The herald., 1898-06-10


itself'
Bank clearings for the month of May are
oncoura ging, in that they show q distinct
gain in volume over those for the month
or April just preceding, and also in that
The increase, as compared with the cores
ponding months in recently preceding years,
continues to range from one-quarter to one
third. If there is anything that seems to
be proved by the May total it Is that the
business of the country, as approximately
measured by the bank clearing returns.
has permanently emerged from the depres-
sion which characterized 1t for some years
past, ana this. coupled with the fact that
the volumc of clearings reported during
that portion of the year already ELAPSED has
been SO great seems to point to the break
ils OF all previous yearly records by the
present calendar year. Aside from this and
Inc satisfactory gain shown over Nav last
year there are few new features to note
ualhs are largest among cities of the middle
states and the northwest, and smallest in
new England, that group of cities, as
whole, showing decrease The aggregate
NUMBER of individual gains compares well
with previous months, only seven out of n
cues showing decreases from year ago
according to Bradstreet's. the total clear
lngs OF II cities for the month of May ag-
sregate 1880 .296 ,053, gain of IA per cent
H.,
month. 1t may be recalled. the uncertainty
as to the outlook for hostilities was a de-
pressing feature in business: 2S per cent over
May year ago. and only 1917 per cent de-
crease from the immense total in January
TINS year. the heaviest monthly clearings on
record. Though the clearings in the month
just closed were very heavy, particularly
as compared with the years 1896 and 1894, it
might be recalled that the month of May
1871. showed larger total of clearings, the
laillng OFF in May this year from May 1890
amounting to 95 per cent. Just how much
OF a recovery there has been from the de-
pressed periods of other years, however,
may be gathered from thejfact that there is
n gain as compared with May 1896 of 26 per
cent, and over May, 1894. of 81 per cent.
10 just what extent the business of the
country has recovered from the depression
rullng IN preceding years may perhaps best
be appreciated from an examination of the
clearings figures for the five months Just
elapsed. The total clearings of n cities
Tor that period of this year aggregate S27,-
446,SO4 100. the heaviest total on record for
the first five months of the year. exceeding
those of last year by 33.2 per cent those of
the low water mark year. 1894, by AZ per cent;
those of the first five months of 1893, which
We're the heaviest known for that period by
80 per cent and exceeding those of the year
1882, which as a whole showed the heaviest
SAShiihSo VII ieCOlu, ny q. per cent.
the same eminent authority. in connec-
ton with the foregoing and upon the subject
OF the continued ease in money, SAYS: 1t
cannot be said that money is a drug in the
financial markets of the country. but it is
fast approaching that condition. Within
little more than three weeks the New York
loan market has changed completely in
temper and tendencies. Reduced supplies of
FUNDS, and intense conservatism on the part
OF leaders. have given place to piling up of
cash and surplus in the banks at New York
and other cities, with an attendant decline
In the current rates of interest tina is fairly
unprecedented in its rapidity considerine
the limited period of time in which it has
taken place. At the beginning of May both
time money and mercantile discounts ruled
nrm at per cent. and institutions hesitated
to put out money even on these terms In
view of this, the present condition of the
local money market in which short time
loans are freely made at 2 and per cent
and six months arrangements at 31h and
per cent, as a maximum figure. while mer-
Camille paper is in eager request in the open
market at AZ per cent for prime double
names. represents a change both in condi-
tons and the sentiment which regulates
them of the most marked description.