New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-08
FINANCIAL RECORD
HERE And ABROAD
Rank of England Shows
Loss in Reserve-Poor
Crop Report Here.

he banks except lHe NeiHh"" A'S''NN
-, resumed business. Contrary 70
action and to the practice Of last
EsSav the Bank Of England did not
.tvse 20 pay gold for notes. But
80 was no great demand for an eN-
shsrce Of paper into gold, and the
.oJS issued notes Of small denOmina-
- circulated freely throughout Lon
The Chancellor Of the TX
e.Ssouer's announcement on Thursday
80 .bcre was no reason, IN his ludg-
-, why there should be any sus-
-,,sion OF specie payments by the
by apparently had a favorable ef-
-. an sentiment. Cable dispatches
:. tbis city said that business was
h,i,e conducted without excitement
ne declaration Of a moratorium had
..-srontlv had no power 20 excite the
r,glish public, any more than the sus-
..Ssion Of the bank act, which re-
hires the Bank Of England's notes to
81 secured in full by gold. The mora
,oriurn. or deferring Of debt payments
d, this case largely on international
.-snssctions-will extend for month,
during which time no purely financial
Sshts maturing can be collected against
10 will Of the debtor. The suspen-
.:on of the bank act will allow the
Rsrk 10 do business on practically the
ssre scale as it did before its gold
,gpply was so greatly depleted.
me Banks weekly statement, ordi-
,srilv given out on Thursdays, APP
,sarcd Yesterday somewhat uneN-
,ertedlv. since the report had been
rat il would be postponed until Satur-
dav. II showed such extraordinary
ebsnqes in the several items as might
bsve been expected in view Of the con-
E+ions that closed the London Stock
TvchanRe a week ago and forced the
5eelaration of a partial moratorium
The proportion of reserves 20 llaDih-
ties. the Banks barometer, had dropped
In the week from 4O.O3 per cent 70
l46O. The decrease IN bullion was
siO. 500 .OOO-from s3S,l3l,OOO TO 80
SOP .OOO-and at the same time o 1ne
rotes reserve decreased sl7'O29'OOO.
The Bank of Frances statement II
was reported early yesterday WouiI
not be published this week, from rear
Of causing apprehension, but II may d
hat this decision will be reconsldereu'
now that England has led the way
Further negotiations We're il P'os-
ress all day yesterday LOOKING 70 III
establishment Of an eXehange Dy
American bankers OF credit iaeHltieS
with England such as was arranged
with France through the central oahk
on Thursday. The BRUSH goVeInllIei..
Lss already insured shipments OF gram
from the United States up 10 90 per
rent Of their value, so that there Is
49, LoDe that the conferences with
he Ranks officials viii result IN some
,Iirr still more useful TO international
trade. -. ,.o-,
ascpssed for protecting the cotton
vis,ters Including proposals for the
government to advance sum OF 90O
baIe-a suggestion that the secretary
az the Treasury quite properly refused
h give any countenance to. W. ]. VI
gsrding ore of the members OF nc
FEDERAL Reserve Board, who was 1oI-
rerlv q banker in the South, had the
much more practical idea OF urging
the bankers who finance the yeat5
erops 10 extend the planters notes Tor
tbirtv DAYS or more beyond their ma
tYritv. With the aid OF the emcr-
rercv currency, he thought, they ought
"a have no trouble IN dong il'
Whether the fertilizer companies, VINO
hold cation grower notes IN IGrS~
Quantities. will be equally able to de-
fer collection of them is not YET
known. but il is probable that New
Vork bankers will lend substantial aid.
The egregious Representative Henry,
of Texas. found in the dilemma OF
the planters another excuse for M
Producing his "corn tassel currency
hill. which met with ignominlous
treatment laS year from the members
Of his own CArty.
II will still be some time before cot
ton is moving TO market in great vol
ume. even II d way is found OF eN-
porting il. The amount now estimated
by the government 10 be all ready Tor
marketing is 100000 bales, but do
nestle consumption will be largely n
creased. and the chances favor no seri-
Gus embarrassment in the South, even
though the figure named is half Of The
normal annual home consumption.
Cotton is not perishable to the same
degree as many other important COM
modities, and undoubtedly some way
will be found TO store any excess
without working too much hardship on
the growers while an outlet IS BENG
prepared for it. Europe needs cotton
almost as much as foodstuffs, espe-
cially England. II is hardly to be sup
posed, whichever side triumphs on the
seas. that exports Of the commodity
will be cut off altogether.
As for wheat. there seems 70 have
been considerable exrggeration about
the congestion Of railroad terminals
and the difficulty Of moving the CROP.
The best accounts are 70 the effect
that New York has ample storage
room left for grain, the supply al
ready received, in fact, being less than
IS often stored in the elevators and
warehouses a. this time. Yesterday
there we're more purchases Of wheat
bills by foreign exchange bankers,
though as yet there are no definite for
eign exchange quotations. The sellers
Of the bills, however. will not receive
their money until cabled word comes
from London that the drafts have been
paid there.
Discussion Of the governments crop
report is almost useless in the face OF
the doubt that exists about the size OF
the eventual demand for the various
grains. II may be noted, nevertheless,
that there was a falling off in the in
dieated yield Of spring wheat Of 3d.
100000 bushels in the month, but that
\ the wheat crop as a whole, partly re-
deemed by the gain In winter wheat,
suffered loss Of only 100000 bush
els. Even al oil ,000, 900 bushels the
indicated outturn, the harvest will be
a bumper. Corn fell Off IL points in
condition-that is, the promise was for
2sS, 100000 bushes less than a month
ago. Oats likewise suffered. and bar
ley, the former losing 100000 bush
els. or 81 points in condition, and the
lstter losing 100000 bushels, or 10
points.
Call money was easier az per cent.