With regard to our balance sheet, there have been sundry changes, the principal ones being a reduction in notes In elreulation in excess of authorized Issue by 15 millie dollars, which is offset by a similar Feduetion in our holding of Govern
Current accounts are lower by von iment ""Certientes of indebted million dollars, but on the othe hand Bills Payable are higher by but 10 million dollars. "On the other hide of the book cash is lower by 19 uiltion dollars and. securities rullion dollars, against which hi ceivable have tuition dollars, provement in Feeent months. Stock' finarkets in the important centres out Enst have also responded; this too has been decidedly helpful, although we are anxious that such rises should of be overdone.
Text read from the printed page and cleaned; old type leaves the occasional error.