New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-21
FINANCIAL RECORD
HERE And ABROAD
Foreign Exchange Relief
Hoped For-Bank OF
England'S Loans.

p,rcf OF the foreign exchange
irtct is believed 90 be nearer though
.stcs Yesterday were trmer ana uUs'
s Tcht Overnight announcement
.tst thc Secretary Of The Treasury va" ..s
y. fsciIitate exports through otPos''S
-4b local banks was rather PetI'>
.-~ but 10 was generally assumed l.'',
money received here would aio"
81, be- made 90 grain shippers ana
f.rthc~ carcocs abroad, With' "o"'l -
-rerfica'lv no effect ON exchange iA'.
Mo MAS borcd for from the attemn'
b.. ,-rI,c al an understanding N.'n
t-..'e~4 that would insure payment OF
~ .c as when due lf we made some
.-.c-t on account Of the balance
90 nan fer OF gold 20 Ottowa for the
MI III FreIard's account has been
crposcd by exchange men, not only ne
,aIse Of its possible bad effect on
,e-t,ncnt az this time, but also ne
.s-.o thcv fear that the precious
.-,,sl NAV not come back when the
.rs4c balance turns I'M our favor. kN-
.ersior Of credits abroad through
srtrcc bills IS now generally looked
,- with more favor, and important an
,ourccments along these lines may be
eypected. Payment Of the Union and
Sorthcrn Pacific coupons soon 20 fall
Fro abroad has. 10 has been learned,
already been arranged for. Actual
exchange business yesterday was done
's.e IN the day 40 rates as high as
SO5is for sterling cables. 5.02 for Dc
~sr5. and in francs at 5.07 for cables
and $40 for checks. Trading in marks
las practically ceased until dealers
ear &c. reply 20 cables sent around ny
the Mediterranean.
currency demands on the banks here
more nearly approached normal. and
no emergency bills were applied Cor
Yesterday. On the surface conditions
wsre Quiet. though many pressing
rrob'c~. remain 10 be met as the days
hing them forth. Purchase OF ships
tv tne government IS now confidently
eypcctcG. and eventually the grain
-,svemert should be accomplished. In
cotton. however. a large surplus seems
certain. and arrangements must be made
.o take care of % in some way that
win be fair 20 Spinners as well as
growers Copper. with exports prac-
-caUv suspended, is also pilng up,
hgt the producers should be able
10 handle the situation, particu-
Isrlv as home consumption is reported
as better this month.
The Bark Of England In its weekly
rcturn proved how ably DC has been
supporting British finance. An ln-
crease OF nearly s24.000.000 in other
securities 90 the great total Of more
than s94O00.00t reveals how far 10 has
gone IN d.scountinc under the govern
-ent guarantee. As "a result OF this
other deposits have increased nearly
so4O00000 and the reserve proportion
accordingly fell of 10 $50 per cent
from 1902 rer cent last week. A gain
o. nearly E5.000,000 IN bulhons shows
Why the reserve percentage did not
fall further and yesterday the bank
took ia fl3O0,000 more in gold. Dis
counting was again resumed for q
short time yesterday until the volume
Of business compelled postponement
until to-day.
The Bank Of Norway announced a
cut iu its discount rate from . p 20 o
and private cables reported that the
Bank Of France had reduced its mimi
mum from TO 3. Arrangements are
being made by French institutions 20
discount private bills in large amounts.
The private banks in Paris are said
70 be offering high interest for de-
posts.
Her. corporations n large numbers
are postponing dividend payments 20
conserve their supply Of money, the
Chesapeake & Ohio directors announc-
ing such action yesterday. Local
monetary conditions were practically
unchanged The banks since Friday
have lost about S4,S00,O00 to the Sub
.-n...-r.-