The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-16
GOTHAM'S BANKS AND BANKING
LAST WEEKS LOANS HIGHEST
EVER REPORTED.
American Capital Seeking Invest
ment In Europe-Ease IN Honey
Enthusiastically Bank Statement.

New York, Jan. 1.-THE weekly
bank statement shows the following
changes:
Surplus reserve, increase ..SS, 10000
Loans, increase --.----- 10 .VO
Specie, increase 49,. $500 z'v9O'9 ooO
Legal tenders, increase $500 S'loo'ooV
Deposits, Increase -. ------- o'v-o'1 ie'O
Circulation, decrease ..-----... 4oV'oVV
The banks now hold $25,OiS,I'S IN eA-
cess of the 70 per cent rule.
The exports OF specie from the port
of New y ork for the week amounted 10
s524,O4O IL gold, and Ss9S5S5 IN silver.
The imports were: Gold, S225,o6o; Sill
yer, SCI ,O50; dry goods, S-,4zZ,U5V; gen
eral merchandise, S4,149,149.
NEW RECORD.
The Financier says: The New York
banks have made q new record in the
matters OF loans, the total of S6lO, ss-oU0
at TIE close of the week, being the
highest ever reported; deposits also are
above any figure previously made. Dur
ing the first TWO weeks OF the present
Year the gain in deposits has been $lo'-
900. coo. while loans have expanded only
So, 100000. In view of this fact. the
ease in money rates does not appear
strange, and if the banks continue 10
Gain from the interior as at present,
lower quotations viii follow. The with
drawal o. government deposits, how
ever, may steady the situation Inc
banks gained during the past week So
209, 200 in cash, S2.05O,50O OF which was
in specie.
GOLD FROM CANADA
Gold is now coming in this direction
from Canada, the past ten days re
ceipts having apprOximated S69O,OOV-
The increase in deposits was S6VzO,4OV'
while loans are only $1,215,lOO heavier
The excess reserve, in consequence, eX-
banded S3.G74, 600. and stands at S25,
yCS, 775. This is only half as large as
reported one year ago, but in view OF
the fact that remittanceS are now De
coming larger, an increase may be ex-
peeted from week TO week. In the
changes made during the week, the
operations seem to have been confined
! tc the larger banks.
The deposits of the Hanover, the Ma
tional Park and the National City
banks are S., OOO, 0G0 larger than the pre-
ViCus week Whether this is due to
special operations cannot be definitely
stated, but it shows that the remaining
banks have less money in hand than
at the close of Jan. s. The factors that
led TO the gain in cash, however, are
rather well defined, and they may be
expected to affect other institutions
having large country connections, from
this time on.
MONEY GOES ABROAD.
AS was pointed out last week, the
enormous interior movement at this
season sorces down money rates, and
compels capital to seek better rates
abroad-in other words, it leads to gold
exports. But the anomaly is now pre-
scented of our idle money being invest
ed in foreign exchange on both sides
of the water.
Europe is now using at least $5O,OOO,-
600 American money in the foreign or
deferred credits, and unless rates
abroad go to a very low level, there IS
no prospect Of this sum being imme
diately reduced. SO sensitive, however,
is the situation since the United States
became the dominant power in the in
ternational market, that the credit can
be expanded or reduced at will Clear
ipgs indicate that a much larger vol
ume of money than usual will be need
ed this year to properly care for the
business being done.