New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-14

actions below the close Of July 30. and
such deals may be put through the
Stock Exchange. II is all rather tonts-
tive as vet, but something may be
learned as 70 how securities my be
sold az around existing iiures, and the
experience should prove Of value to
those considering the full resumption
OF trading on the Stock Exchange.
Buying orders now greatly outnumber
those asking for sales. and a good pro-
norton Of them arc only point or 80
below the closing. When the savings
banks learn how heavy Withdrawals
are 70 be after the sixty days notices
expire they will be in better position
10 place orders.
AZ present there seems little likell-
hood Of opening our exchange alone 20
take the full brunt of Europe's offer
inRs. The attempt 10 lower exchange
rates through shipment Of commodities
and arrangement for export Of gold
would count for little against sudden
influx Of millions of dollars of our So
curitics TO be paid for here. There -
In the country, II is true, a great sup
ply Of gold, hut il is not large enough
10 pay for all our stocks and bonds
held in Europe. This is what makes
the movement 10 rehahilitate railroad
credit 20 important, for the more at
tractiye We eau make our securities
the greater should be the proportion
that Europe will continue TO hold.
City Loan and Exchange Rates.
Exchange rates in this city ceased
their abrupt decline of the week pre-
ccdhg, anxiety Of some OF the local
banks to provide themselves against
payment of their share Of the city loan
leading them 20 buy exchange so they
would not have TO give up gold. The
city authorities. after some modiiica-
ton of the agreement by which it was
planned for the city to conduct its al
fairs on cash basis, confirmed the
terms made by the Controller. The
price set for the accommodation seems
high as compared with the ordinary
rate of city borrowing, but the emer-
Cency was great, and the city, by TAX
ing its loss. has preserved its credit
for future needs. Gold will be depos-
tied in Canada for the city's account
this week
The proposition for the banks of the
country TO deposit S25,OOOOOO III "
tawa and guarantee payment or SIZo'-
UUUtUUU more mas DSGu Adlu aoANN 49,
the present TO await the effect OF the
CITY financing. The Federal Reserve
Board has yet no authority to compel
interior banks to subscribe to such a
fund. but apparently the rest of the
country realizes our foreign trade must
be financed and that this is not the
concern Of New York alone. The new
banking system, when established, can
transfer gold where needed through
authority of the Reserve Board to COM
mel reserve banks to discount for each
other. Then the spectacle Of some IN
terror banks holding far above their re-
uuired reserve while New York finances
the countrys need and draws down its
own stock Of gold will not be seen.
Cooperation in Business.
Throughout the country business
conditions continue sound. CONNER
cial borrowers, it is true, are being
forced TO ask extension and great care
is needed to insure that those who can
pay all that is possible and do not
take advantage of the present time TO
avoid meeting their just obligation. In
general, the spirit of cooperation is
helping through this sudden crisis that
everywhere has cut down new orders
and taken goods ready for shipment
out of the class Of fluid assets. The
Middle West is doing we'll, as its grain
is bringing high prices and moving
in great volume. Cotton mills are
more active and woollen manufactur-
ers with protection against ioreigh
competition more effective than that
Afforded by the old tariff law are e%-
ceptionally busy.
The steel industry is slackening and
opergtion ut so per cent OF capacity
Is predicted by the end of the month.
Domestic bookings are restricted, rail-
roads being practically out OF the mar
kct. and export business is not deVeI-
ching into any great amount Of actual
orders, though foreign inquiries con-
tinue. When the arrangements for
financing our foreign trade are per-
fected the Steel Corporation, with, us
feet transferred to the American nag
is expected to get a great deal OF busl-
ness which formerly went to Contlnen-
tai countries.
In London announcement was made
that the government was planning iur-
Their aid to the foreign exchange MAJ,
ker and that business men embarrassed
nv failure of foreign debtors TO remit
would receive special attention, ne
nromise that acceptOrs Of bills, wnen
necessary, are to be provided with
finds to secure payment at maturity
greatly lessened the rush TO redlscouHt
st the Bank of England. For the first
time since the strain of war began the
hanks loan total went lower, the dlmi-
mutton amounting to nearly s5,OOO,O0o'
INC hank felt able TO set aside S3,OOU,-
GOO in gold for redemption Of emer-
rency notes, and, though this pro-
duced a small loss in bullion, the pro-
norton of reserve to liability contlh-
ued to increase. %
The Clearing House statement OF
average conditions here for the week
reelected in part the loan made by the
hanks 10 the city, which was credited
ON the books of the local institutions
an Friday. Loans increased S26,OOO,oUo
and deposits nearly Sl7,O0O,OOO, Dut
lash holdings showed gain OF over
So 900 900, apparently the result OF IN
terror institutions meeting this citys
needs with more actual cash and less
With bank notes and emergency cur
rencv. The reserve deficit as result
Of the cash gain was decreased SZ'OOy,-
600 and stood at S35 1000 900. Next week,
of course, the financing OF the clIy
! loan will be more apparent
I
NEW HAVEN EARNINGS