Birmingham state herald., 1896-04-19
THE LEADERS OF FINANCE Through the Associated Banks or NeGzI sseiSaoo it. Jo A. .lqr SEND0UT THEIR STATEMENT Receipts of Currency From the Interior During
 the Week Lighter UNUSUAL CONSERVATISM PREVAILS And No Anticipation of Future Wants. Low Rate of Call Money Forces Low
 CT Conasasrcial Rates -Manufac-
 turing Interests Factor.
SEND0UT THEIR STATEMENT
UNUSUAL CONSERVATISM PREVAILS

New York, April 18-The New York Finaneier says this week: The state ment of the associated banks of New York city for the week ending April 1S shows an increase in every item except ing specie, which decreased $205, 500. Loans expanded during the week to the extent of $6O7 400, bringing the present total of outstanding loans of the clearing house banks up to $466, ,219 800 The in- crease in deposits was $9O5 600 making the present total $4S4O57 OOO The state ment as a whole reflects that the receipts of currency during the week from the interior were lighter than had been es- timated. The actual net increase in the cash holdings of the banks only amounts to $434,50O and as $10OO0OO was sent abroad, 1t Is evident that the weeks re- ceipts from domestic sources can barely have exceeded $1,000000.
 In general business circles the week indicates gain, although not as percep- tible at eastern cities as west of the Mis- sissippi valley. In that section, and also in Baltimore and Pittsburg, there has been extensive retail buying, and this has not resulted in better demand al whole sale. The general tone of the financial week, however, indicates that there is no abatement in the almost universal ulSpOSllfOn to uedl WlIn unusual cOnser- vatism and not to anticipate future wants. The fact, however, that the coun- try bank clearances for the week are per cent greater than the preceding one and 51 per cent larger than the same week a year ago is evidence of a slow but general increasing volume of trade.
 Another favorable factor of the week was the reduction of rates on commercial paper from to 5h per cent discount. At the close some business was done on a per cent basis and New York bankers predict that this will result In a slight improvement In general business. This reduction is perhaps largely due, how ever, to the reduction in the rate for call money, which, during the last three days of the week, averaged 21R per cent, with promise of going lower. Should out-of- town remittances to New York reach any very considerable magnitude 1t is likely to result in the secretary of the treasury calling upon the depository banks to turn over further installments of the SIP, $50, 900 which they still hold on the bond account. The depository banks originally held $31 300, 900, and should the remaining $12,000,000 be called for, 1t would naturally stiffen the money mar ket and lessen gold shipments. In the weeks currency movement the ship ments from the west have been heavy and had undoubtedly an offset in remit tances of this city's fund against New England discounts. Manufacturing in, terests are responsible for this demand, which has played a part in the apparent more liberal discounting Of commercial paper
 The changes in the statement brought about an increase in the reserve of $208,- loo, which, 1t Is noteworthy to remark, brings the surplus figures on level with those existing at the close of March. In the gold movement of the week the Eu- ropean banks have, as a rule, gained and bax m E ot a lation The most noteworthy gold gains are $2,S00,000 by the Bank of England, $5, BOG, 900 Gncludng silver) by the Bank of Germany. The averages show the fol- lowing changes compared with the last two years: