewicc
- with the vision Of a straitenod
...,lv. Wheat, whose fortunes are
- sensitive TO the daily develop
-.,.s Of the war, jumped several
20 a bushel, the May contract at
S,r,go touching 81 11A on the pros
- Of a further outflow OF grain
Il, the Atlantic seaboard.
= roueh the Belgian Consul Il was
..srpeed that Great Britain advised
:. sbinrnent Of grain 70 Antwerp d.
:. stating that the ocean lanes as
=. ,orth as Holland were clear o.
..sstorv warships. The Bank of Bel
- n was said, stood ready 10 fol-
4 the example Of England and guar
"a the safe arrival of cargoes dis
~.sbed thither. But that marked
AMI the only change in the interaa-
s,,al situation. There was some
aiding Of money in London and some
spounting of bills - not enough,
|.rever, TO constitute a real money
|urket. Here, too, time money was
-sied and the banks, which had held
Il for an s per cent rate on call loans
la week, reduced the rate 70 6, with
Il however. extending the number
| their borrowers. This indisposition
| nut out new loans is likely 70 con-
s1e some time, while the banks are
earring the S4S ,O00,000 deficit IN re-
rves shown in Saturdays statement.
I~tunately, il comedies with the m
Ference Of merchants 20 borrow aH9
h. absence Of need on the part OF
|-osi stockholders.
There is yet no answer TO the ques-
H. asked in every quarter, W men
4 The stock Exchange 20 reopen :" IL
81 be plain, too, that there can be no
I,Wer so long IS there remains the
Isgbility Of Europe's pouring cut
,on this market more Of the Ameri-
Il securities she pressed for sale so
I-ently ten days ago. But the flood
~ came out then has been pretty
IN absorbed and every day sees more
|,Fyeries made and accepted. Iester-
In Il was said by persons competent
make sound estimates that about
per cent Of the stock which was 70
Us been delivered on that Friday
Zen the exchange failed to open had
1 t5sed from sellers 10 buyers. and
Il the proportion was increasing.
4 .yers who were unwilling to accept
3siveries early last week found them
/ IVES in funds through the taking up
1 stocks they in turn had sold; with
IL money thus obtained they com-
esd their buying contracts, and the
.lefs in their turn were enabled TO
H. % some of the purchases they
u contracted for. Every dollar thus
. d the work of FIVE or ten, just as 1t
+ s when the exchange IS open and
4 ,.sness is not interrupted. Ii is mora
: tn possible that when the doors are
ssDsned and the compulsory delivery
H. becomes automatically effective
gain there viii be few or no out
ending contracts 10 settle.
The special committee Of five found
necessary TO rule yesterday that in
be case Of borrowed stocks prices
ioald be marked down to the closing
cures Of Thursday, July 80. As a
goksr, when he borrows stock, makes
slsh loan 70 the other broker equal
the market price Of the stock, this
compelled the return in a few instances
& snail excesses Of cash, the amounts
V returned being equal to the differ
nee between the price at which the
rock was loaned and its latest sale
so;siion on the exchange.
4 Controller Prendergast conferred
tth bankers during the day with a
nv 70 finding a way to pay the inter
= On New York City's outstanding OBJ
1tions abroad. Besides its holdings
corporate stock OF the city, Europe
n some sS0,000,000 of the revenue