The statement of the State Banking Office, as of September 23, shows that the volume of note cir: culation has been increased by 177, 000,000 crowns, or from 7,553,000, 000 crowns on August 23 to 7,720,- 000,000 crowns at the end of September. At the same time the was a drop in the foreign credit holdings of the Banking Office, from 654,000,000 crowns to 649,000,000 frowns, and the total reserve decreased from 3,614,000,000 crowns on August 23 to 3,613,000,000 crowns jon September 23. is the first appreciable increase in note eireulation since July. The decline in foreign credit holdings is probably explained by the steady decrease exports dating the last four months.
There vas a decided improvement fu the mumber of failures during August, such bankruptcies havi totaled' only 36. as compared with 41 in July, 47 in Juno, and 53 in May. "August reorganizations aggregated 135 as compared with 138 in July, 147 in June, and {81 in May. This showing would seem to indicate that the tightness of credit conditions has relaxed somewhat, as to permit a more secure conduct of business.
Text read from the printed page and cleaned; old type leaves the occasional error.