New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-06


the last previous call on January 10.
with deposits $4,000, 900 smaller and
loans enlarged $3.50 100000 The per-
centage Of reserve fell from 21.T4 in
January to the low figure of 2O.62. de-
spite the necessity of beginning pay
ment for reserve stock within thirty
DAYS following the announcement Of
the districts and reserve cities. How
ever, II may be assumed that a great
part of this increase is in leans readily
convertible into cash.
Business Still Backward.
Business generally continued slack
Even in the. steel industry It was sd-
mitted mill operations would probably
be materially reduced. orders were
being filed with little new business to
take their place, and prices tended to
recede TO the levels of January. Pig
iron markets were almost stagnant and
price concessions were reported. Cop
per stocks abroad were said to be low.
Exports for March were heavy, but
domestic deliveries showed little signs
Of increase. Price of the metal was
maintained firm. Labor troubles ap-
peared in the bituminous coal fields.
The slack state OF mercantile bust
ness was indicated by the scarcity of
commercial paper around April ],
when. as a rule, large lines Of mer-
chandise are bought with bills dated
April !. Buying continued in small lots
for immediate needs. Slowness in col
lections persisted, due somewhat TO the
usual pressure of the season. Money
for planting is being taken by country
banks in increased volume. The North
west alone seems near normal condi-
tions. Bank clearings while larger
than a year ago, are compared with
period Of flood.
Decrease in gold holdings and de-
posts and expansions OF loans reported
by the official banks in London, Paris
and Berlin tell of the effects Of the
European April settlements The Bank
of England's return gave gold holdings
diminished fl $4,000. Public deposits
decreased 100000, and private H.
100000, with securities other than gov
eminent slightly increased. The per
centage reserve to liability, 1915 the
week before, fell TO 4l.43, around the
figure Of a year ago. Accumulation Of
gold by the Bank OF France was
checked, last weeks return showing a
decrease of over S.5OO.OOO francs. De-
posits were more than 63,0O0,GO francs
lower with advances and discounts in
creased over 100000. I'm Germany
where the April settlements were eff
fected last year with considerable diff
f1culty. the Imperial Bank lost last
week 81 101 900 marks in gold. De
posts decreased 203 100000 marks. and
loans and discounts were advanced
51S.OOOOOO.
The official minimum discount rates
Of the great banks remained unchanged,
but open market discounts were low,
lllfit W do SNlil' tAptfluAOil Nbs'N
the Bank of England would lower IT'S
3 per cent rate should conditions on the
Continent improve after the coming
election in France.
Money through the week here con-
tinued in ample supply. Call loans
again were made at from Ia per cent
to per cent. with renewals over the
week end at 17s per cent. Time accom-
mediation was in little demand, and
rates showed some tendency toward
ease. Sterling exchange was lrmer
around the end of the month and after
ward showed some strength on slight
advances in London discounts. De-
mand sterling closed the week at 1860,
against 4S62O to 4.S625 the Saturday
before
The bank statement of Saturday
showed requirements OF end OF the
month financing with a cash loss OF
over $6,O0O000, loans increased more
than S23,OO0OOO and deposits $4,000
600 greater. Surplus reserve dimin-
ished nearly S12OOO,OOO and stands at
around S15,7JO0OO.