The San Francisco call., 1903-09-27
BANK STATEMENT
IS SATISFACTORY
New York Financial In
stitutions Show Big
Reserve Fund.
Movement Of Crops Is Late
and There Is Small De-
mand for Money.

NEW YORK, Sept. 2s-The Financier
says: One notable feature of the Of
fcial statement of the New York Asso-
ciated Banks last week was the reduction
of $5,oOS,lOO in loans, making the decrease
in this item for the fortnight $3.50, ,0OO
This was largely the result of liquidations
consequent upon the decline in the stock
market, although, as noted in the pre-
vious week. the reduction in loans then
was principally caused by operations in
cident to the pending merger of the Ma
tional Bank OF Commerce and the West
ern National Bank of the United States.
The cash reserve last week decreased
$6Ss. 300 net, which amount is considerably
in excess Of that estimated upon the ba-
sis OF the traceable movements of money.
this estimate indicating a gain of Sill 500.
The loss Of cash was chiefly caused by
the drain of money TO the South through
treasury transfers to New Orleans and
direct movements to the cotton ports
these transfers amounting for the week
10 S2o00.O00 The receipt by the banks
from nearby points caused principally by
the return of funds which had been with
drawn for the Labor day holiday use
nearly offset the shipments to other parts
Of the country and ii is noteworthy that
the movement TO the grain sections was
quiet. refecting the tardy distribution OF
these crops The deposits decreased
SSl57,lO0, which sum is greater by S249O,-
400 than that called for by the reduction
in loans and the loss of cash; therefore
the settlement is technically out of proof
The required reserve was reduced s., ,034,-
20 through the decrease in deposits and
deducting therefrom the net loss of cash
leaves S13s5.e75 as the increase in surplus
/ nh fnL fe (ro1
upon the basis of deposits. Less those of
SSS .sS2, 500 public funds the surplus is S24.-
302.500. The circulation was increased
SSls,600 last week, making S1S15,1O0 since
/ September %, inclusive. Loans are in eX-
cess Of deposits OF Sl5.7O2. 500. the largest
! since July IL The daily average of clear
! ings during the week was S176 O00. 900,
/ against Sl70 100000 in the previous week
Compared with a year ago, the surplus
| reserve against all deposits is $1,000, 900
| greater. AS above noted, this season s
/ movements Of the grain crops is late, and
] consequently the demand for money
| therefor is small. If there should be an
] important increase in this demand in the
/ near future. however. the effect upon the
/ bank reserves would probably not be Sc
| rious, for these are now at an unusually
/ high level for the season and, moreover,
/ through the operation of relief measures
which have been inaugurated by Secre-
! minimized and the Withdrawals of bal
/ ances by country banks will most likely
/ be moderate. Comparisons Of changes in
! the item Of loans show that, with the eX-
I ception Of the two banks above named,
/ which are upon the eve of merger and
/ which reduced their loans $500, ,O00 the
] decreases in this item were quite uniform.
/ The cash changes show a net loss by
! seven banks Of 81, 800 600; three of these in
} stitutions indicate a reduction of S. 100 =
! 600.
q : :: : q
since 1876. The present grand patriarch,
J. A Foster. was advanced by reason
, of the death of the patriarch who was
i-elected at the Grand Encampment. He
I has been in Office but eight months and in
that period he worked up an enthusiasm
that resulted in net gain Of nearly $50.
/ The membership OF the encampnent
/ branch this time is 615S, in ninety-two
! encampments OF this number it is ex-
/ pected that nearly 1000 who belong TO the
/ military section will attend the canton
ment. In many Of the Eastern States
the holding Of a Grand Encampment is
l merely pro foTma affair. lasting but one
/ day, and at which new officers are elected
and reports read, but in this State il is
made the occasion Of a weeks outing for
the membership and there is division of
work and pleasure The entertainment of
! the visitors has been arranged for by the
! Odd Fellows of Paso Robles and by a citf-
zens committee of the same place. Those
who compose it are: Executive commit
| tee-A. Brendlin, ]. B. Ward. A I.
! Pruess Truman Brooke w. S Lewis.
| David Waite. A Monteith and J. Iverson:
| citizens committee. d. Armstrong, A
! Pfster, F. d. Frost, L. G. SinnaTd r L.
/ Janney and J. c. Brown
J A committee. headed by Past Grand
! Patriarch Joseph Foster of San Diego. is
! at work endeavoring to secure the Grand
! Encampment OF 1904 for that city. The
other members Of the committee working
10 that end are c. w. Buker N S.