New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-22

80 ,,,,u he retired when they are TO
longer needed. For this they must DC
based on obligations that are ihe'
on maturity, when the commool''e9
from the purchase OF which tho papo'
or,ees have been absorbed in TRACE
rho ordinary single name note Is TOO
readily renewed by the maker 10 oe
available for rediscount under the pro-
vision Of the new law, but n the pur-
chaser il to maintain his credit lie
r,ust nav az maturity paper bearing
I'm addition to his own name that Oh
the concern from which he bought
For this reason II is expected that INC
form Of single name paper now III
common use will either be refused re-
discount privileges or be discrimlneteu
against In rates.
Prospects Of abundant harvest WERE
q ANYTHING. improved uring the week
with less moisture in Texas, where the
cotton crop was reported so bacK-
ward Texas has hardly recovered
from, last seasons crop failure, and II
Is 10 be hoped that cotton can make
I'm its poor start in time TO avoid car
rving over the debts Of the agrlcurt-
ural districts there for another year.
Grain showed practically no deteriora-
ton and new winter wheat arrived at
Chicago.
As vet great mercantile centres
show slight sign Of better buying
arising from the expected harvests'
or the basic iron and steel industry
reports are made that midyear pur-
chases are causing enough new book
ings TO make shipments for the month
about equal TO new business. Prices
however, are at low levels, and there
Is some hesitation about accepting or
ders at present low rates for delivery
in the distant future. Operation OF the
Steel Corporation is put at around 10
per cent Of capacity. An indication OF
the years result so far is seen In the
announcement Of one Of the smaller
steel companies that no distribution
would be made next month to EN-
ployes on account OF proflt-sharins
because the profits 30 distribute had
not appeared.
Financial affairs in Europe assumed
better aspect. France formed min
istry that was able TO command conf
dence long enough to make definite
preparations for the French loan so
long expected. Negotiations were in
progress for funding the needs OF
Brazil, and later in the week London
was particularly encouraged by the
continued Improvement shown by the
Bank Of England. Even greater gains
appeared than in the week before in
bullion, which increased more than IT,
! 100000 TO an amount above the cor
responding week Of last year, ana
the proportion Of reserve to liabilities
advanced more than 3 points TO 1874.
The reserve percentage, however, Is
still low, as compared with last year,
and the smallest at this date since
1907.
The Bank Of France raised its gold to
new record heights, more than $1,000
600 francs above the week before, and
the Imperial Bank Of Germany made a
gain in gold Of some 100000 marks.
Contracted circulation reported by the
great banks Of Europe told OF de-
pressed industrial conditions abroad.
Exchange Rates Much Lower.
Export Of gold from this city con-
tinued, but in smaller volume. During
the week over 100000 was with
drawn for shipment to Paris and about
$1,000 900 for London. Since the first
of the year the total movement
amounted to more than 1900 900 in
gold. Exchange rates, however, which
early in the week were around 4.S9,
broke sharply to under 4.SS, lower than
they had been since the week in May
when the present exports began. The
start eastward Of grain produced some
supply OF foreign bills, and this was
anticipated to some extent by specula-
tors, who sold exchange short. Easier
discounts in London also prevailed, fol-
lowing the publication Of the Bank re-
turn on Thursday. Preliminary figures
Of this country's foreign trade for May
show imports still in excess Of exports
but the unfavorable balance is less
than in April. Europe was a moderate
! y,,rcha car Of OiIr securities here during
the week.
Money rates here showed a tendency
to harden early in the week, but re-
Taxed toward the end, and ended about
as on the week before trife firmer in
the longer maturities. Call loans
ranged between IL and per cent each
day with the exception Of Tuesday,
when III was the lowest. Renewals
after Monday were made at per cent
until Friday, when loans were renewed
over until Monday at ~ per cent.
Money continued to flow freely from
the interior to offset in some measure
the shipments to Europe. and the cash
statement of actual conditions was less
than SS,OOO,00O. Loans were more than
$5,000,O0O less than the week before
and deposits shrank about $4,000 900.
AS a result surplus reserve decreased
less than 100000 to about S39, OO0,-
600, and easy money may re expected
/ hama for coY1na Waaka 10 oopoa