Evening star., 1918-06-09
EVANGELICAL AND OTHERWISE.


1he week for the final payments on
ne big income and excess profits taxes
tor the calendar year 1913 is here. and
the money markets Of the country.
Anticipation has evidently done much
10 lessen the full effect that the diver
aaon Of 10 much money from regular
channels might otherwise have caused.
The various issues Of Treasury GER
ti6oates In anticipation Of income and
sxcsss profits taxes and tho fact that 80
many great corporations have wisely
4sid up the funds against the day saved
the situation.
That the money market will sustain
the burden in good shape Is evidenced
BY the fact that Wall street money has
been more plentiful during the last few
gays, some loans being made on time as
low as u per cent, though the gen.
&ral rate was 5x, against an invaria BILE
ttnae loans q week ago.
Confidence. strong and uneQuivocal, has
been reinstated on Wall street and in
financial institutions, and New York has
so emphasized her faith in the ultimate
outcome Of the war that its effect is
very general
Banks are caring for their customers
In business lines, and have listened to
GQ0 aQIuOulIlOn OF In6 IeQGr6l reserve
oficials and are conserving credit in
ether than the essentials.
Acceptances to the Fore.
The low rates available for bank
Hcceptances' has created general
desire on the part of business men to
famil!ariZe themselves with this man
ner Of doing business; not alone big in
etitutions but merchants in the retail
business.
Discussions Of acceptances will fea-
ture all the state gatherings Of mer-
chants in various fields of endeavor,
and local bankers in the various states
will make plain the workings of the
comparatively new method of financ-
ing operations.
Predictions are freely made that
within the next decade acceptances
with bank Endorsements will be the
most general way of using and ex-
tending credits. with a saving in In
terest rates of to l Y per cent.
A report on the operation of the
acceptance presented on Friday to
the convention of the Reserve City
Bankers Association, held in New
York city, by a committee on ac-
ceptances, A. Breton, c. F. Herb and
C. W. Depuis. contains a statement to
repiscounts of the federal reserve
banks will soon be in the form of ac-
ceptances."
According to statistics. between No
vember 20. 1917. and March ac-
ceptances increased SO per cent in the
United States. In practically the same
period the holdings of the federal
reserve banks of acceptances redis-
counted increased, practically $780,
100000.
Randall n. Durfee. a cotton manu-
facturer, declares that acceptances will
prevent possible crisis in the coming
cotton crop, which would require a
change in methods Of doing business,
sight drafts being used in getting the
cotton purchased.
The use of the acceptance here. as
we'll as in the marketing of grain
crops, would do away with frequently
recurring stringencies in the money
market, not SO frequent now as under
the non-elastic currency.
WHO Is Paying Russian Couponsp
Holders Of the five-year 5k per cent
bonds Of the Russian government
that was have pardonable curiosity,
unsatisfied as yet, as to the source Of
income with which the National City
Bank of New York City is paying off
maturing coupons on the bonds.
A large sum of money-S6s7, ,50o-is
required to meet the obligation, and
that it has been Forthcoming would
seem to evidence some ones confidence
In the restoration of government and
the recognition of the validity of OBJ
legations.
Bondholders should probably be
satisfied that they have received their
interest. irrespective of source, but
holders of bonds quoted at &c to 40
and paying interest have hopes of
something. better than interest, even