THE MONEY CRISIS.

Dominion, Volume 6, Issue 1776, 14 June 1913, Page 7

THE MONEY CRISIS.

SETTLEMENT DAY ON 'CHANGE.

AIR MUCH CLEARER.

UNITED STATES GOVERNMENT STEPS IN

By Telegraph—Pro»s Association—Copyright London, Juno 12. The first stago of settlement on tho Stock Exchange was successfully surmounted. Money was plentiful for firms in good credit, in somo rases at considerably beloiv the bankers' charge. Tho "Daily Mail" announces that tho, firm of James Watson and Company, on tho Glasgow Exchange, has suspended payment. The firm is fifty years old, and at one time practically controlled tho iron market of the world. Its difficulties aro due to tho fluctuations in tho price of Cleveland iron. EMERGENCY CURRENCY OFFERED. NEW YORK MARKET RELIEVED. Washington, June 12. Because of the existence of financial stringency, Mr. M'Adoo, Secretary of tho United States Treasury, has offered to issuo an emergency currcncy to the limit of tho Government's resources; consequently Now York prices soared during tho afternoon. Bankers aro moro confident; they aro hopeful that Mr. M'Adoo's offer will have tho effect of releasing money now withheld. VICTORIAN LOAN. AT 2j PER CENT. DISCOUNT. London, Juno 12. Tho Victorian .£3,000,000 i per cent, loan is quoted at 2J per cent, discount. PUBLIC HOARDINGS. ENDANGERING GERMAN INDUSTRIAL BOOM. ■ Berlin, Jnno 13. Sir Francis Opponhedmet, British Con-sul-General at Frankfurt, in his reports draws attention to tho ill-effects of <x nervous publio hoarding its savings. Sinco tho Moroccan crisis started the international troubles these hoardings have been 60 extensive as to endanger ■ Germany's international boom. Tho banks have been forced to keep larger reserves, and various means have been adopted to relieve tho pressure, larga factories paying weekly wages in small notes. Efforts have also boon mado ■ to popularise post office cheques. Probably the hoardings would gradually bo restored, but tlio money market was not likely to bo cased, as industrial concerns would seiro tho opportunity for fresh issues. If tho Reichsbanlc wero compelled to raise tho already high rate, tho industrial boom would hardly survive. "Paradoxical as it sounds,?' says Sir Francis "many believe that a boom which two wars failed to kill will be killed by peace. Others boliovo that the liberation of fifty millions of dead capital for military purposes will instil life into many Gorman industries,"

GERMAN LOANS FAIL. ONLY HALF SUBSCRIBED. , (ReC 'Juno 13, 11' p;m.) ''• • Berlin, June 13. The 25 millions sterling Imperial Consols, and the S| millions Prussian four per cent loans have been a failure. It is believed that they woro only half subscribed. The- "Vossische Zoitung" calculates that eight millions ivero subsoribed in London.