The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-19

the statement. The contraction should
have been considerably larger when the
heavy decrease in cash, together with the
decrease of $3,09l, 600 in deposits, which
leSSened reserve requirements to the ex-
tent Of $750,L0O is taken into consideration,
An increase in loans under normal condi-
lions Is generally accompanied by an in-
crease In deposits. The discrepancy in
these two Items is attributed to Opera4
lions incident to the British excnCqueP
loan. In other words, the gold with
drawn from the banks for export has
been entered In the books as a loan.
Therefore, the specie contraction prevent
ed an Increase in deposits which would
have resulted had the loans been made
by means of checks, and not by actual
Withdrawals Of cash. 1t is evident from
the decrease in deposits that the state
ment would have actually revealed a
contraction in loans had 1t not been for
the gold withdrawn for the export. 1t Is
interesting to note that the CHANGES in
one bank which shows an increase Of
about $4,000, coo lo2ns, an increase of 81
25O,0OO in deposits, and a decrease Of
5000 900 in cash. 1t is evident from the
foregoing figures that this institutlOn has
taken a prominent part In connection
with the financing of the recent loan of
the British government 1t was reported
Saturday that deposits of cash in con-
nection with subscriptions to the new
stocks of the Consolidated Gas company
were heavy during the latter part of the
urday's statement.
Considerable cash will be disbursed
this week on account of the refunding
Of the extended per cent government
bonds, which will go a long ways toward
replacing the gold lost by export
WEEKLY MONEY MARKET RE-
VIEW-LOndon, Aug. 1S.-The Statist, in
an article reviewing the money market,
tracted to the Bank of England from
America and 100000 from India. 1t has
bought a further 92500.OOO, which will
shortly arrive. and an inflow OF 9S0A,0O0
from the United Kingdom is expected
Thus the bank will secure over e4.G00. 900
and may succeed in raising the reserve at
outflow Of cash from London to the coun-
try usually reached G4,000, 900 During tre
last four months of the year we may be
called upon to find several millions Of
gold for Egypt and Argentine, and there
is little prospect Of more gold from New
York. With a reserve Of G23, 900 COO, we
may have to meet a demand Of &6,0J0G 600
or &7000, 900. Hence, later II may be nee
essary to take further measures for at
tracing gold, or for divertng Egyptian
and South American demands for gold to
Paris or New York. Under these circum-
stances 1t will be evident that any ease
of the London money market must be OF
a temporary nature. 1t should be clearly
understood that both New York anS
Paris are In a position to withdraw q
very large amount of money llo,1 Lon
don, If 1T does not pay to leave their ball
ances here"
EXPORTS AND IMPORTS-New York,
Aug. 1S.-EXports of gold and silver from
this port to all countries for this week
aggregate $751; ,355 silver bars and coin
and S8,7S7,279 gold. The imports of specie
were 81, 53J gold and 1888 gold. The i'm
ports Of dry goods and merchandise were
valued at $S272001
NEW YORK MONEY-NeW York, Aug
B-Money on cali, nominal; prime mer-
camille paper, 400 per cent; Sterling ex-
change steady with actual business IN
bankers bills at $4.87h for demand, and
at S4.& for sixty days; posted rates, "A So
@4.S519, and $4.S81AQ4.S9; commercial hi ls,
s4.8314 @G4S32; silver certificates, 611hT621zc.
bar silver 611kc; Mexican dor ar 4SKc
WEEKLY BANK STATEMENT
York, Aug. 1S.-The weekly bank state
ment shows the following changes: Sur
plus reserves, dedecrease S, sos, $50; loans,
increase, Sc, S37 400; specie, decreqse. So 106,
800; legal tenders. decrease, 1921 800; de-
posts, Increase, SO, 091, 600: circulation in
crease, $G72, 300. The banks now hold $40
557 $50 in excess of the requirements OF
the % per cent rule.
TREASURY STATEMENT-Wa shing-
ton, Aug. 1S.-Today's statement of the
treasury balances, exclusive of the gold
reserve, shows: Available cash balances
$l39, 514, III; gold, s72,051, 1853.
BANK CLEARINGS
St. Paul-s491, SCI 49,
Minneapolis-$l7 09,S91.
hicago-$17, 40, $50.
New York-$124, 37S, 635.
Boston-$15, S14 geo.