The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-08-17


Legal tenders, s7S,s5O,1 100; decrease,
81, 22S, 500.
Specie. S17O, S3S, 900; decrease, $3.50. 400.
Reserve, S247.1SS, 100; decrease, ST.
753,9OO.
Reserve requirements. s24e.oS1. 500; in
crease, $150,570. T1s-zsz-- e-~
Surplus, s7,12s. 500; decrease, s., 9O4. $50
New York, Aug. 16.-The Financier
says: The official statement of the as
ISOLATED banks last week showed as
the most interesting feature a further
decrease of $1,9O4, $50 in surplus re-
serve. making, with the decrease OF
$4,706,S75 in the previous week, a loss
in the fortnight of $6,6f1. 525. This
item now stands at 81. 126.600, against
s,421, 900 at the corresponding date in
1901
The cash was reduced last week
1,753. 900. the loss in specie having been
$3.50. 400 and that on legal tenders, ST.
12S,500. The estimates based upon the
traceable movements of money during
the week indicated a gain in cash of
81, 075,500 The difference between the
actual change can be accounted for
only on the theory that there was an
unrecorded movement of money during
the week, possibly for payrolIs, and
vacation expenses; IL seems likely that
the payment OF, the 5 per cent dividend
of $10,000,000 to the United States Steel
underwriters may have affected the
cash in the banks to some extent.
Loans were increased 81, 253, 200, maxi
ing the total expansion since Aug. 2,
$15,S53,500. The gain in this item last
week practically referred to local trans
actions, the loans by foreign bankers
having been independent of the banks.
The deposits We're increased S603, 900.
which sum is $296,300 less than that
called for the increase in loans
less the loss OF cash, therefore the
statement is technically out of proper
ton. Adding the gain of $50, $50 in re-
serve requirement, resulting from the
increase in deposits to the loss of cash,
makes the $1,904, $50 reduction in sur
plus reserve above noted.
The circulation was increased S224,-
600 during the week, the previous state
ment showed a loss of $303,900 in this
item. The daily average of bank clear
ings last week was $225, 900, 600, against
5000, coo in the previous week, re-
fiecting greater activity on the stock
exchange, and also the payment of the
steel underwriting dividend and the
subscriptions for the Oregon Short
Line collateral bonds, both of which
caused more or less shifting of ac-
counts between individual banks.
thereby increasing the volume of clear
ings. The comparatively low surplus
reserves of the banks need cause no
apprehension among borrowers. for
the reason that, as had been often
stated, the reserve is treated as pro-
vision for emergencies, and 1t is per-
mftted to be drawn upon whenever
business conditions may require. More
over, the banks are cOnsery atiyely con-
Quoted, and their loans are much bet
l., IL. 11.,N. ,-..F
than they have been in many years,
and there are assurances on every
hand that existing conditions as to re-
serve will only be temporary. Compar-
ing the changes in loans of individual
banks. eight of the larger institutions
show a net expansion of s4,60o,000; one
OF these increased loans $3,0oo,000 and
two 81, GOO zoe each, while one bank
made a reduction of S2,S00,e00 The
changes in specie by banks indicate
a net loss of 81. 500. 600. One institution
shows a decrease of s., 100, 600.