The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-10

ned that the danger of a panic had passed
and all the Indications have been since
that every incipient tendency toward
alarm among bank depositors and Dor
rowers was instantly allayed by the
knowledge that ample facilities had been
supplied for assuring a sufiiciency oil
credit and an entire adequacy of forms
Of cash for the conversion OF deposits
Experience which American bankers
have gained with financial crises was val
liable also in helping them TO deal firmly
with persons who seem to think that
when they have built up bank &c.
counts through credit processes and tn,
deposit OF credit Instruments they are en-
titled at any time and under all circum-
stances to withdraw their deposits In
the form of reserve money. To the
honor of the American business commu-
nifty be II said that illustrations of this
particular variety OF hallucination have
been not at all common.
About the only excitement really visi-
bic among depositors has been shown by
tho customers of the private banks In
this city patronized by the less stable i'm
migrant portion of our population. Many
of these Institutions have had TO be taken
over by the State Banking Department
but II Is good thing on the whole &c
have concerns OF the sort cleaned out
II has been understood for some time
soon because OF their inability 10 comply
with the new State banking law.
Foreign Trade Question.
Financially speaking 1t can be eaid
that the country is prepared. so far az
tho domestic position fs involved. TO &c
ahead and do business in very much the
same fashion as usual, even though
somewhat unusual facilities have had e
be furnished. The problem which has
remained to DO solved Is represented by
the blockade OF International commerce
and the paralysis OF tho international
money market Goods cannot move over
the ocean without ships 10 carry them
nor can they move at all freely under ex-
orbitant war risk Insurance premiums
Neither can international trade be car
ried on without the free play of the inter
national exchanges. although the dead.
lock in the foreign exchange market has
been more the efrcct OF the shipping en-
barge than tho cause Of IL
Naturally enough effort 6rss turned b
the modification Of the chipping law
which would assist the Omitted States 70
soquire . merchant marine 81 purchass
and transfer Of resistry. How much
could b accomplished IN thds direction
became . matter Of Two ssded debate in
tho hast few dayS II wAs pointed Oh,
that the possibilities were complicated
with the question of tho recognition which
the belliserents would AFFORD TO transfert
of registry and also with the dififculty OF
competing with foreign shipping unless the
amendment of our maritime laws was
made more drastic than Congress- appAr-
emily contemplated.
It was hardly surprising. therefore. tina,
the prospects for All early resumption OF
the foreign trade movement seemed iowa I'd
the week end to become chiefly a matter
OF the early establishment OF such a naval
control OF the ocean as would mako the
seas comparatively safe for shipping In
most OF tho worlds vessels Unless Great
Britain. with its huge navy and Its tre-
mendous interest in facilitating foreign
trade and the free course OF the interna-
tonal exchanges on which It's very exist
ence depends. could assert supremacy over
the seas Il was admitted that the outlool;
for an early termination OF tho interna-
tional business and financial blockade was
dark.