New Britain herald., 1914-08-07
STEEL KEPT
 OUT BY CONFLICT Prices on Pacific Coast Advance
 s a Ton.

Ne" Ork, Aug. 1.-Ihere were d few indications yesterday of reviving activity in finance and industry, but in most directions a condition of sus- pended animation prevailed. The ten- sion of the first few days subsequent to the beginning of the European war was over; but bankers, stock brokers and leaders of the business world were unable to proceed with the usual routine, owing to the continued tying up of the worlds securities, markets and the disturbance or stoppage of many lines of trade by the war.
 From the steel trade came reports of higher prices and a more active inquiry. The war created a wall more effective than any tariff to keep out foreign steel not only from this coun- try but from virtually the whole western hemisphere, and as a result the steel market here is in the hands of American sellers. Prices on the Pacific coast were reported to have advanced S3 ton, with increases of $1 in other domestic markets. Mill operations in some cases were being increased.
 Distribution Continues.
 Distribution of emergency currency to the New York banks continued, but the banks made no urgent de- mands and the money went out slow ly. Charles $. Hamlin, assistant U. s. treasurer, who was sent here from Washington to represent his de- partment at the sub-treasury, ex- pected to return soon, owing to the improved outlook.
 Efforts were made yesterday at a meeting of bankers and bond dealers to stop outside dealings in bonds during the period of the stock ex- change suspension. It was decided to curtail such transactions as far as possible, leaving to the discretion of each house its course of action. Some of the bond houses still have sales men in the field, but it is under stood that in some cases at least they would be recalled.
 Receive Many Inquiries.
 New York bankers received many inquiries from interior banks regard irg the value of stock exchange secu- rites as collateral for loans. These hanks were advised to hold loans se- cured by stock exchange collateral until the exchange reopens or the per- plehIleS dttenulHS ldSt lHuTSQdy ue- liveries are removed.
 The stock exchange has removed certain restrictions regarding private trading, to the extent of permitting members to close up such transactions as were carried over from last Thurs day, where this was mutually advan- tageous, or could be done without the aid of fresh certification or new loans from banks. Exchange Encouraging Settlement.
 In word the exchange is encour- aging the settlement or adjustment of all outstanding transactions, espe- citlly where they involve impaired margins, which customers for one I reason or another may find them | selves unable or unwilling to strength l en. It is absolutely opposed to any | dealings of a speculative character. | the purchase of stocks on l margin, however adequate, and pro- hibits the public quoting of stocks by | it's members, some of whom, 1t is | known, have submitted tentative prices on inquiry.
 Discusses Reserve Board.
 Discussing the federal reserve board.
 Discussing the federal reserve board may be in operation next week.
 After MT. Warburg and MT. De- lano are confirmed as members of the board Mir. Hamlin declared, Tit " ould take at least two business days for them to qualify and I look for the organization of the federal reserve board in Washington about Monday"
 Gold was being accepted at the sub- treasury today from friends and rela- tives of Americans stranded in Europe.
 Orders were sent from Washington to receive such deposits with the under standing that the transfer of the money would be handled through the d department at Washington.
 We are taking whatever is offered" Mir. Hamin explained, but are telling dc positors that we will pay out only the amount to friends abroad actually needed and that We will return to de-
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