The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-18
WEEKLY REVIEW OF
THE MONEY MARKET
New York Bank Reserves show
Gain for Week Of Nearly
S11.00O,O0O.
BIG FLOW FROM INTERIOR
Cash Holdings Greater Than in
Last Week Of December
by S63,OOO.OO0

-. a., So -. -. -. -.
VI ."' ''" ioiN '"i'N' ''''"'' III
days BANK statement Is the largest ior
the week at this time of the year since
1895. IL was s4sl11,G5o. an increase of
renr,v a., nan ooo for tho uoou
,c, ,,.,.' -. ...,.,.,.
'"e Nv" VI '''o"eS I" '"'' ,'I't'' VIM"
mas produced II, mas averaged S2l,oVo.ouo
week since the first Of the year. The
ca sh holding. of the banks Yesterday we're
60, 400 on, -. 49,. T., a.. - -.
S"''oVV'VVV s'e"''' wa" ~ Wv '"''
oi becethoei IN the iaSt '"o "'ens
cash has increased s1l,O0O,OOO against
an increase of s37. 900. 600 last year for
the corresponding period The increase
last week was the extraordinary one of
over $4,000. 600.
The Significance Of this record flow
Of money which has never been surpassed
except in periods of marked lotup In trade
was strengthened by the decrease of over
II per cent recorded i'm the bank clear
ings for the week ut New York. Also the
surplus reserve figures shown. a record
for long period of years were the more
remarkable because of the substantial in
crease of deposits and loans for tn. week
deposits Increasing 5000. 600 and loans
over s25.00000O
The business recession and the cautious
procedure that il charactorizlng extension
of loans are thus being daily emphasized
in the banking situation. Rates continue
To- ease decidedly. CIll money last week
ranged between H., and per cent
Time money rates were from J., to 2.
per cent lower chiefly ia the shorter
mAturitles Commercial paper IL being
purchased in larger quantities than for
a long period and rates last week de.
uliued !, per cent further To a., and
a.. per cent for sixty and ninety day
Endorsed bills and four To- six months
single names.
Breaking money rates viii continue
during the pres, nj season. banke's believe.
unless through IA" operation of two pviu-
cipal factors. now most immediate the
flow OF money to the banks ~ partially
checked. Tine first fa,tcr. one -. duin,s-
tic origin. Is the call from the Treasury
Department for the return ~ the
s34. 100000 II deposited lost fam ~ tn"
national banks for Crnn moving itIruos.s.
The date for the return of 20 u,r cent.
was get for December Is THIS was ~
tended to most OF the borrowers fnv "a
month. bringing from $1,000. GOO to
s7,o0o,0 600 few days overdue now Fur
Their payments ure due monthly hereafter
according to the original schedule Re
turn OF .-,se funds will cause some de-
gree OF tightening. New York Will feel
IL most.
The other influence that may worl,
to check the decline in rates. and which
Is of greater prospective Influence than
the return OF the Treasury money, is the
prospect for further gold exports
II is generally accepted that the Bank
of France has determined to take SEQ
100000 from here before March l. The
movement began last week In the export
of S2.0oO.00O. The focus point OF the
International situation : now directed
upon the extent to which this market
may be utilized TO aid the French situa-
ton. There IL feeling abroad
that " the part OF the demands Of tho
Bank OF Franc" for r"plcuishiug i's gold
supply To meet IN" unusual d''a'ds that
are coming upon . for domestic arina-
m'nt 1nd Btlh1n nnancinE can b" taken
car" OF mere, IN" W"fih SITUATION VIII II"
hl'ch rrlicN"h' ne r'"tl't 'u\anthGe
~ u pe'ter worm l't''iE against poSsIoIt
insurer i'''S "''' '''""i" Imports VI E''u
- qu's'on'u'
inueIe'ueI'' Improvement Oh hl"ihel
haa''e' II! tle ""'"' Ht"ueN "'hv''
noMe.e', NOV u'l,i' t''r'', upon ,h'
.II1u' "s.I.''" ' V.''l'' III 'H,''u SUES
s oIu esPo. - " '""'e ""S INC p'N ''''
wi y, '". -, .,.....,.
i'o""oi. Vau'eS pus'.'' 10y as, ''' ~ 'n'
,a,', ' o,,iH t.'' ,.r ,'',." ,' W. i'" -.
,rh,,i'.,. va 49, ~, '', 40, ,.'
,., IN, ,"'l
',',,',t,'., M ,'',,',,,ii 80 -.
90 ,ia,,ui,tn, -, ,i 49,,
,a,, ayns,daa a,,. -, co.. h,,,t,
,xae cola hni,i,,,,, i,.,r..,s'.i ,,.,s,i,.
a., ana oon nil. ,,rc,,i,,tnn d.,i,,aJ
were fractjonaIlv lover,