New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-01
FINANCIAL RECORD
HERE And ABROAD
cold Pools Effect Soon
O - Re Tested-Bond
Trading Heavier.

-. New York committee ehargS,di
As 'es-5ine the Sl0O,00O000 gold
pith esTrsnged for an advance OF
isnd GO GOO. 900 TO be shipped at
tfoono O,tswa. the effect Of its sale
cree s.nee on the market here VIII
ei tA.n.,t 20 actual test Business IN
son " VS. AZ lower levels yesterday
tScn'..s:; ,otion Of the committees an
p sn,s,ent and through lessened de-
aeunSS'u. tbe beginning Of the month
l.er,sched Word was reeelVe95 ~,
sls,r that an agreement haa oeeh
lolSs5 between the Stock ENehahSe
f,..SSa,ities and the government IN
tsgU.stion for resumption Of trading.
Psg .Snuld the reported successes 81
ga flies In France be as important
hl - oppesred tho day Of opening
fastened. Here trading IN bst.
.r5s AZ price concessions reached
e U 5.ss considerably beyond expeeta.
s 49, yt was still far from the total
u'. .g5v~,sl times. This business must
.D,Isrred and the restrictions on
go stccks lesseued before the change
I'm reonening can be easily accom-
phshed .n-...;..-u,;ao s,hscrip.
"a
- the gold pool the local commit
=, itself is 70 aPporton the ollls II
~ sell against its gold shipments
"a spplieationc will be received from
n aver the country. The committee
IN sii Eve days q week at the Clear
~ ~ house 10 consider requests for eX-
.ls,ee. each of which will be accom-
sarie5 by detailed explanation OF the
E-,rre OF the payment to be made.
o. far these official sales OF sterling
t;Is viii affect prices here is a cues
~. The influence must be largely
-..n,irsntal one. The total amount of
Il cod pool will not be enough IN
;,,slf 70 meet our foreign balances. in
.5S;tion credits must be obtained
sSrosd 70 be met through our con-
.-..,tlv growing shipments of grain and
,,bsr merchandise. But at least a be-
sinning viii be made, the gold export
"A viii Be handled so as 20 make It
sepnt most toward relief Of actual
,swmercial business and the evidence
~ our good faith furnished to Europe
should enable us 70 borrow more free
me Federal Reserve Board, having
announced its selection of Class Z di-
rsstors for a number of the regional
hanks. preparations can now be made
toward getting the system in physical
shape so that il can be put into oper-
stion at once when deemed advisable.
The Controller of the Currency, an
OK oficio member of the board, paid a
trbute 10 the bankers Of the city 'or
tbeir jealous cooperation and valua-
BE service in time Of need that made
z pleasant contrast 20 his comparison
70. long ago Of financiers here with the
predatory bsrons of the Middle Ages,
In their weekly review of the steel
industry trade publications continued
their pessimistic tone as to domestic
business, though the Steel Corporation
vas said 70 be receiving export orders
al the rate Of July before the present
disturbance began. Pig iron markets
are reported as experiencing the great
est stagnation since 1895.
officials of the Eastern railroads
we're preparing their argument for
higher rates to be made before the In
terstate Commerce Commission in
about two weeks. Since the higher
cost Of new capital because of the Eu-
ropean upheaval is to be the principal
basis of their new application, ;uch
borrowing as the New York Centrai's
S2O000,O00 six months loan at around
a per cent basis may be expected TO
furnish Illustrations of conditions that
confront them.