New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-31

don money market. Rates here, how
ever. were firm, closing at around
5.0775 for sterling cables and b.07 FOR
demand. Little business was done IN
francs.
The condition of general business re-
ceived more attention when Il was
realized that military operations were
not a matter 70 end in few weeks.
More corporations have passed or post
poned dividends, and the international
Steam Pump Company, which in July
seemed TO have arranged its finances,
found it necessary 20 take refuge IN
the courts through a voluntary re-
ownership. In the steel trade in
quiries from abroad continued, hut ac-
tual orders for export had not yet be-
gun. Large shipments TO foreign coun-
tries OF finished steel are expected
however. eventually when transporta-
ton and financial arrangements with
foreign countries are completed, be-
cause of the great reduction in manu-
facture by steel works in Great Brit
ain and on the Continent. Domestic
orders have been light. but mills here
have been as busy as in July. Prices
for finished products have in some in
stances been raised. Pig iron contin-
ued dull.
Bank of England Gains Gold.
The Bank of England's metallic re-
serve was restored in the weeks return
TO about the figure of the last of July.
but the proportion of reserve to liabili-
ties at 1888 was less than one-half
that at the end of last month. An in
crease Of more than f5,000,000 in bull
Hon aided in the gain of over , per
cent over the reserve percentage of the
week before. The loan item showed an
advance of fl5,000,000 where the week
before 1t had been f24 900, 900, so at last
the policy of the bank in freely assist
ing the market seemed 10 be making an
impression. Outside rates for money
and discount were easier before the
week had closed. and the regular banks
were reported as having done some
thing toward taking Up part of the dis
count burden.
No official returns are being received
from the banks of France and Ger
many. but a private cable message
placed the Reichsbank's reserve at
1882, 100000 against S423,000,000 at the
end of July, with an advance in circula-
ton of S473, 100000 to Sl,000,OOO.OOO. In
Paris coin is being boarded and paper
notes of small denomination were
being printed TO serve as change.
Here the Clearing House statement
of average conditions showed the
deficit in reserves reduced nearly 49,
100000. Currency demands by interior
institutions were light and easily met
in emergency notes. with considerable
cain resulting to New York on the
movement. There were even some IN
stances of return of Aldrich-Nreeland
bills TO this city in the original pack
ages in which they were shipped. 80
cash holdings by clearing house lnsti-
buttons made q gain of more than So
100000. Non-member banks aided as
we'll by transferring gold TO lnstltu-
tons that needed il, the state BANKING
Department reporting decrease oil
around 100000 from this cause. Loans
M last were reduced, the decrease pc
ING about Sl,500000. and deposits TEL
Of nearly S10.OO0000. Some retire
ment of clearing house certificates was
reported. .lo,,.oa
Money rates during the week showed
practically no change, banks Ioahln .
conservatively. If loans meant WIN
drawing of emergency currency m
steed Of credits on the banks BOOKS
increasing reserve requirements AT Il
time Of impaired reserves, rates ni'sN'
he expected to relax. but as II Is the
new notes are of principal use IN pay
ing clearing house balances meetlhS :
the demands of interior correspondents
and supplying payroll needs