New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-09
FINANCIAL RECORD
here AND ABROAD
Ranks Reserve Decline
English Discount Rate
Again Reduced.

Ao financial district yesterday
IS almost nothing doing. The
rt.s ;ttce OF five, appointed by the
~, rvchange some days ago to make
So,.,.or rulings were necessary on in
- busi7Css. had efTectually disposed
~. minors that the exchange would
- ~, next week by stating that there
heen no discussion Of the matter.
Z. t.ys were still trying TO arrange
fs,ehsnce Of credits in England like
ooe I'm France. Banking institu-
Aid no more than routine bust
srd questions affecting the mat
n building up export transporta-
~, Tor commodities were put over un-
-. week. Ii was reported that
=. of the big German steamship com
-.ries was trying 20 establish a credit
tis,rinc house here, but the rumor
i,,ked confirmation.
TSe bank statement was practically
~. onlv item Of new business in the
~ only the so-called average
....sment was published, the actual
.sl,hit being deferred until days when
y, forces Of readjustment are less
lv;ouslv az work. The most significant
- was the great loss in cash OF
ts-S45.OO0. Of which S5l 500 900 was
'..,ie Loans increased nearly $685.
$4,000 and deposits decreased nearly
81 900 600. The decrease in deposits,
I'd consequently in the amount Of re-
I've required, was not enough, how
,r,r. 10 preserve any part Of the sur
lac shown the week before, and the
20 deficit Of s4S.116,000 was record
u tbc greatest since 1907, when at
~ time a deficit of over S54,0OO,OOO
"a shown. By comparison with the
a,-tpal" statement Of a week ago, how
,-tr. il was evident that yesterday s
nbibit was not really as bad as II
,,sned: that actual" statement had
dawn a loss in cash Of just about the
ume amount that was shown yester-
~ and only q decrease Of more than
Ell 500 600 in the amount of reserve
r,ouired had kept u from showing a
trrer deficit than the Sl7,500,000 actu-
i.y reported.
Psychologically, the further drop IN
he Bank Of England's discount rate TO
per cent had some influence, though
4 was recognized that much OF the
ierce Of such a move was taken away
III the banks present right 10 issue
fnfre not stNAItu III AAAA " go
purchase By that institution Of some
az 600 900 Of gold, with which to re-
,s;r lis shattered reserves, was right
.~rv enough considered Of much more
:..-ortsnce than the drop in the rate.
From the sphere of war came no
..rs of victories or defeats likely 70
\. ~ influence on the international
-o,ev markets. Altogether, it was the
l~iics. dav that the Street has seen IN
long time. and most Of the stock
s-.te~s and bond dealers who have
de a business Of frequenting their
sees daily. Notwithstanding the shut
80 Of Of trading, went home early.
fhe wheat market. the only one open
81. reject current happenings, showed
.rrbtlv higher prices on the POSSIBLE
+, rat some of the numerous efforts
-sw being made TO forward eargoes 10
r-,ope would be successful within the
80 few DAYS. The crop report could
ls,5,v be said TO have been factor IN
~ ADVANCE because against the fall-
- al I'M the promise OF spring wheat
,t,-s WIS the gain in winter wheat.
go, was likewise higher, and IN this
,,ss the governments report was a
nnvtT