The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-06-30
CLEWS HOPEFUL
FOR THE FUTURE
Politics Has Ceased to Be an I'm,
p0rtant Influence

raviug had the intended effect Last
week the surplus reserve 81 the asso-
slated banks, o.: New YORK had risen
to $4,000 600 compared with $4,000
900 "a year ago, Loans showed con
traction OK S2S.OUU 900 during the last
Elk weeks and are about 100000. 900
less than a year ago This stIcnsthen-
mg OF reserves is not con11ed 10 New
YORK bat is also confirmed by the re-
turns now coming ia response 20 the
June call toI national banks. Th'
PRINCIPAL banks II Europe have also
Ite4 -trength,uiva tatir position for
some weeks past spou'nr that the
self-rightug process Do ile money
lnarke, : quietly az WORK both at
home and abroad. IN %cN York call
money has been very abundant and
easy. while time money continues hrm.
Preparations for the lIF c3sUurs@-
uents acgrveatinI over SO 100000.
have had some effect upon the local
market buy this is only temporary
because these sums Will be- released
early next week In Europe the APP
preaching rud IL the month produced
some anxiety gonceruluE the regular
settlements. but rs these drew near
end 100 view of ample preparations,
cou,eu disappeared and th. critical
period once feared now seems likely
10 pass without disturbance
Demand For New Capital.
The pivotal point in the money
market continues 90 be the msistent
demand for new capital Strons pres
sure has been applied TO delay these
demands 1y both foreign and comes
uc bankers The result has been a
deciIed falling on ln capital appliga-
t.oue u the United states. the regular
records pointing To- total 81 about
s2,U.u.uupu Ia June compared with
1898 uuuDnu The previous year II is
particularly significant that out OF %"
total new ISSUES expected IN June over
,lEu.u.uuuU were shurt-tcrm notes.
The demand for new capital continues
eyuemeh. urgent this being iilustrat-
20 ty the u.w issues forced out iH
Europe and also pa New York AT what
would be- called ,ycr~siNr rates IT in
t,Teet number of Important new
issues vrr, orrrrd this week COM
mau5.u. high Tatrs-conspIcdoos
.as,. being th- $40 600 00V oue-yrar
iutr4 eusr.us The state of Tennessee
Z Dor .rar and the Consolidated Gas
1s 0gy. vou issues costing neaIs , per
cent This great pressure ~ new Sc
,uutle- upon The market is sign ticant
and Dol ~ .t rerlrtrd "a. ctuuonaIl
s..usL AS tn,s, securities come ont
the unnecessarily 6,slodgr considerable
smourts o. other Met-gIade issues,
end tend L. depsr-s values of the
same
Market and Business.
ON the stock exchange the Tendency
las boon fDaata sharp lrrrguIarr 10
is plain uu-t smile the outlook Dr. hs
.a m,tn. .Eetr and free ot ohsta..r-
thar euia-.rr. tendencies are quietly al
,sur. and l.u. tu Influence upon
,sl.-- J., is mann months however.
since rar marrrt has Witnessed su.h
pronounced difference OF opinion.
IueIe - still nt-r short interest
outstanding which VIII tend 10 protect
me market from any sharp depression.
'-u.r, a.. also "a number of BUYERS
s., 40 Begin co. realize that many 81 the
.ufay.r5IIc feature. have been largely
discounted. ana that II further m
pr0v,m,ut ia underlying conditions
develops the Effect viii bee stimulating
upon srcuuty values. II must be- rec
osuiz,d that general business ls
sound and that outs.d" 81 real estate
.p,rarIuas there have h'cn few slens
If ua-Tduing Merchants aud manu-
factur,r- have been uI Grating on 90
hand 40 mouth btsi- o., months past.
SiIppHes If merchaudis, are. there
fore exceptionally los. For this coudi-
ton ot Affairs, hesitation regarding
th. tariff has been In'iuiy respu'sinie.
IL - now anticipated thhf IA, 'rin
will 20, settled IN either Nu2tsi ol
September cuisines has already very
lara.k. adjusted ITSELF 60 the new
srhedIle4. many Articles selling on tho
lo. tsr.r basis. and az soon as uH-
certainty IL ended thu" vii bee a 'uet
of orders 10 restore supplies to ih'
normal Part OF these "a ers VII u'
doubt 20 to American minis 'r" iai'
viii go abroad. la ou rI'ba ,ni'
,nere win be- rush Of imports the ri-
t.ct 81 which viii % to diruuial the
usual Foreign trad, balance 20 the tall
The textile trades ,rC very lalei. ah'
many MIL shares have Shown o So
Yer. drpteciation owing 10 tariff asi
cation and reduced GtNiueuds J. .
rrolai.le however. thai the worst ma
neeu seen In this line 81 INDUSTRY TIT
iron trade continues fairly active, nn'
there Is 20 scarcity If orders, "'inouei
price concessions have Occasionally u
h. made as a stimplan'.
Politics Not important.
The railroad situation ia -iill tAs''
red owing to the continued doubtful
.,titnce Of the Iuters ate Cor1m"r,
CommissiYn. but 10 would saem 49, J
the Hartman dissolution Is approach
mo an end and this Is enr"nratihl
pontics has ceased To be an import
49,, f,ru.pg. A. the market ana thti
I MICHIGAN COLLEGE OF MINES
w. McNsir, President