Panama City pilot. (Panama City, Washington County, Fla.) 1907-19??, 1908-01-30
Financial Conditions.

Financial Conditions.
The Financial Age of New York,
of January Doth, gives the following
very favorable review of monetary
conditions prevailing during the
previous week.
There has been a steady progress
during the last week toward those
conditions outlined in this review a
week ago. All the developments
have been of continuously pleasing
character both here and abroad.
Most conspicuous of the features of
the week is the relaxation observed
In the money markets of Europe.
With the reduction of the bank rate
IN both England and Germany it is
enough to see that the sagacious
flnanciers abroad recognize that the
ship is blowing through calm seas
again and has her reckoning right
enough.
Nor do these foreigners have any
| lingering quake on our account.
They observe that we are doing the
best we know how about rectifying
our financial laws, and that is about
as much as we can say for it our
selves, although we may know more
about our own weakness in this re-
spect than the Germans or English.
To some of US financial legislation is
a pretty badly tangled affair, with the
best men in the banks and in both
political parties hopelessly divided
in their opinions.
However, it has been a good week,
and the event of it at home has been
the continued lOosening of currency.
Money may be had in any quantity
at rates that look as cheap as they
ever did. WITH call money at 20 per
cent. on Friday and time money at
and So per cent, no one can COM
plain. There has been in conse-
quence decided bracing up in the
stock market, and those bargains we
read about are fast slipping away.
The movements of currency for the
week indicate the return of large
sums from the country. One out-of-
town bank advises us that its dona-
ton of cash was rejected by it's New
York correspond Mt as the latter had
more money than it knew what to do
with readily. The banks received
from the interior SD, Alp, 800 and sent
thither S5,553, 400, making the gain
from that source $3.50 400 Re-
cepits of more gold bring the total
estimated cash gain up to SO, 975 200.
This added to the surplus reserve of
the banks brought over from last
week, an excess of 5000, OOO, 900, will
make the surplus look healthy in
deed. The sum may be much larger
than thio calculation, for the 80
per cent. minus from accuracy
last weeks advance calculations
still fingers in memory.
AT any rate the returns from the
country are large and our advices
from banks in all important domestic
centers of the return to a cash basis
and the elimination of the terrible
words payable in Clearing House
checks only from their paper bring
to a conclusion this phase of the
situation and dissolve all fear of
further lack of cash. The question
now arises, what shall we do with j.?
There is good demand for good
commercial paper, and it is selling at
so and 6 per cent.
The reduction of the German bank
rate early in the week was a cause
OF even greater rejoicing than the
reduction of the English bank rate,
which followed, on Thursday, for in
the former country the business con-
dltlonS bore some comparison to our
own in their disturbance, but with
both Germany and England settled
on an easier monetary basis the hope
OF interna tional trade going on with
out disturbance is brighter. The
greatest help is to sentiment which
regards Germany and England as CO.
adjutors in the great scheme of COM
merce as well as con Stunning nations
whom it is ever our good pleasure to
supply. The German bank rate now
stands at o. per cent. and the En-
gllsh bank rate at 5 per cent. For