The Birmingham age-herald., 1912-11-03
CALL MONEY HIGHEST
 SINCE EARLY IN 191O
Dullness and Irregularity Dominating Characteris-
 tics of Market


 irregularity with occasional periods of heaviness were the dominating character istics of this weeks stock trading. Prices reflected the limited operations of the professionals and the absence of public interest Restraining influences were the Balkan situation and the tense state of the money markets at all leading eenters. Call money rose to 9 per cent here, the highest rate since early in 1910 A fur tfer advance in the discount rate of the Bank of France, the second within fort night, to the highest figure quoted in five years was sharp reminder of monetary conditions abroad. Another deterrent to speculation here was the approach of the election
 Earnings of the United States Steel cor poration for the third quarter of the year suggested slight abatement of the re- cent rush conditions The state Of the copper trade remains uncertain. Price of the metal holds at or near it's recent top price. Railroad earnings for the most part are gratifying, being large and es- pecialiy those of Atchson and St. Paul. Crops are being hurried to leading cen- ters, but scarcity of rolling stock is serious drawback.
 New York, November 2.-The statement of actual condition Of clearing house banks and trust companies for the week issued today shows that they hold S2,5S0,- O5O reserve in excess of legal require
 ments. This is a decrease of $l4iS,9J | from last week.
 | Daily Averag age--Loans, $1.926.05s0o0; de- ! crease, s1627S, 600; specie, SS15,6S2,0o0; de | a-4 4-4 1,t.e
 increase. $S67, 600: net deposits, $1 1746, 3l5000
 decrease, ssl OoO,oOO: circulation, s46, 6Iooo | increase, S242, ,000; banks cash reserve 1T vault, s33S. .560, GOO: trust companies casi reserve in vault. s65, 44o,0oo; aggregat, cash reserve, s399 ,000000; excess lawful reserve, $o.332, 150; increase $554, 100: trus companies reserve with clearing hous,
 members carrying 25 per cent cash re
 serve, $50, 5S6.0o0.
 | Actual Condition-Loans, sl923,S4,0 000
 decrease.< s9314.0o0. specie, ss13,s47,ooo; de crease, s3,349,0O0: legal tenders, SS1, 2290O0 | decrease, s2,473,000; net deposits, sl739,
 54s,Ooo; decrease. $27,2l7, 900; circulation
 $46,66s. 900; increase, s1l40OO; banks casf
 reserve in vault s3S0 1000; trust com panies' cash reserve in vault, s65, 900 aggregate cash reserve, $395, ,176,000; ex' cess lawful reserve, S2,5S0,050; decrease 1 $1, AS, $50; trust companies reserve witt
 clearing house members carrying 9 pel cent cash reserve, s74,964.000,
 Summary of state banks and trust com
 panies in Greater New York not included | in the clearing house statement-Loans
 s5ss, 996 6o0 decrease, Ss,552. 400; specie, s63,
 046,s0o decrease s3O5. 300; legal tenders
 S, ,193. 800; decrease S57i00; total deposits
 s639, 219, ,10o decrease, $4,5149o0.
 l N
 | The Finaneier will say.
 l On the basis of actual conditions a l the close of business Saturday, the New | York clearing house banks held $2.5S005 cash reserve above the % per cent re | Quirements. Calculated on the system o | averages the excess reserve is so,332 lo0 The actual condition report made the los of cash during the week GOO, whicl
 was little larger than earlier estimate had indicated. The banks are still de
 creas sing their surplus $93l4.oeo being tn | shrinkage. In the average report $16,273, 900 is reflected In the face of the heav. | decrease in cash noted the only facto | that saved an entire extinguishment o | surplus reserve was the decrease of S27 gi7, eco in deposits This lessened reserv'
 requirements and in part counteractes
 the loss of cash,
 | The weekly statement of trust com panies made independently of the clear l lHB house sHoNeu a sllilllti tehu1HiS ai
 to decreases in that item, but the trus
 companies considerably strengthened thei
 reserve position in the week. It is fel | that the movement of money to the in | terior will not be as heavy from nov | forward and as a matter of record tho high rate for call money in New Yorl | is inducing considerable loaning here bS outside institutions. The current state
 ment was complicated to some exten through financing incident to the Novem Der interest and dividend period.