The Birmingham age-herald., 1914-08-06
DEVELOPMENTS IN FINANCIAL DISTRICT
 MOST MEASURING
Bankers Inclined to More Cheerful View Despite Broadening of Scope
 of War

New York, August 5.-Developments in the financial district today were mostly reassuring. Bankers inclined to more cheerful view. despite the greater scope of the conflict abroad. Cables from London suggested hope ful outlook in the financial sense with prospects fayoring an early reduction in the British bank rate.
 Wall streets greatest problem-the disposition of the large amount of American securities brought over by the Olympic-found early solution in the willingness of banks to facilitate de- liveries of these stocks. most of which were sold here for future delivery immediately preceding the closing of the exchange.
 There was some inquiry for the bet ter known stocks at prices a point or more over last Thursdays quotations, but sales were moderate and trading limited to outside brokers.
 Money markets maintained their nom inal tone of recent days. Some banks advanced loans from 6 to s per cent. but the former rate prevailed in most cases Banks were loath to renew ex. piring loans on the ground that the absence of trading made it unnecessary and that it was deemed best to strengthen reserves
 Loan for Planters
 Nevertheless, arrangements were un- der way for the completion of large loans possibly mp to s50,oo0,0o to cot ton planters, whose affairs are con fused by reason of the war Loans made probably will stand un- til the staple can be shipped to for eign ports without danger. Foreign exchange was nominal with transactions at minimum. Financial adviees from all parts of the country shows inherently sound conditions. Balances at the local clear ing houses again were paid largely in certificates together with emergency currency.
 Application at the subtreasury today absorbed about two-thirds of the 45, 900, 900 currency on hand there Fur ther runs on small private banks whose business Is mainly with foreigners were reported today. Savings banks mostly were free from anything in the nature of runs.
 Quotations Withdrawn 1 Steel and iron quotations were with drawn by leading manufacturers today This, it was said. indicated a purpose to make no commitments at present low prices pending the outcome of the for. eign situation. Further curtailment hal l been ordered in the copper industry. 1 An incident pointing to the attitude l of some of the larger industrial com panies at this, time was the declaration of per cent scrip" dividend by tho American Tobacco company, payable 8 year of, instead of the regular guar terly per cent dividend.
 Embargo on export freight continuei l but exporters hope England will find some means of opening safe traffic tc Europe. war risks" on ships flying tht flags of the belligerents, 10 per cent yesterday, rose to 15 and 20 per cent to day on cargoes to Australia, South Al rica and the far east.
  The other steamship lines have not beer affected.
 Seattle, Wash, August 5.-Many mill tiamen are being moved from western Canada to the coast. The militia at Van couver has been sent to Victoria.
 The British government has taken evel the Canadian Pacific liner Empress oi Russia at Vancouver. She will sail fol the orient tomorrow to be delivered tt the admiralty at Hongkong.
 Tho liner Empress of India sa,l.d from the crient for Vancouver yesterday. St Louis August 5-Arthur H. Gar rels American consul at Alexandria
 Egypt, on a six weeks vacation. received instructions today to report at Washing ton prepared to return to Egypt.
 Buenos Ayres. August 1.-The Argentine government has submitted bill to Par liament providing for 30 days amoratoriun on 80 per cent of expired credits ant 1 those about to expire and suspending dur ing the same period withdrawals of gold The bill authorizes the government tt prolong this period if it deems such ac ton necessary. It authorizes the Banct 1 De La Nacion Argentina with a view tt l helping the situation. to utilize as con version fund sso,0Oo.000 now deposited 1T that bank.
 Ottawa. August 5.-Col. Samuel Hughes minister of militia, announced late toda, that Canada is raising a contingent oi | D. GOO men for service abroad. He state. | he has already received offers from moro than 100000 men.
 St. Louis, August 5.-Directo~s of th' St. Louis Merchants exchange today asked the Secretary of the Treasury tt take steps for the taking np of bills O exchange on grain cargoes now loadet or in process of loading at American ports to facilitate the export of grain.
 Mazatlan. via Otates, Sinaloa, August 3 Delayed in transmission )--The German cruiser Leipzig, whose presence hal caused anxiety to British and French shiI owners. sailed from this port today (Mon dayl.
 1 Nothing is known here of the where abouts of the German cruiser Nurnberg