The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-06

| Loans. decrease 1O,O--yOVp
Specie, increase ...-...-.-.-.. 92S, 4OO
Legal tenders. decrease 49,. S,S7S, 200
| Deposits, decrease ........--... 900
Circulation. increase ... 1920
/ The banks now hold 500, 500 in ex-
cess of the requirements of the 25 per
cent rule.
The imports at the port of New York
| for the week are:
| Gold, S24, 49S; silver, $50, 364; dry goods
and general merchandise, $10,036,11S.
| The exports of specie We're:
Gold, $3.50; silver, $6O4,OS4.
DISTURBING CAUSES.
The Financier says: The statement
of the associated banks of New York
reflects in full the disturbing causes
which have been making for nearly
three weeks past. The heavy decreases,
however, cover a period longer than the
seven days which the totals are sup
posed to represent. AS was outlined in
this analysis last week, the averages
did not include the losses which the
banks were then sustaining through
the shipments to the interior. The lat
est statements reveals very clearly the
extent of this drain. The decrease of
S23 1873, 900 in deposits can be traced
through a list of u of the larger banks
ranging from S1.000,000 to 100000 in
each instance. The only inference is
Z
situations and this is further borne out
in the fact that New York exchange at
all important centers have advanced
from a heavy discount TO par, and in
some instances to a substantial pre-
MUM. The amount shipped has been
more than sufficient to meet legitimate
trade demands. At the present time the
movements seem to have ceasd. Flu
ture developments of a political char
acter must decide whether it is to be
resumed or whether the tide will turn
and the money again flow to New York.
GOLD IMPORTS.
In view of the revelations made pub
lie in the current statement the heavy
gold imports do not appear at all
strange. In fact the wonder is that
the enga gements were not larger. AS
might have been expected. there has
been a corresponding reduction in loans
and the decrease of $13, 622, 600 is ac-
counted for by the LIQUIDATION in sDecu-
latiVe circles, and the calls made in
order to strengthen reserves. The
heavy sales of accumulated sterling
exchange at this center are also to be
considered in this connection. But for
all that the banks lost nearly So, coo
cash, the reserve reduction is only
81. 135,s25 and the excess is still over
$40, 600, 900. The gold coming from Eu-
rope viii more than make up the loss
in reserves for two weeks. The treas
ury did not call the usual Union Pa
cific transfers from depository banks
last week and while Kansas Pacific
payments will require within the next
80 or 20 days nearly s6,O0O,O00 now in
banks. it cannot be said that the out
look favors anything more than mod
crate firmness in rates.
EXCHANGE SITUATION.
tive that sudden advances are bound
to bring additional imports and thus
restore the equilibrium. If the develop
ments of the next ten days are such
that a peaceable conclusion of our for
eign complications is assured, the |
money market will probably weaken. !
AS it is rates have gradually declined |
from the high point reached early last |
week.
LARGEST ON RECORD.
The Commercial Advertiser says: The |
weekly statement of the associated /
banks, issued today, is regarded as one |
of the most remarka BILE in recent years. !
There was a decrease of $23. 1913, 900 in |
the deposits. and more than S13, 100000 |
decrease in the loans. The decrease in |
deposits is the largest on record. In
March, 1881, il was SO, 100000 All kinds |
of reports were circulated regarding the
But as to the decrease in
loans, it may be stated that the city
banks, the Chase and other large
banks, refused during the week to
mark dOIa their rate of interest, and
many OF the loans were consequently
paid off. These banks will, therefore,
show q reduction in the amount of
loans and discounts, and an increase of
cash in hand. A large amount of
money was sent to the country during
the week which accounts for a consid-
cradle decline in deposits.