Show r r gm jj RUH f shortage tare 3 of fillon lony 3 ay forces toy firms to retrench new york june 16 the financial markets havo have begun to 10 canvass the obligations ligat ions which must bo be met in the tho coming half yearly settlement and to tako take account of tho the resources which ich will be available the rho abstention from any active participation in the stock market which hag has been increasingly manifest is prompted to a large extent by caution owing to the money outlook the requirements to be met this year are unusually heavy and th the banking position is below the average for the season the dividend and the interest disbursements on oil july 1 will be very large as the halt in business activity has not yet Involve il deduc tion in the rate of disbursement on securities the position Is s complicated to some exta extent nt by the decision of the new york city authorities to sell of 0 bonds during the pre sent month there thare will be due also on july 1 an installment of subscriptions for new northern pacific stock which will call for over the condition of the now new york clearing house banks on which the princa principal burden of the settlement will fall has been declining rather than ini proving provan the surplus reserve of these i institutions now standing at compared with in this week of a year ago the compilation of the reports of national banks throughout the country for may 20 was made up tip at washington last week and revealed veiled re the extended credit post aton of the country over compared with the preceding statement on march 22 loans had expanded some sonic while the comparison with june IS of last year showed a growth in the loan item reaching the formidable total of for the 11 months period the nati national onit banks had added but to 0 their caf cash ah holdings and of this amount had been secured in the sixty days preceding the statement A comparison of tho changes cli angos for or sixty day items of the new neu york bank statement shows that the clearing house banke in that time had expended loans and cash holdings accounting for a largo portion of rf tho the changes mado mada by the national banks us as a whole the inference is plain that the interior banks were recalling credits placed in new now york for use at home while the new now york banks were called on to replace the loans thus called the dedde deduction tion to bo be drawn it Is of restricted facilities available tor for meeting the tho july 1 require ments the decision 0 the secretary of the treasury to recall of government deposits on july 10 will defer that operation until af attar to r the payment for redemption of tho maturing of tho the four per cent bonfils bon ds on july 16 which the treasury department parti part ment 1 1 ent estimates will amount arnou nt to 0 this leaves a margin of possible benefit to the money market of when ohp operation is concluded but the usual delay in final presentation of government bonds for redemption is expected to to postpone ne the full effect of the bonds redempa gions on the money market efforts effort at recuperation in foreign money markets especially in paris have placed a it burden on the new york |