New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04

,,ehsnse broke in demorsl-
s,erlins sight drafts calling TOT
isd iss'i. n London were soia heIS -
rayn'en's 10 In the pound though
low IS fs-o;yn here is worth IN ou'
eold Ssss ana the cost OF trans
mOney ia "a from London 70 New l9fS :
ferfins ev'S; n This time OF war; not
PER cent; some stability 20 the cX-
70 otiuh =, and assist our custom
tr' Sun ..oorr,nissioners from HteHI pa.' l
Nere. France came 20 'n's siee a,o
81 SO u,;,b our bankers a JOINT issue
F.s. .eSo O0N goo 3 per cent notes OF INC
a Ssvv'..;Sns payable here IN golo.
80 ns"V successfully underwritten. az
IA VIZ Srerses. but the public offering
q $40 'Ni s-est success. Only. about
IS ~, ~ an ~ the notes were disposed
SoQVVV,..yre being still disinclned
2. our ~, foreign obligations. par
% pun" .Sose Of helligerents' and the
.,1sI'E :, war in the Balkans running
g,lnst - since the WAY broke out,
We 10 or credits 20 Great Britain.
rsa .''I .slv Germany, Switzerland,
.on't, sweden. Argentina, Chilli. Bo-
\'rVs!i pe1sua. in addition 20 a num-
VS. $40 .r,ystn and public issues we
~ ,.ken from Canada ! ne total IS
'i's -" billion dollars. Credits based
.-'sn ..i,stsral arranged for London
'tsinsd steady the exchange mar
a'Ss' -. .' ,so~th. French exchange has
t -,ycb. as has sterling. Rates on
.'''eo ,rS Austrian centres have been
gHu,s ,. Scrresscd. and IN the absence
resi- ;rrportsnt trade with the coun-
O. 81! 10 considered IS denoting
te 80 the soundness Of their cur
"s.' pyssia has suffered for similar
.. 80 snd through an immense one
81 International trade.
Our Currency Sound.
.,- ability under preSen. condi-
VI -eSoe0, our currency in gold as
''-s - doubt exists. The discounts
.I.it'.b Exchange or the warning
81 -. las stood indicates uncertainty
,'..jors degrees as 20 whether gold
go countries osn be considered
~, ~. hss.s Of additional paper cur
.-este5. This stability Of our
H-'! ~ nosl.:on and our enlarged
-.-:s has brought 20 New YORK
- q the business Of financing ior-
80 =. .-see ,hst was formerly done IN
- Tie Federal Reserve Jaw
--.,.-,s allowing national banks 70 &C.
..''s Of exchange arising out or
80 trade. has assisted this develop
& Bus;rcss customs. however. are
,- "a change. London IS sill a world
-.~. AVID + her financial and none
-- S;Heulties are ably adjusted at
IS end may be expected 20 rea>-
fs~ rlsce Of prominence
r~. new banking act has also beei'
r,,sFt in adding 90 confidence Of
,ss,s and business men through
.-.,'s8re that reserves are now undcr.
..-si Control. L has been a year OF
.-.-s-,. ease. and outside Of Southern
Its tr,-g has been little redIS-
ing Of commercial paper. The pos
.s.c ~ obtaining funds IN This man
towever. has tended 20 bring IN
[.. rstes more nearly 20 q leve.
..,~gtov. the country. The test o.
Tlw system VIII come when lis
..r"es aye drawn upon and 10 may
con whether the Federal reserve
-.-3 will act without sectional or pay
.- bias .,
-.. we're lowered by the new bans.
-.s.- because gold held by al could
- when occas on demanded be puJ
.l. sev,.,ra ~ auv. Additional mill
.-. NJ gold from abroad have H.
...,s. reserves already redundant ana
.-E-r Institutions have been enbar-
SD bv q plethora Of funds. 8us,-
.... rs1-irewauts have been small.
-- in the year business was de-
..al War contracts, with advance
-.~-s-ts and prompt settlements, call
r.+e borrowing Of money. bier
10 had cautiously kept stocks low
.r7..eJ ser Sigh. accommodation.
Collateral Loans at Low Rates.
a.gm- cror movement did not
-re The customary assistance from
East and caused no stihenlAg o.
.- rates here. Funds for loans o.
...rai have been abundant and can
aer to- Tie most OF the yea: has
r -r ample supply az from Ia 10
.s- cent and has not gone above Is.
months time accommodation has
aged from e.. 10 "a per cent, and
.ally not over 9. Mercantile paper
4 ,lo best grade had been Tar from
.rc;ent go nee. bankers needs.
Labor troubles have appeared during
ta YEAR 2, unemployment decreased
md more are threatened for 1910
stories OF immense profit from NUM-
ion contracts naturally made workers
.y for share Of the unusual return.
Sch demands generally met some sue
g.s and higher wages and bonuses mere
-sie difficult conduct of business
-s,.h war had not benefited. Rail
.ejs and anthracite producers expect
g face demands for higher wages,
r-ich NAV cause serious trouble. A.
lie same time. in anticipation OF pos
he scarcity Of coarse labor and OF
,se- competition from abroad after the
Fsr. fsr-s.ghted employers are LOOKING
no rev lst0r-savlug devices.
The question Of how we can meet
30 test Of peace is being more ana
1'fe considered. The shock OF war
an. establishment 20 conditions II IN
u'sd have been met When war IS
ser and Europe begins to set itself IN
riier We shall be ready 10 supply what
needed. Steel and its manufactures,
apper for electrical work. labor saving
-se,inery. VIC have them al, and more
tsdes New problems will come TO US,
%, g. We have met and overcome the
s.c1lties Of ~. last year and a hall
b. can with greater strength and re-
eyed confidence await whatever may
IN store for us.