The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-08-23
NEW YORK BANKS
GAIN $8,374,OOO
Cash Flows Freely to the
Metropolis From All Parts
of the Country.

NEW YORK, Aug. 22.-As result OF
the payment Of an exceptionally large
amount of cash by the subtreasury 10
New York banks, and an unusually
heavy influx of currency from the inte-
rior markets, the local associated banks,
according to the known movements or
money for the week ended Thursday,
probably will record today a gain IN
cash amounting 10 $S,S74.oOO This esu-
mate on the cash gain allows for
shipment of $i.500OO0 Of gold coin TO
Canada by the New York branches OF
two Canadian banks, although In the
bank averages to be published today
this exportation of gold coin Will figure
for only one-sixth of its actual size
The New York banks have gained
from the interior about 81, S06,OO COM
pared with a gain of S1.OS3.000 from the
same source for the previous week, ana
they also have gained from the sub
treasury approximately SS,O6s,Oo II the
expectation of gold coin by tho cana
dian banks is not considered. The gam
from the sub treasury for the previous
week was only S4,2l4.000.
The fact that the New York banks
again made a gain in their operations
with the interior and that the gross
shipments were a trife smaller, caused
some surprise in the financial district
Yesterday. The gross receipts OF cash
from, the interior during the last week
were S5.359, 900, compared with $fSls.o0o
for the previous week, and A,7S2,O00 Tor
the week before. The gross shipments
for the last week were $3.553,S0, com
pared with $3.1S6.OO0 Ior the PreElous
week and 50 1856 90 s, 372. 600. 81 55s, co ana
e. NJ GOO for the weeks Immediately pre-
Ceding.
The official subtreasury statement
shows the following disbursements Eor
new gold on New York assay ofnce
checks. S1.I47.25g; on san Francisco mint
checks, 1906. COZ; on Seattle assay Once
checks. S61S 463. and for pensions, SZ.S55-
0n0 Customs collections aggregated
The real significance of the heavy
gains by the associated banks IN New
York from the interior and from the
subtreasury lies in the fact that this
sea son of the year. when usually the IN
land banks are calling upon the New
York banks for their balances, needed IN
financing the crops. currency sun -
moving eastward in great quantity me
gain from direct net remittance from
Out-of-town banks TO New York is itself
an unusually large one for a summer
month, and the gain from the sub
treasury In a week when there has been
no excess Of Government expenditure
over revenue. suggests that other
means than direct shipment are being
used to transfer interior funds to New
York
No similar movement Of currency ever
has been recorded previously 3t this
time of the year. but il is regarded
merely as logical consequence Of the
fact that the money supply in the
United States is almost 10 per cent
greater than that OF a year ago IN the
face Of requirements for legitimate trade
purposes. which are az least 3 per cent
smaller than those noted IN August OF
last year.
Undoubtedly the harvest States viii
begin to draw upon some Of this pres
ent surplus IN New York within the near
future but il IS thought at present that
the movement of currency during the
last week viii go far toward fore
shadOwinE a ] or 2 per cent call money
market IN New York throughout the
fall season.