New-York tribune., 1914-12-21

rediscount rate Of 5 per cent for paper
maturing in thirty days or less. This
privilege was taken advantage OF by
most OF the regional banks. Here the
minimum of 5i2 per cent was main
tained until Friday. Too great case
in money here is not to be desired, for
while funds may be employed more
profitably here than in London, some
balances due England will remain on
this side. Sterling exchange, however
gave little cause for anxiety. After
Tuesdays slight upturn on selling here
for London account rates were easier.
and at the close demand sterling sold
at 1851. more than a cent lu the
pound lower than the Saturday before
and under the par OF exchange. Some
slight advance might have been cH-
pected, i'm view of requirements OF end
of-the-year settlements and of cor
porate disbursements abroad Exchange
on Hamburg and Berlin declined stead
lily for the greater part Of the week
though cable dispatches from Germany
told of some selling of our securities.
While elaborate preparations are be
ing made 20 put the bankers cotton
pool into active use, financial inStltu-
tions here and elsewhere in the North
and West have already supplied the
South with from S75000.000 to $780,
000. 900 TO aid i'm holding the surplus
crop. The pool usures a minimum
price on which loans can be made. and
so makes safer private commitments
possibly the most u will ever do. Rail
roads serving Southern territory are
rejecting the depression prevailing
there. The Atlantic Coast Line cut its
dividend rate from 20 per cent last
week, as did the Louisville & Nash
Vile which 10 controls. The Scabosrd
Air Line had previously passed the
dividend on the preferred. and the
Southern made payment IN scrip.
Cotton Export Reaches Normal.
I'M the mean time, cotton was sent
20 Europe last week iu volume that cX-
ceeded the total of the corresponding
week OF 1918. Already direct ship
ments TO Germany have begun, and
more cargoes are being made ready.
Our foreign trade for November, even
before cotton began 20 move abroad
with so much freedom, resulted nm an
excess of exports of over S19,OOO,OOo.
How great has been the recovery APP
pears from the rapid advance over the
preceding months. Exports were $751;
100000 greater than imports in Octo-
Der. less than Sl6,000,O00 greater in
September, while in August. when the
effect of the war was immediate at our
shipping ports and delayed as 70 car
goes on the way. there was a balance
OF over Sl9,000000 against US. The
value Of brcadstufs shipped in Novcm-
Der reached the wonderful total Of
over S4O,OOOOoO, almost four times that
OF the same month last year
Finished steel orders from abroad
arc heavy. Domestic bookings. how
eve are still light. and the gain so
far this month Is not expected 20 war
rant much greater mill operations in
January. Buying OF pig iron has slack
onod. Reduction in wages and salaries
in the steel industry is being seriously
discussed. Improved opportunities for
financing requirements Of large buyers
and better railroad purchases are ar
guucnta against yielding 10 the ap-
parent necessity for reducing labor cost
shown 100 present results.
Business generally is still much be-
low that of last year. which itself was
under normal Movement Of goods as
shown in gross railroad earnings is
small, even iu the grain producing dis
tricts. Bank clcarIngs which measure
the volume of business, are still low,
showing practically no Improvement iu
the last week.