Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1913-05-16

NEW YORK CLEARING HOUSE
BANKS SHOW A DECREASE
IN CASH ACCOUNTS.
BUSINESS MOVING FORWARD SLOWLY


The South Showing Much Progress
Large Acreage Of crops-south-
east Shows Collections Poorest
Lumber Trade 10 Active.
The Financier says:
Preliminary estimates OF . gain Of
four to 1--WE millions in cash this week
were not borne out by the statement
Of the condition made by the New
York clearing house banks, and in
stead there was q decrease Of $1,129s
600. The effect on the banks re-
serves was Offset, however. by . de-
cline of $7.953. 900 in the deposit &C
count, which cut reserve requirements
to q point below the cash loss, result
Ing in a nominal increase Of $890,95O
in the excess reserve, that item stand
ing now at SIS, 955,65O.
The change in the loan item was in
significant, showing q contraction Of
only $246, OOO. The above figures are
based on the statement of actual con
dition. According to the statement Of
averages, loans increased $12,O17. 900
and deposits $9,119,0 600. which, with a
trifing gain In cash. caused q reduc-
ton Of S 1882, $50 In excess reserves.
These figures probably reflect the
small amount Of financing done in
connection with May l interest and
dividend payments. An increase OF
SCI, 521,10O in deposits is revealed in
the statement Of trust companies made
Independently of the clearing house,
which, with an expansion Of $l3,253,-
600 In loans, is of considerable inter-
est as following last weeks showing,
In which heavy increases in the same
items were reported.
Bradstreet's says:
Trade reports continue to present
mixed aspects. but when all the pri-
mary factors are sifted the weeks de-
velopments indicate that things have
moved forward rather than backward.
Thus winter wheat presents an ex-
traordinary good condition for this
season Of the year; other crops are be-
ing seeded under auspices that are
distinctly more favorable than those
Of last spring, and in the south cot
ton planting has progressed In q rel
atively satisfactory way, with indica-
lions favoring an increased acreage.
D~istributive trade at retail has been
stimulated by bright, springlike
weather and recorders, except in the
east, are OF pretty satisfactory vol
ume, while throughout the northwest
and parts of the southwest buying for
fall account Is such as to suggest that
little or no unsettlement exists In
those sections. Moreover, the south
seems more cheerful, and In the Mis-
sissippi valley country fear of over
flows has virtually passed.
Outdoor operations are proceeding
apace, the Industries and farm opera
tions afford active employment, and
while strikes are rather numerous,
May / passed without any great de-
gree Of disturbance. It is, however,
| conceded that new business and speci-
fications for iron and steel are light
or, that premiums on finished goods
are being eliminated and that wooden
and worsted mills are working at q
reduced rate.
Collections vary and In general they
are about fair, the poorest reports
coming from the southeast. Demand
for money is not 80 active and the
banks, which are well loaned up. are
not encouraging borrowers, this fact.
presumably being more important
than any slowing down in trade. The
stock market continues dull and mar
row, early weakness being superseded
by higher prices at the weekend.
Wheat, including flour, exports from
the United States and Canada for the
week ended May 1 aggregate $685. 31
bushels, against 3.543,i42 bushels this
week last year.
Business failures for the week end
ed May 3 were zee, which compares
with 224 In the ike week Of 1912
Business failures In Canada for the
week number 39.
Dun's Review says: While the
business situation throughout the
country shows q further slight recess
sion in activity there appears to b.
I growing confidence as to the future
and the volume of current mercantile
transactions Is much larger than Il
generally realized.
It Ii considered significant that 10
Dor continues well employed ant
wages well maintained, and In thu
case Of the Eastern railroad firemer
have been substantially increased.
Exceptionally favorable crop out
look. which developments during thu
week have In no way diminished, &C
counts in q large degree for the pre-
vailing feeling Of optimism a. to tn,
future.
Recovery from Western food condi
tons has been rapid. as 10 indicate,
by the return of gross railroad earn
ings. which showed q gain Of Ga pc
cent In the third week of April
against q loss Of 3.S In the FIRST week
the net gain for the three weeks be
ing 1.2 per cent. On the other hand
clearings in April showed a loss o
~ per cent as compared with the col
responding month q year ago, du'
chiefly to the dullness In the leading
speculative markets and In part t
|. the Interruption to business caused b