New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-28

HeW n0tt4 p0t eut shf3uHa che tlll NAP
kee Tor there 10 now practically 40 bill
market They must ask akeemmodss
tipn Of the banks In the lartt eitioe
where they have their deposits and
saeh demands must Be met Whether
e viii Be easier 70 assist eoMinOrclal
bofroweEs with Stock EAchanRe loans
held 70 the preeept amount bus
not eelleetlble or with these loans
made liquid Through resumption Of
trading bpe enlarged, % 4 question on
which Authorities here are not agreed.
The acute situation Of the South,
Arising from failure Of European man.
utaeturers 60 take their usual large
share OF The cotton crop, Is receiving
attention, and may be expected 10
show signs Of improvement before
lenB; There are encouraging steps TO.
ward taking loss In cotton and hGinF
the price IN open exchange dealings
instead Of endeAvOfink 10 hold Il Il
levels artiheially sustained above any
trade demand. When this crisis In
the South 10 met and the West has
received n large proportion Of pay
ment for It's immense Rruin crops Il
10 selling abroad at such high prices
money conditions ali over the country
eheuld be easier.
Wheat Exports still Heavy.
Grain movement abroad was again
heavy, seabosrd shipments of wheat
and -four for the week being well
above those Of last year, though not
ut the record levels Of three or four
weeks ago. Idle freight cars on Sep
TENDER is decreased $1,000, principally
because Of grain shipments. AZ yet,
however, the net surplus, 10000 cars,
is abnormally great for the season.
AT the same time in 1918 II was only
10000.
The steel industry shows mill opera
ton so reduced that the leading com
bAnies are now running ct not over go
per cent Of capacity Railroad orders
Kept waiting since tie first Of the year
are still withheld because Of the uncer.
tainty which the European war has
caused in the roads financing plans.
Prices are being shaded on what new
business Is being secured, and export
orders apart from those received By the
Steel Corporation are turning out very
light
In England trade conditions have
improved so that it is expected to end
the moratorium on November 4, and
nUt NAASAlW ~ HOSOHu OGbVuCI oO luA
as bills Of exchange other than checks
or billsson demand are concerned. The
Bank Of France, il is understood, Is
trying 10 arrange to have noratoriuIns
Of the allied countries end on the
same date. The Bank Of England is
no longer being called on to lend great
amounts TO the London money market,
and the loan item was reduced nearly
IS 100000 during the week. Bullion
holdings, which included consider
able amount of our gold sent to
Canada, we're almost 100000
greater, reaching an unprecedented
total, and the reserve percentage rose
to 1888, against around Is when the
shock of war first was met. Funds In
London rul,d at around III to per
cent for day to day money and around
8 per cent for discounts.
German War Loan.
The German war loan of 100000.
600 marks was, after all, successfully
financed, but it is reported that this
was done through attaching 20 per
cent of bank balances and forcing de.
pcsitors to subscribe this amount, and
through directing merchants to pay
debts BY payment Of the amount owed
In the governments obligations. In
France, because of the uncertainty OF
ordinary revenue, towns and COM
munes had been authorized to meet
necessary expenses by issuing bonds
payable after the war.
The Associated Banks of this city
improved their reserve position dur.
ing the week through a gain OF near
ly 27.OOO,OO0 in cash and a small
shrinkage in deposits. The deficit de-
creased more than S7,50O,O00, to
around S3O.700.000. the lowest It has
stood at since the first Of August. With
the inflow of cash to be expected from
outside payment for city bonds and
from purchases of corporate Obliga-
tions and of unlisted stocks, as e re-
suit of the freer basis of trading al
lowed, the loss of gold by export to
Canada this week should not prove
much Of q strain.
The federal authorities here pre-
pared to make up for their mistake
In estimating revenue obtainable from
customs and income tax through i'm
position Of new burden Of war taxa
tien, It is true, the government de-
posits IN banks ought not to be dis
turbed at this time and that the issue
of long term government bonds would
be unnecessarily disturbing to out
standing obligations. A snort term
popular loan, however, would not pc
open to this objection, and would
avoid the imposing of extra taxes
which, when once imposed, are DIM
chit to suspend. Federal taxes per
canita have grown 60 per cent in the
All twenty years in spite of our i'm
mense increase In population. Govern
ment activities increase, and efforts
toward economy such as that which
ert down the river and hsrbor appro'
priation have been infrequent.