Show LESSENED DEMAND I IN MONEY MARKET 1 Reserves Showed Tendency io to Accumulate in All Great Centers DRAWING EMERGENCY COIN iIi the tIli Need cil eif tuf Do Itt Dolts Ie I In III I ii National n Hanks hut To Iu l Tide Them Tit em Ocr CrisIs II t Now New Nu York Vork March ln 1 fir r last hunt week neek were Inert and wel lul ad lusting Ju to 10 an nn attitude of or waIting for the development of or events to shape tile the Ih future l course couise of ot This was wo true not hot only onh In New ew York Yolk hut but In hut the great went financial centers At all nil these the points there was waa discernible tho the toward accumulation ot or re erves In banking cen eon teNt irn and In all uti cases the reason given Tor or tho the Accumulation wa was a Il In Jul trade tro and nuil activity loutIna ft Il le demand for tir t r for tor ac hO active l e tive II use Ilse II In In the lilt United Stales the tho effects of or the accumulation of or reserves are 1110 by Iw n it number of oC O causes CRUe The rue United Plates treasury partly Induced 1 by IJ the current elicit In Iii the tho revenues baa hns commenced to with withdraw wIthdraw withdraw draw from the national bank the Ih de deposits deposits posits which were welt placed with them theun as till asan asan an measure during ciul crisis The national bank notes I which were Issued hustled In extraordinary vol volumes 01 ames umes UC S ut lit the same Paine time tInie tiro nrc going solus Into Info rapid retirement by deposit of If lawful money with the tit treasury by br the thc tasu Issuing lug ing banks hanks INTERIOR I HANKS BANKS HOLD nOID ON O Those These symptoms of or contraction III In Inthe the needs of or the circulation are uro panted by lu sign sigi that Interior banks aro disposed to keep up tip their reserves to u it 1 high ii level and 1111 1 to tu him In III title thu he central Jt tro banks to 10 the Iho ex ox extent x tent by Ii b the national bank law lall The Thc additional requirements of tr the thu Now York Vork trust companies In III pi sparing for forthe forthe the 1110 weekly statements of ot condition were another factor In ill taking up UI the Ih slack In Inthe lu luthe the Iho return flow of money to the tho centers The consequence is that the plethoric money conditions which were yere expected I to follow tollow the subsidence of or the Iho panic have hav been ben slow Mow to develop In Interest erect terest rates on in time loans loan In III New York have shown hown a n hardening tendency dur dUI during ing hug the week LOOK AT Nl Another element In iii this Ihl course of the money IlIone market was waR tho thu discrimination exercised against collateral offered for tur loans ball Some ot of tile the anti and railroad securities of ot companies which have ilae suffered from diminished earnings are arc looked looke nt nl askance by luy h mon lIOTI money mone ey cy e lenders and add to the of borrowers The Tho shrinkage of profits und and the tho diminution of or earnings earning applicable hie ble to 10 payment not luot only ili of or dividends but hilt of or fixed charges has haa been a con 1011 conspicuous Influence on special securities In the open opell market maikel Corresponding Im un Is given to the plans for tor cur curtailment of ot expenses to meet the thc de iii decline cline chine in Iii earnings The he question of ot wage al i was given GIell special prom prominence promInence STEt l ESS IMPROVES On the Industrial side ole H II good slon sum was wn made J tho placing of or tot for steel duel tolls mils III by IJ the railroad com cotil companies no d ly lIy thin report t hu t tin the rolling roll activity of If the States StoOl Steel eor cor 01 had hua risen II from the thu 8 per pel eia capacity touched I In III the depths Iu oC or lie tho t depression to Ii 61 l per fir r r edIt cent ut of capacity The copper lr market showed ment road earnings earni showed no tin pro Iro pronounced betterment and operations In lit InK 11 litS K S nerl I trade were nero to bo be on nl conservative lines hues The Jho sluggish III in investment vestment demand for tor bonds was Will con coil conspicuous and little encourage encouragement uncut ment for early ariy success In III the I he of now no capital Issues which ar ur urr rolled upon to 10 tumid furnish for fOl Important projects of extension Wilier under way wa |