Finance.

It was recognized, by every one conversant with financial movements, that the events of last week on the New York money market would provide the first real test of the new American banking system's ability to deal effectively with a temporary strain on credit. Since the Federal Reserve Banks went into operation in November 1914, no such occasion had arisen. The week opened with New York's surplus bank reserve at the lowest figure ever reached, with one exception, since the new banking system was established; with call money at 6 per cent, and with very general expectation of a money squeeze of exceptional severity.