Elk City mining news. (Elk City, Idaho) 1903-1913, 1913-05-22
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 Is Active.
The Financier says:

Preliminary estimates Of gain OF
four to five 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 a decrease of $1,129,-
900. The effect on the banks re-
serves was Offset, however, by a de-
cline of 1888, 900 in the deposit &C
count, which cut reserve requirements
to point below the cash loss, result
ing in a nominal increase of $S90,95O
in the excess reserve, that item stand
ing now at $15,955,650.
The change in the loan item was in
significant, showing a contraction OF
only $246,00O. The above figures are
based on the statement Of actual con-
dition. According to the statement OF
averages. loans increased $12,017,00O
and deposits SO, 1000, which, with
trifling gain in cash, caused reduc-
ton of $685. $50 in excess reserves.
These figures probably reflect the
small amount of financing done in
connection with May 1 interest and
dividend payments. An increase OF
S26,521,1OO in deposits is revealed in
the statement of trust companies made
independently of the clearing house,
which, with an expansion of $l3,253,-
900 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 rel
atively satisfactory way, with indica-
lions favoring an increased acreage.
Distributive 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
lions afford active employment, anc
while strikes are rather numerous
May 1 passed without any. great de
gree of disturbance. 1t is, however
conceded that new business and speci
fications for iron and steel are light
err, that premiums on finished goods
are being eliminated and that wooleI
and worsted mills are working at
reduced rate.
Collections vary and in general the.
are about fair, the poorest reports
coming from the southeast. Deman'
for money is not so active and tn
banks, which are well loaned up, ar
not encouraging borrowers, this fact
presumably being more importan
than any slowing down in trade. Tn
stock market continues dull and nal
row. early weakness being supersede
by higher prices at the weekend.
Wheat, including -four, exports fror
the United States and Canada for tn
week ended May 1 aggregate 2,62S,33
bushels. against 3,543,IA2 bushels thl
week last year.
Business failures for the week enc
ed May 2 were 262, which compare
with 224 in the like week of 191:
Business failures in Canada for tn
week number 33.
Dun's Review says: While tn
business situation throughout tn
country shows a further slight rece
sion in activity there appears to
a growing confidence as to the futur
and the volume of current mercantil
transactions is much larger than
generally realized.
II is considered significant that i
bor continues we'll employed an
wages we'll maintained, and in tt
case of the Eastern railroad irene
have been substantially increased.
Exceptionally favorable crop GU
look, which developments during tt
week have in no way diminished, a
counts in a large degree for the pr
yailing feeling of optimism as to tt
future.
Recovery from Western flood conc
lions has been rapid, as is indicate
by the return of gross railroad ear
ings. which showed a gain of GA p
cent in the third week Of Apr
against a loss of 3.3 in the first wee
the net gain for the three weeks b
ing 1.2 per cent. On the other han
clearings in April showed loss
AZ per cent as compared with the &C