The Bridgeport evening farmer., 1914-06-15
RECEIPTS OFFSET
 BIG GOLD EXPORTS
CRarron FLnaneial lEgw..l

New York, June 15.-The heavy Eol4 exports of the week. nearly $20.O00 00Q were onset to a considerable extent by the currency receipts from enc 1n- terior. On the direct movement rpe local banks are still gaining heavily, recording a. gain of nearly S11, 100000 during the week. The net loss was consequently in the neighborhood oe $9, ,00o,OO0 That this has had no ef feet on call money rates Is shown by the market still ruling at 1 s-4 per cent. There has been a sensible drm- ing up in time money, but this may be more due to the sentimental effect Of the gold exports. Demand steriins after crossing 4.89 receded below thla level but the market is still quita strong, and a. contillia ton of the gald outflow is looked for next week Wheu demand sterling rose above a89. bankers figured a small profit on e1- porting gold coin to London, and tnoi- cations point to a broader movement within the next few days to che Eng fish capital
 The bank statement made a poor showing, recording a. decrease Of &9.- 91e7O0 in surplus reserve This was due to an expansion of s21s sO0o,OO0 iu loans together with a loss in cash holdings of over $7,500O00. Loans n- creased sharply towards the close 0e the week and the drain on cash hold ings was also heavier at that time oW- ing to large gold exports. The main reason for the loan increase was pay- n1ent of $20,O00s000 Southern Pacido notes to be met in London.
 Great Northern Equipment O. ha1 been organized by officials of tho Great Northern Railway Co with cap ital stock Of $5s0o0,O00- Extensive con- structfon and Improvement plan uu- der consideration by the road has led to the formation of the new concern which is to be the property Of the Great Northern Railway
 The recent strength in the preferred shares of the American Hide Leather company has no relation 70 the probable showing Of the companr for the year to end this month. I1s outlook is not very encouraging 30 far as the balance available for the GOO, ,000 preferred stock Is concerned For the nine months to AIarch Sl the balance for dividends was 45 per cent less than a year ago. though for the full year a slight Improvement ir the comparison is expected Lt would be safe to approximate the balance alLer interest and sinking fund at bstWaan $2oO, ,00O and s30O,00O against SAYS, 517 in the 1913 year.
 Final action by directors of the 1rc- bile & Ohio railroad has been taken on the proposed S5o,o08O0o mortsas which is to be acted on by sharshe15- CTS at a special meeting July 1f T1e plan proposed is for the approval oE the issuance of S3,O00. .ooo threa-vaar gold notes, and not exceeding s5O,cC0 900 hfty-year gold bonds or which $3, O00 900 shan be reserved to refund the notes.
 Following the special msetiug 1e Stockholders Of the Pierce 0ll corpct- ation June 25 it is expected that some announcement will be made regart- ing arrangement for the disposal oE the 900 10-year Der cent cpH- verdbIe debent11res to be agutncri2sd It is not known whether d plh1ic of ferins of these securities VIII hs made but it is likely thai part oE the issle will be placed in London as in the case of che $so0oOo0 one-year notes which wiII be redeemed July
 cT L. Watson a Co3
 Foreign exchange is now at point where 1t is commercially prolta.1le tc ship gold to EAurope. The only com pensatton for the large efflux is that 1t satisfies the French dendaudb which otherwise might disturb the London money market. If we ship much more gold, however higher money ratas here. may check the movement h5f hardening Another relief is possible in the drawing of bills e little later anticipation Of our usually large au- tuTnn exports Of produce. which would break sterling exchange below the gold-export point.