The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-23

rot only over last year. bat over previous
years. and IN some cases all recozds are
osoken for this season OF the year. There
- an increase also In the hank cisartngs
Of the country. TIE wholly unprecedented
ccnuiTsol Of cur foreign trade balance has
also rerelyes. renewed attention. the more
80 as the heavy excess Of exports over sn-
hofts. sun continues. although this Is the
season when the balance generally turns
against rs. With favorable trade balance
or Aliea.pa for ten months OF the fisseal
year. against the best previous record OF
less than ssoo 90 eo for q full year. there
~ IN room left for finaid apprehension
about the eounsrys future money re-
sources
Increased activity. early IN the week, IN
the bond market. resulted from large lets -
money seeking enploym ent. The desnank
Was however. largely confined TO the mere
speculative issues. Prices are quite gen
through the reactions which occurred in
the stock market. United States new Is
declined u. the Old ~ regular Is. and the IS
!. in bid prices.
Money and Exch.axr.
MSsey noninsLly u per cent; prime
sterling exchange. steady. at sasss.asAseas
for demand and 81. Si.sliSdse at % DAYS;
posted rates. si.S49+.ss: commercial bills.
bar silver 5slsc; state bonds. duh: Mexi-
can dollars. fsc: railroad bonds. steady:
government bonds. steady.
Weekly Bank statement.
The weekly hank statement IS as follows:
Increase.
Surplus. reserve ...................S s,7iSoes
LOANS ..........-.. ....-............. ..Sat,SN
IsesaI lender ............ ....-.,..-. l.S.1 ,sel
deposits .........- --............... II, 900
The banks now hold $50 2sa.iis in excess c.ss
or their requirements under the = per
cent. rule.
The Financier says this week:
In the face of the showing made by The
New York banks for the week ending May
II. IL Is difficult TO see how the money mar
ket IS 60 bs sustained on the present low
level for any length of time. Banks now
hold an excess reserve of SO 7is.sa 80, the
highest reported IN fourteen months. ana
the total cash in bank has rarely exceeded
the presenc volume. The circumstances
changes In the statement are not difficult
10 understand. The steady demand for in
terror rsmittances has given way 10 4 de-
ciued movement to this center. The ship
ments TO the interior have not equaIed geld
imports for some time. Added TO this the
treasury Is disbursing large sums of money.
and until two weeks ago, high rates forced
constant liquidation of loans ard sales
or accumulated sterling bills. The result
has been TO throw mass OF idle money into
the banks.
Fortunately. the situation has so much
improved. that the banks are finding use
for q part of this money. and the expansion
or S..Soi.Soo In loans for the week is "a cheer
Ing sign. What proportion of this increase
represents mercantile demands cannot be
estimated. but II is true that some very ac
tive buying OF sterling bills Is again being
INDUCED In.
The expansion OF averages for the week
can be traced 10 several banks. notably
those which are concerned in international
movement, but. on the other hand. the IN
situations making a speciality of country
accounts report increased deposits, showing
the return TO be from the interior.
Under normal circumstances. a move
ment In favor of New York Is only natural
in this season. and now that the proposed
government bond Issue has been delayed.
New York VIII probably continue 10 gain
heavily.