Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-09-09
COIN FOR CROP
MOVING SEASON.
Local Banks Not Much Interested
In Secretary Shaw'S Monetary
Relief Plan
THIS SETS ASIDE $40, 900, 600.


Local banks are Interested, but only
In a general way IN the recent plan
Of the secretary Of the treasury to re-
lleye any monetary sttinBency that
may. occur due mostly to sudden de-
mands for means with which TO move
the crops. II Is the intention Of the
secretary TO deposit $ieOOO.Ooo among
the various deposltorles yet 10 be spec
ified. and IN the east particularly.
banks that are now repositories are
sending In applications for increased
deposits and other banks are asking 10
be designated as repositories Many OF
the applications are accompanied by
letters approving the action OF The
secretary in setting aside the fund and
expressing the opinion that It will re.
suit In the crop moving season being
tlded over this year without any dis.
astrous strlngency.
But until Secy. Shaw announces his
policy in the matter there Is no one In
the department who can say wh1l tho
deposits win be made or the terms on
which banks win be given a share Of
the fund. IL Is believed by officials OF
the department that the secretary win
probably require banks receiving de-
posts 10 take out circulation 10 an
amount equal to the deposits given
them.
LOCAL DEPOsIToRIEs.
The National Bank OF the Republic
and the Deseret National bank Of this
city are government repositories, but
their arrangements do not seem TO
think the secretarys proposition VIII
affect this part of the country to any
extent. President Knox of the Bank
OF the Republic gays his bank Will not
ask for any of*the proposed special
deposit for the bank does not need It.
being furnished With NIL the financial
equipment necessary. And then. with
the present ruling quotations OF gov
eminent bonds. II would not pay TO ac,
cept any such special deposits. He
calls attention to the fact that the
money would be subject 10 call, and
that might spring on the bank an hour
after the reception Of the deposit. To
be sure this Is not likely, but then, Il
could be done. President Hills of the
Deseret National bank said be knew
about the secretary's proposition. but
he would do. However he did rot think |
the question of the prices Of govern
ment bonds would cut much OF fig
ure, as these bonds were as liable To 20
higher as lower than present QUOTA
lions.
WEST GETTING STRONGER,
As time goes on there Is less and less
disposition on the part of western banks
TO be disturbed, or IN fact PARTICULARLY
influenced by the fluctuations Of EAST
em money markets The west Is get-
ting money centers OF its own. pn1 /
great deposits are accommodating at |
these centors, large enough 20 avert |
or tide er>the same with |
out dying for succor TO Wall street or
Washington. In fact Wall street can |
now be upset by financial thunder !
storm and the money centers west of |
the Missouri river will not be affected. |
It is of passing Interest TO note thar |
the monthly circulation statement by !
the controller of the currency shows !
that at the close of businesses Aug. 81, |
1903, the total circulation OF national |
bank notes was SilS,5SI 0I0 an increase |
for the year of ISL, 305, 2S4 and an in |
crease for the month Of sl,2ii ASS.
The circulation based on United |
States bonds amounted to $3.50. O76, sg2,
an increase of sGO,66S.7 1875 for the year |
and Se,469, 400 increase for the month.
The amount of circulation obtained by |
lawful money was s3s .5ii ,G58 decrease
for the year Of s3363, 45l ana decrease |
for the month OF 81, 2S, 00S.
The amount of United States register.
ed bonds on deposit to secure circulate
lng notes was SSi 'S0, 43Q and TO ST.
r----@------ss -Sa--s---A--
SIX day Race Salt pnlnne.