New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-12
FINANCIAL RECORD
here AND ABROAD
Bankers Wait for Con
cross TO Act-EXchange
Still in a Deadlock.

-. .hcv are waiting for foreign
-,.,ts and Congress TO act bank
80 are making but little progress
Ringing back life to the Frustrated
ign exchange market There was
u,,le more selling Of bills YESTERDAY,
~ stsrling cables down TO 30 20 ana
sen.cS 10 IS and with francs gong az
s'n era bst;er than FIVE 70 the dollar,
: ~. 49, Is no more a real foreign eX-
asl ~ market yet thsn there Is an
enhne. h,sipess in wheat. With more
,Apo' ,,s steamships lying idle here and
man --..,4;onste number in other Allan
= PioIS Gulf ports, foreign trade IS
&c 80 an fast. Heroic measures, 1t
ps.,a;s must be taken to relieve the
.iop The cotton export season Is
sls .s r,on the heels of the wheat out
AZ IRE problem there IS even
e'vy..,erSsv several proposals were
a. In Congress for the opening OF
~. Atlantic and for the protection OF
N, cotton planters against the rum
-. stares 50 many of them IN the
~. n there is no way of getting their
I.esne. sold az a fair price. None OF
-, however, was brought 20 the
..;-t where the eXpedient proposed
fs.-,sd sure Of adoption. One Of the
ssggestions embodied in a bill would
80 the United States construct a
49, az ships for trade with South
,~srica 10 carry passengers as we'll as
,snmodities and 20 serve as navai
,.ssrve-a reminder of the plan Tor
nuGGnnCpT
~ freight vessels 70 sail 20 the neg
i..,sS west coast via the Panama Canal.
i,otber. "a Joint resolution, directed
- Secretarv Of the Treasury 70 with
"a from the cotton growing states
n North Carolina. South Carolina,
csorgis. Alabama, Mississippi, LoulSl-
a,s. Texas, Oklahoma and Arkansas %
~ cent or as much less as he shouid
.s2 No Of the emergency currency the
Mnks OF those states were entitled 70
Instead Of this currency issued IN the
ordinary way. there would be Treasury
,otes against warehouse ceruncates
an cotton. The suggestion to make
,otton warehouse receipts into prime
|.oun1ercial paper" in the meaning Of
be Aldrich-Nreeland act seemed to pc
smmon. in fact, TO q number OF mem
Nrs Of Congress. 81.
Foreign bankers are as yet little dis
l,esed 70 accept drafts against gram
lNipments until those shipments aetu-
Am arrive. They want 70 be paid first'
.sty say, for the bills already matured.
|But as yet England is not feeling Sc
|rsrely the dearth Of grain. In the
|ourse Of time 10 is extremely probable,
|rless something like normal trade
gross the ocean is restored sooner
bar now seems likely, that the Ameri-
An proposal that all shipments shall
4 paid for IN advance will be accepted
,srforce. Meanwhile, however, grain
pling up here and at interior points
nd the trade is almost at standstill.
A somewhat better condition was re-
vred from the London money mar
Rt. the improvement, however, being
rore sentimental than actual. The
nnks were reported TO be making a
gu loans for short periods at 4iz per
4rt and the Bank of England did a
I rod deal Of diseounting at per cent,
sough no lending. The bank bought
4 bout S1,1OO.0O0 in gold.
( OF domestic developments only the
4 prernment's weekly weather report
4 ru Of Importance. II showed consid-
4 cable damage to corn in the northern
All Of the belt and serious injury TO
{ x Missouri crop. Cotton appeared 20
4 ( doing well.