Newspaper Page Text
THE SUN, FRIDAY, AUGUST 14, 1914.
4 II it : j .4 : i: J. '! 1 1 i tt' , l t !l ! .1. ft . 1 e J! J LOWER EXCHANGE DOWN; PAY DEBTS, SAYS JACOB H.SCHIFF Rrilisli novernnuMit's Dis count ( iiii niu too. H rings Ii'oliof Quickly. 1JAXK KKS riHTiriSK XOTK KKSKHVK I'LAX II. I Davison Assorts For eign Obligations Can Ho 3Iot Without It. , The unprecedented hlRh rale. In foreUn , exchange existing for tho last ttvo weeki j urtmn eonievviiai yeateruay ami business suoailtutlng a ctrdlt system, the isii was dnno In rhnt line at figure closer ftMce "f Cle.nlng House certificate, mid to the normal. The announcement of the H" takrK ou' of emergency currency. Hank of ,:,,,, that. beh.K guarnnlce.. tXZ !X?XT ..i.i i..p i.j- inc iirmsn tiovernmeni, it woum tuscoutu at inu naiiK rale any ap-1 exctmiigc of credit, nnd to smooth out proved bills If accepted before AUKilst t.i'l" situation, tho data of the di-clu ration nf ii. mnr.. , Mr. Schlff then called attention to cor- tarlm. . iu. .i... .. ..... .... u,tni, coimtrv coming due abroad shortly causing tho break In exchange rates. . and which must be paid In pounds etor- Bankers are now generally decrying as tins', francs and marks. He questioned as unsound the plan proposed on Wednesday i to whether we should allow this Indent to make bank notes a part of the legal n' " "main unpaid nnd said that revacrve of national binks ,ho mt"',,,rl ' not cover theae obll- reserve or national batiks. gallons. He said that we were not re- Jacob II. Schlrf of Kuhn, I-oeb Com- sponsible for this condition abroad and rany made a notable speech at a special that there were some who believed thoie meeting of the Chamber of Commerce wno u're should suffer from It. but thnt yesterday catling upon the country to pre-1 disagreed with those who took that serve lls financial Integrity nnd pay l,a , r debts to l-.urope. ..Now Wf cin pav ,,, in(iebtf dn In conservative banking elides the nc- only If the banks, for certain urpss tlon of the Hunk of England In offering which should be carefully scrutlnlr.ed by to discount bills at the bank rate pro- tne b"nk!, wlu '?t "t gold." Mr. fchlff vi.i.i th... i,.- . went on. "The banks answer us, 'Ven. Mded the had been accepted before the I w nr(. not unWnK t0 let out KOi,,, but declaration of the moratorium Is generally this sold Is In our rescues and If we looked upon a, another, evidence of the let It out we will have either to reduce skill and diplomacy which Is oelng exer- ' nr deplete our reserves, which we must vised by the Ilrltlsh Government and Kng-' !,ot ,l0'' T,m C0Tre- too. Hut what i.h,,., ..,.,! n i.i , V nave we emergency currency for? There land s premier financial Instltutlun In now author,ty, ',hrre , authorlrntlon, meeting the present difficulties. What to create many hundred millions of emtr Ungland has done since the crisis In'gency currency, n.itlonal bank nntcM, to flnance and politics became so acute. It la'- 1"cas'' nil ' emergency currency appeals, has met with a Urge measure ot:',nn,tI" " " ""f wl'h 'v'ry ot,1r n,,tlonal I'lnnm-lnl "nils Trimmed. It was iKiintcd out yesterday that the' financiers of Kngland hud trimmed their ' s.ills with consummate skill to meet what it-r dllllctiltles might nrlse. As soon as it as sicn that ar was Inevitable the) Hunk of Kngland Increased Its discount rate, finally bringing It Up to 10 per. I cent. The next step whs a declaration of a moratorium, which was followed by I bank liuli.l.ix m that I'ted nearly a week.' With the exchange market picking up even an little a It dld yesterday, bank- ' ers admitted that there was a better outlook for grain shipments and the re sumption of general trade between this cotintr and parts of Kurope. Provided that American exporters can be given soum assurance that they will not have 1 to bear the lo of their cargoes In case of capon e or other seizure, and that the risk and lnsiirur.ee rates are to be shoul- I dered tiy the. Ilrltlsh Government, the' feeling is that shipping will be resumed In some measure. Well known bankers here said yester- i day that the plan proposed op We.lnes. lay to make bank notes legal reserve for rational banks was fundamentally unsound. This plan was proposed In order lhat tho banks might pay the cnun- ' tiy's obligations to llurop... and to Kng land lu particular, without further weak ening their already depleted gold re serves, which are now about SIS.OOO.OOO below tho lequlrements of the national bank act. The notes are a liability and as sucn cannot ic rateu us un asset, the bankers said. It Is also pointed out thut the banks of the city nre already upon a Clearing House certificate basis and are resoitlng to the use of emergency cur rncy under the provisions of the Aldrlch Vreelnnd act. Til" plan of asklnR the Federal Iteserve Jloard to declare Itself operative and e I "?"' .V. '- .Vi. '",.r, .11.1.-., iii.ii iiMiiiriuii oev imusHii,. ...1 .l.t,.t, n r ... I . .. ..A ..nrA n . A nvand every re-erve requirement In easel'1,"1 f,,r ,hH "m"1 b-'n- to ."""V1" of emergency for a period of thirty days Is t0 who owe money In -"rope for le nlso criticised on the ground that In such ! ";"'!"aV? del,u cr?te(' U:r,!"e tnl'' .wnr' . situation as now exists the finances of , ,1",,,tl! tl' ''a-v,n;m, of, 7nlch cftnnot 1" the country should not be shifted from the 1,1"siPT1 ml control of a system which Is operative through MtlnK morntorla) j we mean nnd has stood for half a eenturv to "V to tho Comptroller of the City t-yatem which Is not jet completely or ;.mlzed. f'lisoutttl. Snyn Dnvlsnn. Hoary P. Davison of J. P. Morgan A o. made the following statement yester day In regard to the proposition to use national bank notes as a part of tho na tional banks' resep es : "I think tho proposal to use national nanit notes as pan ui .me reserve la ooin . wu not t,e crowded for payment. Pos unsound and unnecessary, it would open Hily, and not unlikely, Congress will the way to InllatHn and Instead of bet-1 ,lf y u tho legislation to enable the terlng the sltuutirm lu any way would , ballk, to et out t1(. KOi,i, if tnst j,, make It Jus: so much tnoro difficult to, .., i,,,-, tn th iw mid -onservo me couiury s resources iu inn way In which they ou-t'it to be conserved at a tlmo when the world Is confronted with the conditions whUh tho war In Kuropo lias brought iilsiut. "On both Hides of the war every effort Ih being mndo to reopen commercial nnd financial intercourse. Ixttween this country and Kuropo and each day some progress lias been niacin In that direction. Any agitation of tills sidilcct now will. In mv opinion, tend to retard tho accomplish-' m.en! "f, """ ' y 7";'" of tho Ilrltls.li Government and the Bank mcnt of tho results ueirei. I lie action or ..iiiui,( is mo Krca.esv ii-yev .: ,oTurorHn we are going to meet our obligations. Of course we arc going to meet them when i thev iMH Oii.e due and -w here they be - winVotU r".-A ran"" s..ch ""af "a, the use of bank notes as re-ei ve." ability and (he necessity of meeting our drbts, but contend that us fr as pos. j slide we ought to meet them with grain i hhlpinentH, cotton and othir commodities j and rchhN. It Is conceded that Mime pay ments will have to be made lu gold and that such kleps may cntnll some hnrdshlp nt present, but that It will redound to' our credit oivl betterment In tho future. J Su llnnlis Would llefnse, Duo banker In discussing the bank note i matter .1d that If Congress piifsed the I necessary legislation lo enablo the banks In take such a step the associated na- I tloua! hanks lit i.t would refuso to avail themselves of the opportunity That the banks of Ibis Itv me unwilling to fur ther weaken their reserves by payments of gold to meii their obligations Is con ceded, but tho belief Is general that some 1 ua will be found soon by which they will be ab'e lo maintain the credit of the conn trv nnd v et pay in gold such debts as, I hi )pe demand, be paid In that way. Xhcvr ill Itjs hoped that with the EXCHANGE HELPS TRADE-FRENCH LOAN $141,500,000 f our GUARANTEED MORTGAGES are htld by 4439 clients, Savings Banks Trustees Individuals Charitable Institutions Insurance Companies Trust Companies LAWYERS MORTGAGE CO RICHARD M. HIMD, PrttltJmt Capital & Surplus, $8,750,000 T. liberty St X T 194 Mratan at .Dkn. aliiclicnlnir of the tension In the forelirn exchange tnnrket and Hurope'n InrrcaaltiK nerd for our product, ainllclent bottom can lie obtained to provide for the trans portation of our irraln and cotton to i Cngl.tnd nnd the. Continent. .Mr Hchlff In lila Chamber of Com merce speech ad he believed that a lance nmount of the gold held by the trim companies as reserves could be re leased to met the altiiatlon. lie "aid Uut uuaitlon the people of this country were aaklnR themselves Is, "How r-w we pay our debts, particularly ho cun we pay our foroln debts?" Ho 'LP'1"" V!.h.:.t;"!!::.!).do',l.,. refusing ' to py out large amounts, their tirelessly to establish a system for the municipal Indebtedness of Sa Dearth of Gold, "We have no dearth of colli In this country We have more gold In this ountry than. I llleve, sny other coun- try In the world has . something like fifteen hundred million dollars probably. e have a thousand millions of Treasury gold rertiflcales outstanding, for which the Tieasury holds the gold, the.e cer tificates being to a large extent In the banks. We are not short of gold. I tell you whut we are short of; we are short nf money to pay our debts. We wave the American flag and say we nre willing to help the entire world, ai-d are pre pared to do It and we hax'en't got enough money to pay our own debts. "What does an honest man do If he cannot pny Ills debts? He tries to bor row It , he makes hit note for It Well, that Is Just what c should do. As we cannot borrow that money In Kurope or anywhere now o must borrow It fiom our own people, who are willing to lojn it to us b means of emergency currency, the redemption of which the law protects; and we must pay our debts If we cun do It this way. "fee what Kngland, which Is In the midst of a terrlllc war. Is doing to main tain Its commercial and financial su pretnucj ; Jee the practical emergency measures It has evolved already; see how Its own Government has come to the rescue only yesterday to reestablish iv discount market by offering to guar antee all bills created before this war to that the Hank of Kngland can dls- nunt them, and to relieve the Joint stock t bank, n order to take new discounts. Still I'll Inn In Germany. "Ill Germany, which Is not as rich as Kngland and which is perhaps for the moiiKiit more crowded than any other nation engngud In this terrible conflict, no moratorium has even been established yet. They are going on unci paying their debts us If nothing hud happened. And ., , ,., i.i, a .... ... of New York, who sit, here. 'We will not furnish you the means to make good the credit of our city.' "Do wo dare to do It? Do we dare In tnrk this ntlemn unon generation. j yet unborn? Should we not rather go to the last resort to pay? "And, gentlemen, payment will not b' so dlfllcult. If you do not want to pay, tho more urgently you will be asked to nav . f x-ou are willing to nay. you Congress has forced this moratorium ituv w., unti viij iiRiu 1U 11. ,,,- old proverb that honesty is Ihe best policy still holds good. SOCIALISTS HAVE A PLAN. Want fiarernmriit to TnUe Over All Fond and Shipping;. Tha local branches of the Socialist party decided yesterday to osk the Gov- J"', ', , nvr (.ontro f the m..,i of meat and wheat and trans '"!""' , vi:i. ch'etV" At rt ; ' .,;.' , ,i, j,u,i h,.ni 140 Kast 1 " N(t,ona, romm',ltec immediate '"on with a request Mr an appeal to the l,0l''"" , '", ,., ,.,mtll1..,i with a view to hhortenlng the present war our Government forbid the shipment from American territory of money, funds or the munitions of war to the belligerent Powers of Kurope." 1 Per MONTH UPON PLEDGE OF PERSONAL PROPERTY THE PROVIDENT LOAN SOCIETY OF NEW YORK I MANHATTAN I "Fourth Avenue cur. jSth Street (OlilritlKe Street cot. KiviriRton Street ISeventh Ave. bet. 48th and 49th Sts. LcxinRton Ave. cor. 124th Street Grand Street cor. Clinton Street Hast 72d St. bet. LexinRton cV 3d Avs. East Houston St. cor. Itssex St. , MORGANS MAY FLOAT HUGE WAR LOAN FOR FRANCE State Department Reported to Have Been Sounded on Its Probable Attitude Toward Such a Transaction. It u reported yesterday In the finan cial district that a syndicate of bankers headed by J. P. Morgan A Co. had in quired of the Htate Department regard ing tho probabla attitude of the United States toward Amerlcnn bankers floating a French war loan of several hundred millions of dollars. Henry 1'. Davison of J. P. Morgan & Co. when asked as to the truth of the report said that th firm declined to discuss the matter. The transaction as reported here did not constitute a loan of actual cash, but provided for tho opening of an enormous credit balance In this country for the account of France, against which the French Government would be able to pur chase supplies, grain and whatever It needed here. It was also reported that the bankers were considering the tame proposition as regards England. Other prominent bankers when (jues tloned regarding the report late last night niii that ihev had heard rumors to the effect that France also had asked the Stale Department at Washington what i It., attitude would bo In case our bankers I should float a big war loan for that ' country. They said that they did not I believe the matttr had gone further as BERMUDA ISLANDS FEAR GERMAN FLEET i Krei't Ilrenstworku nntl Mol)illzc,i Expecting Bombardment, j Reports Liner. The Bermuda Islands are under mar tial law and the Inhabitants fear an attack by a German fleet, according to the officers of the Quebec liner Her mudlan, which arrived from Ilermuda yesterday Volunteer Infantry Is under arms In the Islands, and additional earthworks are being thrown up hastily pressed Into service, the by cltliens j Bermudlun's ! officers say. The censorship a Bermuaa , Is so strict that private man is reau , before It Is allowed to go to foreign coun. tries. The Hermudtan brought 127 passengers from the Islands. She reports that the German tankshlp I.eda, which was bound from Rotterdam for ltaton Houge, has , been captured by the HrltUh cruiser j Suffolk and la In the harbor at Hamilton, When the Ilermudlan left Hamilton the French cruisers Conde and Descartes were coaling for a cruise. According to those on the Hermudlan, extensive preparations are being made ( for the defence of the Islands. The Lin colnshire Regiment of regulars and the Royal Artillery have been reenforced by the arming of the volunteer Infantry and by a negro organization, the Hermuda Mllltla Artillery. Some of the Rermudlan'a passengers said they had been prewsed Into eervlce to help In the construction of earthworks along the coast. John Todd of Klmlra, N. V.. said he worked several hours In a trench being built to strengthen the defence of Hamilton. There was a large party of American school teachers among tho Ilermudlsn's passengers, and many of the women slept little for fear the ship would be at tacked. KfTorts of Capt. Frazer and his ofllcers failed to allay the fears of the women passengers, some of whom walked the deck with life preservers buckled about them. Hlankrts hid every porthole light on the Hermudlan throughout the trip, and. during the In: two nights, the entire . ship was darkened. At one time Capt. Frazer chinged his course because he ( lighted a ship that had the outlines of a German crulstr. .lust before the Hermudlan sailed Rrlt- i lh ofllcers took oft ten Germans and held them at Ilermuda, Among these were the I first and second officers. There were other Germans on iKiard, but they claimed United States oltl.oimhlp and were sent to the Hrltlsh Consul In New York, who will examine their naturalization papers. The Caribbean of the Royal Mull Steam Packet Compiny's line alo nrrlved from . Hermuda yesteiday. Her ofllcers verified! the conditions described by the ofllcers of , the Hermudlan. The crew or the i.er man oil tank I.eda were nmong the 300 pae-cngers on the' Caribbean ("apt. Daniel sain the l urinnesn niso made ihe entire trip with darkened ports. And this fart caused some apprehension among '.ie passengers. He said the natives of Bermuda were fearful that Hamilton would be bombarded. jjugT HOLD INSURANCE MONEY. HsjsliriMieU Issnes WnriiliiK lo Feir elgn Companies1 MitnsKcrs. Albany, Aug. 13 -State Superinten dent of Insurance Frank Hosbrouck warned to-day the managers and trustees of foreign tire Insurance corporations with branches In this country against releasing securities or moneys held to rover losses In tho United States. "In view of the general uneasiness ex tstlng at present, with reference to for eign tiro Insurunce companies Incident to the war kltuatlon," says the warning of Superintendent Husbrouck, "we deem It advisable to suggest to you that all funds of your company which may be 1n your possession as United States manager shall be held by the United States branch for the protection of the company's United Statrs policyholders, "Please Inform the department of your i Intentions anil of the lsisltlon of your home otllce with regard to remittances at this time." llltlINX 1 Courtlandt Ave. cor. 14Bth Street HlillllLI 1 ,N Graham Avenue ccr. Pel'cvoise Ft. Pitkin Avenue err. l'oc;nv.'.iv Ave1 I'l-fU l-N'l.t UARGhDl'I'ON :7Ym I 54 LOANS RliPAin WITHIN TWO Wf'bKS FROM DATIi yet than an Interchange of diplomatic nnrresttondencA. 1 Only last week J. P. Morgan Co. through their Paris house, Morgan, Harjcw A Co.. succeeded In establishing a 112,000,000 credit balance .here to the credit of the French Government. GOVERNMENT IS SOUNDED Pretenre of Mr. Moritnn In Capital Ilellcved to Hear Out Humor. Wabiiinotom, Aug. 13. The presence of J, P. Morgan In Washington, where In eotntsj to attend the Important conference of bankers at the Treasury Department to-morrow. Is bellevnl here also to have significance In connection with the retwrt that the French Government Is negotiating for the lloatlng of a largo loan In this oountry. No denial o! tho report was made by the State Department, although Secretary Hryiin refused to vonflrm It. Th understanding Is that the matter has gone no further than a diplomatic Inquiry. France Is believed to have tounded the Washington Government with an Idc.t to Hscerlatn Its altitude toward a private loan by France In the United States. The bllef In Wahliitrton Is that this Government will not commit Itself to such a loin. NECESSARIES MAY ESCAPE WAR TAXES Inennip Tnx May Bo Increased '"id Intoxicating Liquors Hear Bigger Burden. Washington, Aug. IS. Democratic leaders are holding dally conferences on the eubject of emergency legislation to relieve the prospective deficit of about 1100,000,000 In the Government revenues. Senator Simmons ar.d Representative Underwood were at the Treasury Depart ment again to-day for a talk with Sec retary McAdoo and will resume the sub- Ject to-morrow. No definite plan of taxation has yen --"ull Z, ,(lJ,ed The lneomB Ux may be Increased. it stamp tax Imposed on legal documents. such as was levied In tho Hpanlsh-Amerb can war, and beer and rrobanly Intoxi cating liquor may bear a heavier rate. While It Is conceded that a higher rat on coffee would yield much revenue tht action would bu opiioscd by a large class nf people who still regard coffee as a mcesatty. The Democrats at this time are not disposed to tax coffee or tea Beer would yield a good revenue, and a domestic tax may be laid high enough tr, yield a considerable return. The tax or, the domestic product would he a good revenue producer In view of the foreign beers being practically shut out by the war. Louisiana men In Congress am pointing out that now would be a good time to hli the sliding reduction of the duty on sugar. If Note the l Thickness II of Tread B CAPEL COURT LIKELY TO REOPEN SHORTLY Credit Mnenlncry Moves nml Hill Mnrkot's Congestion Ih Ilcliovefl. HANK BUYS M0HK HOW Decision to Indemnify for Dis counting Losses Warmly Welcomed. Sptrial Citbl rifipntel le Thb Si's- Lonpon, Aug. 18. The action of the British Treasury Department In agreeing to Indemnify the Bank of Kngland for all losses In the discounting of bills re lieved immediately the congestion In the hill market to-day. It set the credit ma chinery glong again and It Is expected that It will be followed by the re-opening of Capel Court, The Government's decision was reached at a conference between Government rep resentatives and some of the principal bankers and other buslneis men of Lon don. The following official announce ment of tho decision was made! "The Hank of Kngland Is prepared on the application of u holder of an approved bill of exchange accepted before August 4 to discount It at any time before Its due date at the bank rate without re course to such holder, nnd upon It ma turity the bank will, In order to assist In the resumption of normal business operations, orlxe the acceptor opportunity upon further notice of postponing pay ment. Intercut being payable meantime at 2 per cent, over the bank rale. "Varilng arrangements will be made to carry the scheme Into effect so as to pie serve all existing obligations. The bunk will be prepared, In pursuit of this pur pose, to approve such bills of exchange as customarily are discounted by them, and also good trade bills and acceptances of foreign colonial firms and bank agencies established In Great Britain" The banks did an enormous bill busi ness. It is Impossible to give mi esti mate of the aggregate amount outstand ing, but it Is known that acceptances by German banks In London approximate flR.000.O00 (73.U0O,00O). There Is no more talk of an extended moratorium. Hank paper of all dates Is freely discounted at nbout 5'.j. Besides consols transactions havo started ngaln In Canadian and other eo lonlal sto ks. mid there Is no d fllculty In placing any first ela.s stock. Call money Is at 'Jj to I The Bank of Kngland - ught to-day lltl.OOO gold eagles and faiu.OOO ($1. 700.000) In bar gold. It received r 1 30. 000 ($6fi0,000) worth of gold from South America. Its rerervo Is now f 1 ii.Mo.nnO 77.6o.nftO) an Increase of f,.Gfi3.0o0 ft27.SlB.OO0). Government securities held by the bank amount to 23.011.000 (111."., 20f,000), an Increase of f 12,000,000 (ffio. 000,000) Private deposits have reuched the unprecedented total of S.1,32H,00o fftie, 630,000), an Increase of 2G,!17i),Ooo J132.SSO.OflO) If It's Red, It's an Empire Every Red Rubber tire you see is an Empire Red. And every time you see an Empire Red you know that some owner has double-crossed the blow-out bug with a friction fighter that's real. Road tests, factory tests and long service with owners prove that moire Wear Longest have every other tire beaten forty ways to Sunday when it comes to hard, durable service. Red Rubber produces Empire durability. Red Rubber barely gets warm under friction tests that blister other tires. That means Red Rubber is a poor heat conductor a wonderful wear-and-tear resister. The flawless Empire process of vulcanizing has pro duced in Empire Red a tough, resilient tire that not only outlasts all other tires in service, but won't deteriorate in the least standing still. Backing up every word we say for Empire Red is the famous Empire guarantee you must be absolutely satisfied. Empire Red must give 100 per cent, satisfaction for every penny you put into it. If you don't think your tire has given it, come to us and we'll see that you get what you want. "The man with a red tire knows" EMPIRE RUBBER AND TIRE CO. Now York Branch 240 W. 55th Street Factory and Home Office : TRENTON, N. J. Makers of "Peesrlesa" Red Rubber Inner Tubs BANK NOTES WON'T BE USED FOR RESERVES McAdoo nnd Williams Figure on Plan to Pay England $130,000,000 in Gold. GltATX SALES MAY FAY SUM Comptroller Will Relax ltulcs Hegardlng Reserves Owing to War Conditions. WasiiinotoM, Aug. IS Secretary. of the Treasury McAdoo and Comptroller of tho Currency Williams were In touch to-day with Vice-President Kldrldgo of the Nntlonal City Bank Hnd other New York city bunkers In regard to the urin ation wWch has arisen from Great Brit ain's demnnd for payment of a balance amounting to 1180,000,000 owing to her from the United States. It is understood that as a result of the views of the Treasury officials nnd Oov Hamlin of the Federal Resee Hoard bankers have abundnned tli Idea of aniei.llng the reserve oct so aiSto permit the use of bank notes as a part of the bunk reserves for u limited period. This Idea originated nt a meeting of the ship ping committee of tho New York Cham ber of Commerce called yesterday to dis cuss the rltuatlon growing out of the necessary drain upon the gold resources of thlr. country No drflnlto decision has been reached as yet In regard to a means of meeting the situation. There will be further confer r nces to-morrow on this subject. The reserve requirements under the new law will automatically release nbout $300,000,000 pf gold now tied up In the reserves. Under the proposel legislation these banks that were able to qualify Itnmedl ntily would be abk to take advantnge of their proportion of this release. There were also Indications to-day that the Comptroller may deem It expedient to adopt a tolerant attitude toward a partial depletion of the gold lescrves of certain batiks In order to help them meet the emurg'iiey arising out of the present In ternational obligation. Of course no an loimcement will be made that the Comp i oiler will show such tolernncc, but It Is III "l that he would taken Into considera tion the purposes to which tho reserve golii had been put ' considering such cues nilli.als do not believe however that It will be necessary for the banks to utlllzo reserve gold for vxyment of all of the 130,000,000 which Is due Kngland In the next ninety days. They are confident that before, that time ships will be found tn transport enough grain to Kurope to ere-nt- a credit there adequate to nocount for a large juvrt of this sum. They do not believe that Great Brit ain's plan to deposit a huce sum of Ai lerlean gold In Canada as the basis for hil. of exchange, to be Issued by the Batik of Kngland over will be fully con summated. Gov Hamlin said that the board l.ad not taken up the question of emergency meuHiiies to meet the situation. He said 11 was a matter for th Comptroller to nauuie, To fall XI ore tlefgliin llrserx 1st. I'urssi-.i.s, ' ug 13 The 1014 class of Belg'nn resei lets xvlll soon be called to the colors, nceordlng to un official an n luncement here to-d-iv ires NEW YORK'S PRIVATE SCHOOLS TOlWCi ,V.M HOYS lltVI.Nd SI IIIIOI, v SS W. Kith Mt. Tn evui v, "VJ from a t ?o mi i., , , . .o home study for bin. umlrr la HUM I V M IIIIOI,, IH0-H7 Writ Will ,i A ( hiireli ll.n stlm, i 11)11 IliV. Ifili1.1'1 s i. or it iciiiin r.lrt llllil ,P. Appoll.tlreiiK I,, PrerareafeirallhiMiiiliir h... . , .nm. in.iriiri ion nnn int.,- a 1-A1III..M I. Millll i.iiiii I IIIE till 1 S, r.vrr oil II M nf i i Oetrent 1jiw retire .Smli'i l . litA.Mil.l mull. West sain st Pupils tski n cnie nf fior. a i. i it ti. Kivnle. Hivrrsi ie -i iia.iiii.io. i.si it i n. rou inn- , Wen I.nd Ave., .s. W. for. of snili M . , PH'taratlon, lurtily-tlilnl jr-nr l.e ter 1st . vinrli prriuirid l vi.ool ) M.nr m iiooi., ir, w i.iiisi IMj Iwpt of .cw ort l ,:., i, lliurnumiuiirk.iainiiiii u,- r ., summer session lor Sopt leu I 111 I.I. It st llnou No Ot-SI ut-i sr. 1'tnni Klmlncnruii to ue;s OuMoiy fepcrl. I., to. . mil t Aiti'i.. i rii'rtTT'iFn a 1 1. . mini, nut Illlt S. 810-815 'rt I n,l Ave Irl (Tin ,v Outdoor i:rrciv liio to i n iniet. lll'HIIOLl.tls stllOIH. UK11A1' NUi K i I'honn 111 II. Iir-i ' . iv A New lork ( lu ( u inlrj Mhi.nl -Illi;llllOM. StIIOOI. Ill It IOIIIM,, 211 Welti 711li M. lei., lot v-ji Vl vesr. AUo Jersey Iim.i. i....k I..si.i a la aumnier. Tuu ciirs uoik iu one lOl.t'MIIIA (.IC.V.IIVMII SI IIOOI.," .os. It, 1 and II W i .l IKIit st. sitrone In (Jollrife nnd Ihitnes 1 , it i-i'rln-.nry Clesres, I'loj trurtnil (,;:, i , x IIAItNAIlD h( IIIIOI. I OH IIO, Kltl.liti.il, West -41th .si . N Outdoor sihnol life for the clt)' bor a.ori with ColleKe Prrpsrsllon. T M u TIIK tlltOFI' Mt'llOOI.. t :.'.h M, Ilotietr Mcliool for Individual AMe- n Tun rrs' work III one I'ri. ires fir aJl colletes. Hummer Silon no I'hnnr d C .1 coi.i.rr.iATi: citooi, roit iiovs 211 .'.'II VV. '..ill Street, A Collrce rrrpurntort Imol uttli htrunir l'rlninr.v and Junior OrsiUt. Itl.llUi.i.l i s; liooi. nut niMs, 1hUt-fourlh vrar. primary lo ".;. Kay snd IVninl In c .' ,o! T26 St. nd West I nd Ave l ' ol m ntakr Summer rhool, lsrrlown, .N 1 Summer Dept. of Country ScIiik.i t ji .r'-e In rollere end rnparsli.rv suldrrts v i (i. Inimnt II. M s orTic, ..'. sih si loiSNr. i.Ainr.s a.nh iinti.s. itli:itsioi: se nooi V,0 WVtl l.ud Ave., nenr IM,H St Khiilerpsrlrii, l.le-ineiiinry. lliEh sclitsjl r,l roilei'e Vrrpi.rnii.n 'I ci un ,u -r IIAMII.1KN l.slil ii-Ten; i.nu.s 601 West i:nd Avi'iuc. -N. W dr. ew SI College I iitrnni c nnd .Sivclal I u..r i, Domini. Sell nie; lx n-sldent pupils 3l.s llniiKS and Ml"- Million Sihonl, lllvinlale Ave A. ::UA si . ,. i,, only eouiiirs tcl.ool lor klrls lu .New ;n Cll. Phone Kuuvhridcc si. liAit.NAitK .st iiooi, rou e.nu.s. i:i-i.m w . timii "i Klniirrcsrtrn lo lollecn. letilllrnie s.n' i to lesdlnt' colU tes. iel I.W iidrl.on TT.7. I.I.I . 1 1. SI IIOOI.. NU. I. i .1-1 ... . Ctrtlfles fur tulieite riilrnire ljinimk' s, uil, dutticktl' m l.'Kie. 1 limit ami in-rituiii lu il' ..Mile. e.. VKKM.lt M IIOOI., (V)7 I Kill Ave Posriilnc and Day .School Hr.litl-H A.MI M'lX'IAI. (Otlltsr.S. I)K I.AM KV SCIIIIOI. l lllt (illtl.S West Kiid Ave A '.'Mil 81 Tel llii Illwr Klnilerssrun. Ul-mtitnry. Hull adin-il and Colleitc Pre p Hoys' Cltrorotarr Dept. 1IAIE.NAKK S( IIOOI. Ill' IKK SI.IIOI.lt AHl.s. ?21 w. 7tlt .SI Spl ir.ilninir for ii oiskf-rs. Kr'sm'k'it. costume iloliniln , tr nery cnnllni.-.liotl-holil Hie U Tel IfS.IS i iiotii i:m, liouve i: si a. n.n srii liaclurs e'ulh'i!''. Col'inbla ' nlvrrsl y Illch .school for (llrls. i;vm , nt ir f..r II. yj anil tilrls. Opens .scpl Il'way Ml 1.01 t rTllK AI. (X'l.'M'lli: si IIOOI,. Central 1'srU Wei nn.l hlily-ililr.l iilrert rrotn Klnde'r-tirlen lo Ceilrce Athletic I'leld. Kpin Mr Kepirinient ins initi:'ioiti xi'fi.Aiis nvii i A SI..NKAV. KAIKS O.N Itl.ljLl.sl. Tiir. sciiooi.. loi.i.riii: ami cajip lU'ltnAI', M. 1. M'N. .N. 1. I II V. INSTItft THI.N. rou (llltl.- AMI WIIMI WOMKN. CONVKST STATION, SV.W .lllllsllV. THE Secretarial Course of the Col lege of St. Elizabeth offers prac tical IrulnltiE for v.otnen vvltn wish le fit themselves cpcrlalh for Ihe hlcher vet re arlal iinltlnu In Im.lnesi houses, lor parttrulars. seldre.. Kenn. eul.l.l.i.i. nt si, I l.i .A III. I it Convent station. N'. .1. FOH ItOVS AMI Mil Ml .MUX. houki:nto n, mhv ,ii:iisi. IIOKDKNTOWN MlI.ITAltV lN.s-etTt r Thorough roitr.s. al. e ten. T.e - at discipline .fc ho.illiiful sltu.iti i. in for colifiee or ton. no. V 1 1 e The Principal, llunientowti . it ' ie N. J. HIVI.M.MINCI. NKtV YOHK Nen orU ( It) DALTON Swimming School snVI.MMlN'O S( li:NTIl''i-At.l ' ' 11 . prlvste Instruction, S tillered r"1 " 4. teryanv j.oj. THIiSUNmiiint.il' most efficient fiducation . Bureau. This complete vrvice I absolutely free of charpt to you. Accurate anei unbnsl information Riven to .' inqtiirtrs. This service will provp of valuable assist nice in selcctinK the proper school for placins your hoy or Rirh In writinff give auffi cient details o thnt in telligent advice can be given. SCHOOL-COLLEGE AND CAMP BUREAU 170 Nassau St., New Vnrli