New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-06
REVIEW OF THE
STOCK MARKET
rneIand's Action Thought
TO Bring End of the
War in Sight.

ynslsnd's joining war at last was re-
-.ssd in the financial district yester-
r~With how much justification is
"a be seen-ss the hrst important
y. toward ending the struggle be-
- the great nations. IL was as
N's.s that now the preponderance o.
49, 49, was clearly against Germany
Austria Hungary, and that the re
t,;pe Of Europe's ports TO American
9 rsrce was 60 be only g matter OF
This view. however, did not
~ into account the fact that so long
~ war continues there is small
sNsod that there will be enough
80 20 convey our foodstuffs and
80 scross the ocean. not TO con-
- nur manufactures, whose import
- s.rnot easily be underestimate.
~ At least. Englapd's participation
IL war, though it may eventually
=, the opening Of the ocean, is in
-, 81 being seen In too ssnguine a
- With the Stock Exchange closed,
t.,eess OF optimism in this regard
-, rat seem matter of anxiety:
- Re psychological effect Of raising
-, TOO high all over the country is
s.sthipe 70 be thought about, par
s.-i.rlv al this time, when the only
- 20 minimize the reflex action of
s..ors's war upon American commerce
- snanee is 20 promote a spirit Of
..-Ssncs and patient cooperation, not
- An bankers and merchants, but
80 the people as a whole. IL is no
80 Tor eXtravagant expectation, but
,.sson for reelection and modera-
asn.
- interests of those who have II IN
80 mower 20 bring about an orderly
arrangement Of International bank
- transactions 10 1T the changed
.Sss have not been wholly successful
/. securing mutual help and trustful-
.,,s The gain Of the few against the
.,ssrest Of the many is one of the
,.,,ures Of competition that might very
,.n Be set aside az this time, when the
,,,sshness Of one or two can easily
10 the work accomplished 20 protect
m When the foreign exchange bank
:, met last Monday and agreed upon
s,,5 rates Of exchange they apparently
- A situation that had become in
.,is-sble. The agreement then made,
t.rsyer. seems 10 have had the usual
A,,scteristics of such informal con-
.-,e,s II reports that circulated in
V,l Street Yesterday arc true-and
/ a,r,is no reason for doubling them
| ,.~e Of the parties to the agreement
/ .,rs already seen fit to break IL. That
| = nself cannot destroy the usefulness
/ \ the compact, but it impairs seri-
| s,ly the work Of readjustment and
| .,s5s 70 promote q distrust which is
| ,,v,binc but desirable at the present
| tine.
8 far the work Of the banking COM
rvsitv. cooperating with the admin
s,rstion. has been directed with fore
| ,rbt and energy. 1t is evident from
,,vorts that come from other cities,
| ysrh. West aud South, that the con-
I sl,pee felt in the financial district OF
1 ysv York in the ability OF ITS leaders
| . deal with complicated problems is
| Shared by the rest OF the country;
| Yesterday many Of the local banks
4 IN constrained 20 raise their rate Tor
1 al loans from the s per cent when
| has prevailed since last Friday TO
1 ~ rent. The action met with much
| -sicism in the Street, but largely ne
4 aase it WAS misunderstood. me
! mas Il is 70 be remembered, nave
I mat deal TO look out for. Not only
ssa they return their out-of-tcwn cor
,spondents enough TO justify their
soaing their balances here a thlngg
1 realty 20 be desired-but they Will
ave 10 help move such crops as can
y moved. finance the holders or those
ast cannot and protect brokers VINO
4 ave 10 pay drafts on stock sales from
Iuope. At the same time they na.e
look out for the repairing OF their
reserves, drawn on so greatly lasI
week.
Pans are still being made to open
Il Gs way for exports of commodities ana
| nd 10 Europe, the first TO ONSET
fuOpe's heavy credits here ana t1e
ssnd TO pay debts abroad ALREADY
wrdae. As yet, however, they nave
| 70. got very far, principally because
ihe rapid shifting OF scenes across
as ocean and the recall OF merchah'
l s.im 20 the uses Of war. frogIess'
1 scsithstanding the great dlheuItles'
l r being made, though 1t VIII De con-
/ sisrable time, even IN the most nope
/ .luew. before a satisfactory arrange
-,r, can be secured. In the mean
| tr,it is to be expected American OK
| Nrsrs will devote more attention IMAM
/ a. ever have before to the posslolli-
~ Of South American and Far East
| IN markets. These cannot take the
S psr cent Of our annual produetloh
| 4 tspper and the 81 per cent oil our ,,
u.on that Europe buys, but they WIN
tneyt certainly prove an outlet lor
nsrufsctured goods which had 20 com
We but a little while ago win tne
virsual monopolies Of England ana Ter
/ nary. -.
OF the financial situation abroad lit-
IL can be said, but there is a sugges-
tsn Of better things TO come IN A.r'
Lloyd Georges prediction inst t lT
Bank Of Englsnd's discount rate VIII
y reduced TO per cent by Friday.
he banks action in issuing lO-shiii'hs
and 81 notes will help TO ameiiorate
coalition that has already derived
sone benefit from the moratorium or
tIishsion Of the period OF grace Ia
which debts may be paid. "
President Wilson's offer 10 meola'e
between the warning nations had out
little effect on sentiment in the man
cal district, but the war has not so
sholly engrossed Wall Street men thaI
ne Senate Committees favorable re-
lort on the nominations OF Paul NJ
Nafbnrg and +. A. Delano Tor tne
teaertl Reserve Board yesterday faiieu
70 elicit many expressions OF satisiac-