New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-09

AT cities where trade rather than
speculation predominates would prove
,hat II proof were needed. Under
Tying conditions, however, are sound
ard merchants supplies Of goods on
nsnd are small. so that the advance,
When 1t comes will start on con-
servative basis. The immense clops
that the Middle West has been selling
AT high prices have produced no sign
or extravaganza or overtrading. This
means that buying power is being ac-
cumulated TO be drawn on when the
period of readjustment is closed.
The opening of the Federal Reserve
system week from to-day will begin
TO release credit for use as needed.
w currency, about which Washington
authorities have been particularly
anxious, there is an overabundance.
IL has been coming back to this city
nj time when ordinarily il is needed
70 pay for crop gathering. In the last
Few weeks some SS5,000,0 900 of the new
notes have been retired by local in
sttutions. which no longer had reason
TO pay the BIZ per cent now charged.
The banks here are steadily adding
10 their resources, so IA to be able to
finance full security trading. While
the individual investor will ultimately
have to purchase the stocks and bonds
returned from Europe, it will be nee
essary to arrange banking facilities so
that they can be bought on margin, or
the initial offerings may reduce prices
so as 10 start apprehensive selling
here. II may be that foreign sales
In this market will exert less sudden
pressure than has been feared. Little
% IL .
open. The unauthorized outside deal
ings have shown no such enlargement
as would result from pressure Of
and dealers in investment bonds re-
port light offerings in their securities.
London Arranging Its Affairs.
During the week rather indefinite
reports were circulated concerning ne
gotiations between the New York
stock market and that Of London
toward an agreement about postponing
resumption of trading. With the Lon
don settlement due next week, an
nouncement has been made of the
form in which the British government
will offer relief. This will consist of
extension of facilities at the Bank Of
England for lenders who, unlike the
banks, are not able TO pledge securl-
ties for currency. Banks will not
call loans until quotations are firmly
established at the low prices OF the
end of July. The authorities of the
London exchange hope to arrange their
affairs so that they can take advan-
tage of the first decisive victory TO
resume trading
The Bank of England continued its
steady improvement in spite OF the
ending of the moratorium. The re-
serve went some three and one-haIf
points higher, TO nearly 1872 per cent,
with gold holdings enlarged over
81. 500 900. Transfer of Russian funds
TO London accounted for this great
gain in bullion. Loans were only
little larger and the banks deposits
of idle money increased. a..
New York Clearing House institu-
tions during the week added nearly
81 600 900 to their surplus, in spite OF
payment of the initial subscription 10
the stock of the local regional oank
of the Federal Reserve system AS
had been expected, there were Few
calls on this city to supply gold Tor
out-of-town banks payment The cash
gain reported was a little over 81
Zoo 600. Loans were reduced more
than s12,000,000, but deposts ue-
creased some S3,OOO,OOo'