The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-10-30
8ANk Of ENelANO'S
COLO HOLDINGS ARE
STEADILY GROWING
GAIN SINCE EARLY AUGUST HAS
REACHED ENORMOUS TOTAL OF
si7i,o0o. 900, NOTWITHSTANDING
WAR SITUATION.

New York, Oct. 29.---Favora bic facts
continued TO present themselves for
financial attention today. In this cate
cory must be included the weekly re-
turn Of the Bank of England, which
showed an increase of gold holdings
amounting to 100000. bringing the
total gain since early August up to
$i71 600 900, and. incidentally. the
cables reported that almost s5,000,o00
more OF American gold was taken for
the account of the bank during the
day.
A large reduction appeared In the
loan item and the ratio IF reserve t.
liabilities jumped to almost 80 per
cent. rise OF two and one-half points,
and while the reserve proportion is
only about half last years figure at
this time the improving tendency has
been established strongly. and the
bank Is measurabiy nearer condition
more or les familiar in normal periods,
even though emergency measures call
now for an enormous gold basis under
the structure of credits. The bank =
position is further indication of II
probable termination of the British
moratorium next month without any
disturbing consequences, This. in
turn is of encouraging omen for the
progressive relaxation of the sterling
exchange market.
Foreign exchange was comparative
IN steady TO all remittance. Demand
sterling ruled rather under 40. with
cables somewhat above. Marks again
displayed moderate firmness. The do
mestic money market manifested IT.
every respect the symptoms which
foreshadows concessions in lending
rates.
More gold went to Canada on ac
count III the New York City loan. the
SIKH installment of which was being
paid, bi, gold movements have nov
become an inconsequent matter.
Imports Keep Up Well.
Imports are keeping up very well
there vas lit the first four weeks OF
october an import decline of only S.
600 900 from the corresponding figures
last year. The export movement makes
in comparison a poorer showing, but
al that October will apparently yield
an export balance of S30,00o.0oo. OIL
about twice September's export excess
Moreover copper in increasing guam
tity Is beginning to figure along WITH
more normal shipments OF merchan
disc and commodities, and the outge
of cotton is growing. Today's cottor
exports were about one Quarter of the
outward move meat g year ago. where
40 only 4 few weeks since cotton ship
ments were from a tenth To sixth
below last years exports.
Customs figures do not, however. be
gin to tell the export trade story
Sentiment in lanking circles regarding
the business outlook. regarding. in
deed, the prospects Of finance has be
come almost confidently optimistic
because of the knowledge which bank
ers have of preparations in foreign
countries Il make colossal purchases
Of American staples and manufactures
Europe Arranging for Credits.
A good dell of present banking &C
! tivity is concerned with internationa
negotiations for the establishment o
credits here, not only for private but
for public employment. The rumor:
or a Week or so ago that arrange
, ments were under way for placins
French treasury bills in this city have
broadened into fact. Tonight it be
came known that a $4,000, 600 French
loan had been placed on this side. ant
was being offered to bankers on a
basis OF yield reported as s. l2 pei
cen. Nor Is it France only which
seems TO be seeking and obtaining
banking accommodation on this side
There is reason to believe that loan;
are being put through for German,
and other countries. The presump
ton is, of course. in all cases shat Il
is agreed that the proceeds of the loar
are to remain here TO be drawn agains
the pugenase of supplies.