New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-01

u
49, measures have been taken to
g. So No crave financial crisis ina;
bocy caused hy the continental
~ ,,. os-ic INC stock Exchange was
closed to-day unit, i1t,hei no., e.,
.ac bank rate was r''s'l -i''"
pr cent. -.,... ..o.o5oDt
Both steps ~crc Wi,ho", 80,
The bauk rates have never oe,oIt, :
s. much ir enc day. ard me lc.e.. .Lc
nor cert has not been reacnco S,,..y- w
srisis Of 1873. following me l""'
German way and banking trouo''S ]"
,to United States. r.
80 Governors Of The Bans o. EHk
zr5 and leading bankers nave oeSu
r.-ferrin- as 90 further steps 10 oe
,skrr. and general opinion seems 10
q fsror taking tmc by the iocc.ocN ana
,lartire stiil more drastic measure
~ order 10 forcs,0il possible panic.
Ts.c tonight &. was announced tn3!t
.-. Treasury. after consultation Win
~, Rams Of England, had decided THAI
!. ,es not necessary 40 present 20 suS-
,,rJ .bo bank act but that M the alb
100 of any Improvement In the out
1oot fin Furonc this course might be
sIsn+od IS n would enable the Bank
IN r,clard TO- increase its note issue
ferovG no amount Of gold in its vaults
sr8 cgtcn6 advances 20 other banks on
approved security.
There is also a proposal in reSponsi-
lilo quarters that a notes be issued
immediately, in order 90 economic me
gold supply.
To take some such step in advance OF
nossible narlc would be unprece-
dented. but 10 is held that the crisis
iustifes them. and they would be
ERECTED with general satisfaction. as
indicating the intention of the authori-
ties 20 take q firm and courageous hold
on the financial situation.
Business Beyond Further Harm.
i IS felt that the situation is al
eldy having such a severely restric-
tirc influence on the country's finances
end commerce that no additional inter
ference with business would be caused
By the adoption Of drastic measures,
which could be removed as soon as the
outlook became clearer
In the meantime all financial bust
ness has been reduced 20 the vanishing
point by the events which already have
occurred
The official pos ,ponement Of the mid
,uglst fortnightly settlement until the
end Of August and the impending
monthly settlement Of consols and
other government securities from the
beginning Of August until the begin
ming Of September have been greeted
with universal satisfaction. because,
even II the Stock Exchange is soon re-
opened, as long a time as possible viii
be needed for cooperation before an
other settlement comes.
Should there be a rapid recovery in
London, New York may reap the re-
ward for the manner in which she
vlthstood as long as possible the on
slaught Of Continental sellers. though
i IS TO be feared that the serious dis
organization Of financial machinery
Will not be easily rghted
Directors Of joint stock banks in
London, az q meeting tonight. decided
lot 70 make more than 10 per cent Of
niyments in gold. the remainder being
PAID On notes. The fact that the five
pound note is the lowest issued by the
bank Of England makes it possible that
. VIII be necessary TO create a new
nsue Of lower denominations, such as
ne one-pound notes obtainable in
Scotland and Ireland.
Fifty Brokers Default.
Fifty brokers informed the Stock Ex-
'tange committee that they would be
compelled 20 default on account Of the
pofip0ncmcnt Of the Paris settlement.
and 10 is believed another fifty would
have gore 90 the wall If the market
htd not been closed.
Cable transfers on New York we're
qzoted az IS 20. and small parcels OF
roupons when offered al the banks were
euiy taken al the rate of IS Cd for the
dell8r
Lordon's action in closing the Stock
Exchange was followed by similar ac-
ton in Liverpool, Manchester, Glasgow
and Edinburgh, and in Amsterdam.
Dispatches from Vienna said the bank
rate there had been advanced to 6 per
rent A similar rate is 10 be announced
IN Copenhagen tomorrow.
Paris, July 81. Transactions on the
bC1rse to-day were fewer and the
quotations we're almost without signif-
e9nee. The private discount rate was
81 per cent
Gold was at IL per cent premium
mere to-day English sovereigns were
selling az 2S francs each. instead Of
ne normal rate Of slightly more than
b francs.
cabinet council IS 20 be called to-
@'uow 10 consider an extension Of
INC terms Of payment for obligations
falling due
Apprehensions Of the smaller trades
PeeoPle mere have SO grown that many
Of tnem refuse 10 take the new govern
msni ~ frame and franc bills.
department. stores are doing only
apout One-half their usual business.
V"h6 70 the lack Of small change.
managers Of large concerns remark
lnst me mail has shrunk 10 Il third
.nu even 70 quarter Of its usual pro-
Brussels. July Sl.-Upward Of 10000
persons besieged the National Bank
unls morning 70 withdraw their bal
Anees, but by midday the run had
greatly subsidized.
Inc Hague. July 31.-As a result of
meeting today between the Neither
,auas cabinet and the bankers of
amsterdam, II was decided TO form
..esn syndicate of bankers which will
STOCK MARKETS CLOSE
40 MANIA