New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-07

open branches IN Argentina and Brazil
has been approved by the Federal Re,
serve Board. Shipments Of beef and
coffee should provide these new insti-
tutions with immediate business.
In the steel trade, where our export
business was already of some proper
tions, considerable amounts of foreign
orders have been diverted here through
failure Of German makers to continue
their regular scale of operation. The
United States Steel Corporation, which
has developed special facilities for FOR
cign business, is expected TO take
great deal Of this new trade. The do
nestle market has been exceptionally
dull.
August Financing Light.
August statistics show how the usual
financial customs of the country have
been disturbed. Municipal bond sales,
which had been such a favorlte form
cf investment this year, dropped
abruptly from around $2l 100000 IN
July to some $l2,00O.000 in August, and
TO large issue Of $l,000,000 or more
was offered during the month. lncor-
porations in the Eastern States were
unusually small, showing that pro-
moters in many cases are holding back
new enterprises, Issues of new securl.
ties by corporations were less than half
Of the total for August last year. Total
bank clearings for the month had
shrunk sharply, though the loss was
much less marked in cities outside OF
New York, and last week these centres
showed a general gain over 1913.
Before the week had closed there
were persistent reports that note oroA-
crs were appealing for extensions on
commercial paper sold to the BANKS
! and meeting with little success. Inc
| banks continue TO look after the imme
date needs of their customers but
/ have done little or no buying OF com
mercial paper in the open Market
/ What little has been placed was take'}
| by interior institutions, and that onty
| TO a moderate extent, Commercial fail
ures numbered 364 last week, against
| 3l6 the week before and 200 the cor
responding week last year.
The fire insurance business furnishes
/ an example of the confusion that mas
| arisen. There arc in this state ac-
cepting risks and writing reinsurance
| seven large German companies, eight
| French and eight Russian. BY pro-
vision of the state law they are re-
/ CURED to keep here assets sufficient to
meet ordinary losses, but contiagra-
tions would mean that, as after former
great fires, il would be necessary to
| call on the home Offices for remit
| tances. From London it is said that
! the great German reinsurance COM
panies that do so large a business in
distributing fire risks have notified
British concerns with which they have
treaties that all claims Will be pad
after hostlities have ceased. So, wl-h
this possibility Of postponement by
Continental companies in case they
should be directly called on, insurance
men are hoping that the next great
fire will be delayed until moratoriums
no longer obtain abroad.
Bank of England's Great Loans.
AS the German troops neared Paris
and the government of France was
transferred to Bordeaux the Bank of
France also moved its headquarters to
the new capital and the Paris Bourse
was formally declared closed for an
indefinite period In London the Bank
of England continued to record heavy
gains in its bullion holdings, which in
clude new gold held in South Africa
to the banks credit. Last weeks in
crease was more than 100000. Loans
again advanced to new high record,
but the joint stock banks were re-
ported as doing more discounting, and
the weeks increase was G12,000,000,
against S15,000,O00 the week before.
The reserve percentage continued its
gradual rise, standing at 1903, an in
crease of little over / per cent. Call
money and open market discount rates
in London fell lower.
The end of the month requirements
made Saturdays Clearing House state
ment of average conditions less favor
able than for the two weeks before,
loans increasing over 100000 and
cash holdings falling 100000 lower,
despite a gain from the interior. De-
posts, however, made a small decrease
and the deficit was only 100000
greater, standing at S37 100000.
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