New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-04
FINANCIAL RECORD
HERE AND ABROAD
Bank of England'S Re-
serve Position Improved
Wheat Goes Higher.

Preparations were completed here
yesterday for furnishing to the con-
ference at Washington to-day such fig
ures as could be obtained in this city
on our international credit position,
While, of course, since private bank
ers must be the source of much of the
information desired, any such report
must be only an estimate, yet from
70 days meeting there should come a
better knowledge Of the difficulties
that must be met before the foreign
cAcnange situation can be cleared up.
Exchange rates yesterday again
showed an easier tendency, a number
Of dealers selling vigorously, taking
advantage of completed arrangements
for meeting early September payments
abroad and better foreign takings of
wheat, Seaboard shipments Of wheat
and -four are running ahead of last
weeks large total, and wheat prices
yesterday advanced again with con-
siderable evidence of foreign buying.
Corn and oats were also firm.
In London discount rates were
easier and ocean freights declined fol-
lowing lowered rate of insurance on
cargoes. The Bank of England's re-
turn yesterday showed the gradual
strengthening of its reserve percent
age continued, this weeks figure be-
ing 1903, against 1888 last week. Bull
ion holdings were strengthened by the
addition of more than 34,000,000.
Loans, as the result Of the banks
rediscounting operations, were almost
Gl2 100000 greater, but a week ago
the increase was over sl5,000,000. Dur
ing the day more than 100000 addi-
tional gold was taken into the bank.
Preparation Of Paris for siege nat
urally caused considerable discussion
here as to the disposition of funds of
French financial institutions. The
great French banks have branches all
over the republic, and it was expected
that their reserves would be trans
ferred from the old capital to some
safer city. The American Ambassador,
it was understood, was to remain in
Paris to protect American houses
there as as we'll as individuals. The
Paris Bourse is to be closed indef-
nitely.
Governors of the Consolidated Stock
Exchange of this city, who had been
considering the possibility to resume
trading decided after conference with
the Clearing House committee Of the
banks that il would be unwise to take
any acuOn even LOT llHllLeu tIdulH6
at this time. 1t is most important
that the present prices of securities,
on which so great a mass of loans
are based, should not be disturbed.
In the meantime commercial borrow
ers who have paper out through bill
brokers are making requests for ex-
tensions, but the banks, feeling that
their first duty is to meet the needs
of their depositors, are offering little
encouragement.
Announcement was made in Wash
ington that President Wilson would
meet next week number Of railroad
presidents and discuss with them the
administration attitude toward rail-
way needs. The President has often
indicated his appreciation of the diff
ticulties under which railway finance
has been struggling, and it is prob
able that any such plan as that sug-
gested for a 10 per cent tax on rail-
road passenger tickets will not meet
with his approval. A receiver for the
Rock Island Railroad, holding company
for the Chicago, Rock Island e. Pa
cific Railway, was applied for IN the
federal courts late yesterday by repre-
sentatives of the owners of the collat-
eral trust bonds of the railroad COM
pany. The plan proposed for reorganiza-
ton without receivership was aban-
doned some weeks ago.