The Bridgeport evening farmer., 1914-08-06
FINANCIAL NEWS LETTER

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 New York, Aug. 6Accountants are now going over the books of S. H.P- PeI company. and a schedule of assets and liabilities will be filed as soon as tn cir ~gEorks fss completed. The firm liabilities to local Cotton Exchange houses are variously estimated at from S1 GOO, 900 to $1,5e0.000, and that from 50 to 75 per cent. of this sum will be a total loss to creditors. Despite these losses it is not believed that any bf the houses involved will be forced to thes wall their condition being sound according to present indications.
 The banks are paying out emergency currency but few of the recipients know 1t The reason for this is that emerg gency currency differs in no vis- ible respect whatever from national bank notes, unless the National bank notes happen to antedate the passage l Of the Aldrich- -Vreeland law in 1908. By that form the law of national bank note was changed so that the note
 should conform precisely with the emergency currency. Previously the line at the top and in the middle of the bank note had read secured by 1 United States Bonds..'' The line now
 reads secured by United States Bonds or Other Securities, It was also pro- | vided that both the national bank notes and the emergency currency
 should bear the captain, National as Inasmuch as copper exported to 1 Europe has averaged in recent years about 55 per cent. of the United States
 production it was inevitable that the large producers would take steps 10 | reduce output when Europe vanished l commercially from the worlds map l British victory on the seas should mean l that Europe outside of Germany, and
 Austria. will be able to do business
 with America, and copper people hope the time will be of short duration l when spot metal brings more than IS cents a pound in London while it goes begging here at 13 cents a pound. By tacit agreement all large financial linstitutions whether within or with out the clearing house have adopted measures designed to prevent hoarding g of currency All of them supply cur reney in adequate quantities to GUS l toners needing money for business I purposes or for living expenses, but in every bank there is a rigid super vision over withdrawals to the end l that none may profit from a premium. Southern cotton interests are natur- ally anxious over the wide open break | in cotton prices A committee of rep
 resentatives and senators. from the south has been appointed to confer l with the President and the Department
 of State, to urge the warning nations not to regard cotton contra band of
 war, but to allow it to be transported
 in neutral bottoms to any of the ports, even of the warning nations which are
 not in state of blockade By this
 means they hope to save the narke,
 for that portion of the crop which
 annually goes abroad amounting to about 62 per cent. of the whole
 Exports of steel products to Europe
 will, of course. be shut off during the
 war. and in the case of the United
 States Steel Corporation those to Soutf
 America and other ports will be great- : ly reduced owing to the fact that the . corporation has turned over its ships to be used for the transportation o1 grain to Europe Recently the cor
 poration took some good sized order,
 for tin plate from the Standard Of . and Texas company, which Is to b.
 used for the manufacture of container.
 for foreign shipments of oil