New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-28
FINANCIAL RECORD
HERE And ABROAD
Bank of England Stronger
Foreign Exchange
Relief Plans.

HOW successfully 1NN DAM OF AH..A
land is standing the strain Of meeting
war demands was indicated IN a gam
Of over = per cent IN the proportion
Of reserves 60 liabilities. 1888, pub
Nshed Yesterday. over 1880. shown m
the return OF week sgo. This was
accomplished mainly through an in
crease Of $500 600 m bullion holdings.
which makes over sl6.0O0.000 added 20
tho banks stock OF gold in the last
three weeks. As Yet the reported IN
crease in general discounting outside
the bank IL seems has produced only
sight effect. for the loan item was
more than sl5,oO0000 greater than the
week before. when an increase Of near
ly G24 000.0 600 was reported. Clrcuia-
tior fell of a sign OF slackened IN
duStry.
Though Official returns from ,he
great government banks Of the Con-
tinent are not being received. private
cable message from Berlin by way of
Amsterdam reported the Imperial Bank
Of Germany had in the last month in
creased its circulation from little
under SAB. 200. 600 70 81 10000 900. and
that the reserve had shrunk from around
S42S 600 600 20 1882. 100000. In France
70 Is understood great quantities Of
coin arc being boarded. and the Paris
Chamber 81 Commerce is printing
paror notes Of ono and two francs "rd
Fifty centimes. The moratorium on the
Paris Bourse has been extended 20
September 80. I'm London yesterday
tho money market was easier, and some
joint stock banks were said 90 have
bought pre-morstorlum paper as low
as 50 per cent. Daring the day The
Bank Of England took in nearly 5000
600 more Of gold.
Despite better discount conditions
In London. foreign exchange rates here
continued firm. with few grain bills
offered Recommendations for settling
foreign exchange transactions made by
the committee recently appointed
should. # generally adopted, tend to
bring q little more order into cN-
change dealings The committee has
given mature consideration 10 the nm
nrecendented condition under which
dealers are now struggling, and rs
conclusions point out common sense
methods for meeting the stu
alton. IN which presidents no longer
count and each day brings new and
pressing problems. Ii is suggested that
In settlement Of drafts bought and sold
in the open market by dealers the
seller pay the exact amount originally
received. with interest al per cent
In spite Of moratoriums abroad Il is
recommended that the present arrange
mtnt by which purchasers Of com
mercial letters OF credit pay long
enough before maturity 70 allow for
sending payment 10 the other side
be continued.
The proposition 10 finance the sur
plus cotton crop through classifying
paper based on warehouse certificates
as securities on which 10 issue emcr-
gency currency has met much oppo-
sitiOn here. We are not, II IS urged,
suffering. as in 1907, from any scarcity
Of currency. Instead. some interior
banks have already returned to this
city Aldrich-Vreeland bills in the orig
iual packages. SO il Is urged that "A
further issue Of emergency currency
on cotton would simply mean imitation
II the banks concerned with the cotton
belt could themselves finance the crop
through providing funds for purchases
without any direct government relief
there would. 10 IS argued, not be the
present danger Of al attempt 10
fix en- artificial price on a commod-
ty which is constantly being bought
and sold.
Wheat yesterday advanced TO new
high levels and then broke 10
Wednesdays close. Country offerings
nave come into the Chicago market ~
greater volume under the higher prices
Of the last few days. and there has
been a decrease in buying for export.
Interests who are endeavoring 10 aid
in Selling the present opportunity Tor
increasing the country's foreign trade
are understood 10 be preparing an ap-
peal TO Congress for an amendment to
the Sherman law that would allow
combinations IN export business.