New-York tribune., 1914-08-04
DANGER OF MONEY
PANIC IS PASSED
Clearing House Certlfl-
Gates Clear Atmosphere
in Finance.
CURRENCY ISSUE
LIMIT REMOVED
Wall Street Eased as Congress
Makes $1,000, 100000
Available.

Wall Street ceased to worry yes
terday, for all danger of the financial
panic that had threatened the money
markets of the country had passed
The decision of the Treasury Depart
ment to issue s10O,OOO,0OO currency to
New York banks to conserve the gold
supplies and meet the demands OF IN
terror points for money, the issuance
of certificates by the Clearing House
Association, the decision OF the saw
ings banks of the city TO insist on sixty
days' notice for the withdrawal OF large
denosits and the vote of Congress au-
thorizing the issuance OF an amount
estimated at 81 900 100000 in emergcn-
ev currency, if the banks OF the coun,,
trv should ask il, ended all lear OF
II was a day of splendid accomplish
,,on+ on the part of Treasury ofhcials,
bankers and the managers OF the Nail-
ous exchanges. Cooperation was tne
vatchword of the day, and 1t was so
marked, even in the district Wnere III
time of stress every one works 10
gether, as to cause comment py veteran
bankers and brokers.
Tn ether times of crisis there have
been elements that sought to take ad-
vantage of the situation TO make
nTofits-in the 1907 panic the late j: r.
Worqan threatened to reduce one mill
ionsire banker to the necessity OF sell,
ing shoestrings for living II he did
not stop calling loans, but none OF tnat
is now in evidence.
Danger of Crisis Passed
Nm the contrary, diligent inquiry
among Stock Exchange houses anu
otbers having time loans maturing
Irousbt out the fact that the banks, IN
clnding some that have not been no.
torionslv easy to deal with in times OF
stress. were showing every considera-
tion TO clients. -. uLos
1;es in the fact that money is once
r,ore plentiful. and it is a well known
Fact that the mere knowledge that
nancy is to be had causes the demand
TO slacken. e a. =
borters will be directed to relieving
the industrial and commercial strsri
~. 10 eynected to result from the dis
or,anization of the country's foreign
ao'r,erce With plenty of money in
~ financial centres this will be a
comparatively easy matter so that ihe
only thing causing worry YESTERDAY
was the practical embargo on me snip
r,cn+s of grain and cotton and the IN
ability OF importers TO get raw ma,
terials and of jobbers to get hnished
goods for domestic consumption
The effect of this latter SITUATION
was noted in the wholesale, districts
Yesterday, where buyers for large, out
of.tovn houses were taking large
quantities Of goods for immediate de,
livery. Ordinarily at this tlme-and am.
This is the buying season for fail min
nery and drygoods- the buyers are IN
clined TO shop around olt ana wait
for the latest things from Europe
Now the tendency on the part OF the
stronger houses in the west and south
is 10 take what can be had at once
Goods Prices Advanced.
pocause of this there has been a
..d;coI stiffening in the prices of some
i;nes of goods. For example, standard
snroes that ten days ago were quoted
80 Si O5 a ward we're yesterday selling
az Il II. with the sellers in no par
sicnlar anxiety TO get rid Of their
Goods at the higher prices and asking
for thirty-day payments.
The sorest spot in the entire situa-
lion however, is the inability TO get
sbins in which to get out raw materials,
sucb as grain and cotton, and bring In
Continued on page 4. column