New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-04

would remove a very disturbing factor
from the railroad situation. The Rock
Ieland's inverted pyramid OF high
finance crumbled further with the de-
fauIt on the interest OF the collateral
trust bonds of the Chicago, Rock ISL
and G. Pacific Railroad.
Steel Business Slack.
Rus,ness sorely needs tho stimulus
which renewed railroad buying would
give and such orders are not to be ex-
pected until definite announcement IN
made that a material increase In rates
is to be granted. The report OF the
United States Steel Corporation for the
first quarter OF the year, with net earn
,nrs Of less than 100000, a decrease
Of some s5,OOO,O00 from the preceding
three months and about one-hnif those
renorted for the same quarter or last
wear. is n fair Indication Of the condi-
ton Of the basic steel industry. Trane
authorities are beginning to express
donbt that renewed buying by the
roads. coming as late as II now must
would be enough to save the year. Ut
ders last month were small and mill
forces arc being reduced, plants smut
down and furnaces blown out. Imports
Of finished steel under the new tarnl
have been light, but lower prices may
have played a part In checking Foreign
competition, which may become more
severe when trade improves
Commercial failures for the week. ms
usual were more than In the same
period last year. Retail trade was
reported fair b. the commercial asen-
cies. but wholesale buying was stiii
limited to immediate needs. railroad
earnings for March were in some cases
improved in net over 1913, this being In
certain instances accounted Tor py
economies in operation and in others
nv the floods Of last year. Weekly
gross revenues so far reported for April
still show some gain over April or last
year.
Europear Banks Lose Ground.
Returns Of the great official pahhs
Of Europe were less encouraging iho
Rank Of England reduced It's proper
ton NJ reserve liability to 42.37 per
cent from 1852 the previous week AZ
this time a year ago the figures $1,000
az 1922. Bullion holdings, instead OF
showing the small increase OK the TWO
preceding weeks. fell off over tlOo'ooo'
and the loan item (other secur1ties)
wac over 100000 greater The Bank
NJ France added TO It's gold the COM
paratively small amount or Z'Soo'ooo
francs, but drawing on American golo
has been renewed, 10000 being en-
I'm rcd last week. Circulation was over
. 600 900 francs greater and bills dis
counted increased about the same
amount. The Imperial Bank of Ger
many lost more than 100000 marks
of it's gold holdings, expanded discounts
and materially increased IT'S circula-
ton.
At this centre money rates lost tho
frmer tendency OF the week betore'
with expectation Of war loan py the
less and the abundance OF
money here proved by the high figure
OF the surplus reserve Of the previous
Saturday. Call loans. though renew
ing through the week at ia per cent
were made as low as ~. Mercantile
paper continued In light volume, with
some OF the choicest being placed in
exceptional cases as low as 3i4 per
cent.
Idle money continued to pile up in
the banks here, as shown by on In
crease in cash held by Clearing House
institutions on Saturday morning or
over s5,O0O,000. despite the require
ments ofsfrst OF the month payments.
Loans and deposits each shrank about
s1O.OOO.OOO. The surplus reserve In
creased some S6,OOO,OOO to sS6,4S6,56o
more than twice that Of last year at
this time, and easy money for market
purposes seems assured unless war
financing is again imminent.