Show VOLUME OF FUI FLUID I FUNDS SHOW INCREASE Some Favorable Conditions Conditions Condi Condi- Discernable in Financial Circles Money Is ia undoubtedly In a very has been no tense tenso state tala There hero ha relaxation In rates rate and although there thoro was a further urther Improvement I In tho the Reserve ratio rato at nl atthe I the tho last report It has hos not been sufficient to affect the general prospects Throughout the week thero hero has been a a continuous de demand domand domand do- do mand for funds funds' with wih banks throughout tho the country countr pressing for Cor a liquidation of their claims a and nd many firms firma compelled to re resort resort ro- ro sort to unusual credit methods or orto orto orto to force liquidation through realizing real real- zine izing sales which would not have taken place but for the need of ot meeting obligations obligation says Henry Henr Clows' Clows latest lates market letter Ieter The demand for commercial paper paper paper pa pa- per and bankers' bankers acceptances of the he first class hns has Improved among the hc country banks banks banks-a a fact act which holds out some ore encouragement bec because because be be- c cause so of ot tho the Indication It I affords that hat there thero i is some Increase in the volume of fluid funds available Optimistic views low expressed b by Governor Harding HardinG of tho the Federal Board Doard are aro undoubtedly Iwen well warranted but they relate to conditions which will vII take ROt sometime some time to become fully tuly operative his statement relative to the money situation was however reassuring especially with wih respect to th the abI ab it I ty of tho the banks to supply funds for or crop moving purposes The Tho ton of ot tho the statement issued hy by y Secretary of or the tho Treasury Houston HouNton concerning the operations of ot the government for tor the past fisCal fiscal fis fis- fis cal year yer shows a reduction of 1 Indebtedness while of this sum Rum about about represented represented a a reduction In floating debt This floating debt deb In the shape of or treasury certificates of indebtedness indebtedness' Is a little under 2 which is certainly large largo enough and constitutes a a severe seere drain upon nr funds Nevertheless Never Never- there Is a satisfactory in indication In- In In the circumstance that tho the government Is now on a self self- sustaining sustaIninG basis bals and is able to cut cutIs cutts its Is ts obligations rather than Increase them them Small Importations of gold during the week have ha not Influenced tho the financial situation and md the larger gold movement which has las been promised shows no sign of ot materializing In the Immediate future After holding holIng Its Is own for forsmo some time foreign exchange has during tho the post past week shown a afresh afresh afresh fresh tendency to decline and tho lo lowest est levels of oC tho month have hae been recorded |