New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-07

prices of actual transactions made
public daily, the present method OF
bringing together buying and selling
orders seems unnecessarily cumDer-
some. OF the stocks being dealt IN
at. prices equal to or better than the
final quotations Of July. less one divi-
dend when payable, the great, per
centage were industrials. Railroads
traSe5 in were not much above mini
mum prices and had not been estaD-
lished to withstand much pressure.
Sterling Exchange Drops, Marks Up.
The foreign exchange market, which
had advanced in expectation OF heavy
renlittances abroad to pay for BONDS
sold here, was generally lower last
week. Exchange on Germany ana
Austria was an exception, making con-
siderable recovery, apparently because
of some selling of securities for for
eign account. Marks and Austrian
kronen. however, had been selling so
low in this market previously as 70
Justify gold imports in normal times,
so their advance last week was not
alarming. Sterling and francs were
weaker. The managers OF the syndi-
cate intrusted with payment OF New
York Citys debts abroad completed
accumulation Of sufficient exchange TO
cancel the last Of these obligations,
and knowledge of this also weakened
rates.
Conferences begun on this side were
resumed in London between represent
atjves Of the British Exchequer re-
turned from this country and American
6nanciers. Il was understood that any
measures adopted for meeting balances
adverse 20 this country without an
undue drain on our gold would be Tor
use in emergency only. First estimates
from Washington Of our export excess
for November reached S70,OOOOOO,
against S5s,00000O the month before;
Shipment OF grain continued TO hold
up, the weeks total of wheat and four
being nearly UP 10 the record made IN
October. Cotton, too, went out IN the
best volume Of the season. Buying OF
cotton has not yet begun or the scale
hoped for following opening OF the eN
change, but the price has renamed
fairly steady. The bankers cotton
fund is being made ready, though It
NAV be that this, like other pools, VIII
serve 10 restore confidence rather than
result in any large operations.
Cable dispatches from London tell
ing of negotiations looking toward par
tisl reopening Of the Stock Exchange
there were read here with much inter
est American shares were reported IN
good demand in the British capital, but
fear that German holders might sell
10 London through this market was
understood to be causing some ann
Guilty. The Bank OF England, as result
OF end of the month requirements and
readiustment because OF the recent
/ government financing, reported reserve
reduced more than y per cent, 70 un-
| der 80 Loans 10 the money market
we're heavier, deposit liabilities IN,
creased and gold holdings were around
$500, 900 lover. As 100000 in gold
was set aside for redemption OF the
new Treasury notes, this loss OF goiu
was more apparent than real. me
Bank Of Germany, in It's weekly re-
turn, showed a large increase IN notes,
with heavy advance in gold holdings
at the same time. II is now suggested
however. that the bank is reporting
notes OF the new German loan institu-
tions as gold.
Emergency Notes Retired.
In this city more than s2s,Ooo,oOO IN
emergency currency was Withdrawn
from circulation, representing retire
ment for outside as well as local banks;
Clearing House certificates, now all
cancelled, were taken out here to the
amount OF nearly $l25,O00.O00, some
IS 600 900 more than in 1907. AFTER
that time Of stress II was believed that
proyision for issue Of emergency eur
rency would prevent further use Of
Clearing House certificates. Now u Is
felt tina. the mobilization Of our bank
reserves and greater elasticity OF our
currency through the Federal Reserve
act will make IL unnecessary to resort
10 that form Of relief again
The Clearing House resumed publ.
cation Of figures showing summary OF
actual conditions at the close OF bust
ness Friday and details for individual
members. Actual reserve IN vaults ana
in the Federal Reserve bank was VIZ
5000 lower, while deposits on de-
mapd increased si5,O00,O00 as result
~ expansion Of more than s22,O0o,0O0
,n loans. More active security trading
and some corporate financing were re-
snonsible for this increase In accom-
radiation. Actual surplus, while around
$40 600 900 lower than the week be-
fore. WAS over $li9.000,000. which
should insure continuation OF monetary