New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-05

the final prices in amounts that en-
courage experienced dealers. invest
ment houses that at irst stood aside
from the organized attempt toward
GRADUAL resumption have appreciated
the value of concerted action and arc
working with the rest Dealings
through the Stock Exchange clearing
house i'm listed stocks AZ or above the
final figures Of July 80 amount to
around 5000 shares a day. and unlisted
stocks. dealt in on a frecr basis. arc in
many instances being purchased at a
good advance.
This disposal Of securities TO the
public brings in new money where II IS
needed. Part Of this goes to reduce
loans at the banks that are carrying
the securities for the New York mar
ket Part IS being retained by sellers
for future needs, as there are many
loans, public and corporate. that must
be financed. In the last month less
than S5.O00,000 in state, county ana
municipal bonds were issued, where
year before they reached five times
that amount. Railroad and industrial
issues IN September were some ST.
100000. against S16.090,000 IN 1915
With no open market for securities 1t
has been necessary 10 postpone Such
borrowing where possible. Railroads
arc hoping that recognition by the In.
tcrstate Commerce Commission OF
changed conditions in permission 10
charge higher freight rates may soon
enable them 20 get better terms for
needed funds.
Currency Still Flows Here.
The usual end Of the month require
mcnts for business purposes and Tor
payment Of dividends and interest re
strained any tendency that might 9TH
crwisc have appeared toward greater
freedom in the money market. The
large amounts Of emergency currency
outstanding continued to send flow
of funds TO this city, IN part made up
Of money that met reserve require
mcuts. Clearing House institutions re
ported a gain Of 100000 in the week
ly average Of cash holdings, which did
not fully represent the effect of ship
mCnt Of Sl0.000000 on account Of the
gold pool, AS il was not drawn until
the week was half over. Loans were re-
duced S24.O00000 largely through pay
ment for the notes issued by the city
of New York, which were placed out
side where possible. Security sales
were some assistance here as well. De-
posts were nearly S17,000000 lower
and the deficit was reduced by more
than $4,000 900 10 under S1S,0000OO.
When the federal reserve law re-
duces reserve percentage here from 70
to Is the present deficit will be elm
mated and appointment Of Class c d.
rectors for regional banks has brought
this time nearer. Organization will be
perfected and the system will then be
ready 10 be started at the proper mo-
ment. With a great amount OF Aldrich-
Vreeland bills outstanding the new
federal reserve notes will not be imme-
diately needed and the change from
one system of currency 70 the other
will probably be slow and gradual.
The new notes are based on CONNER
cial paper, which when the business
week closed had not even been de-
fined by the Federal Reserve Board.
As yet there is no open market for
commercial bills and this must be re-
stored and enlarged.
In London report that the morato-
rum on bills of exchange would end
October renewed the pressure Of re-
pre-moratorium bills at
NE Bank of England. The banks ad-
,ances to the money market increased
and deposits of outside in
stitutions were 912,000,000 greater As
result the strengthened reserve, which
included an addition Of 81 100000 to
he record bullion holdings, was not
arge enough TO prevent a reduction Of
about half Of ! per cent in its pro-
portion TO liabilities. Before the week
lad ended, however, it was announced
hat bills of exchange maturing before
october would be extended a month
md those maturing after that date for
wo weeks, so discounting at the bank
essened. An agreement, the terms of
which were not announced, was
reached between the British govern
nent and the Stock Exchange for as
istance when the time to resume trad
ne should arrive.