The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-11-29
FINANCIAL And COMMERCIAL

side Of retention OF the credit in Lon
don There is some question raised
whether the currency TefiuX from the
west may be delayed by the desire OF
western bankers TO protect themselves
against money emergencies. But il is
not likely that anything short Of ac-
tual runs on banks would prevent the
usual remfttances to New York under
the law allowing national banks TO
count deposits in reserve cities as part
OF their own reserve, Hopes over the
railroad outlook are inclined Co turn
10 the chances for retrenchment in eX-
penditures for Dettermenfs and even
to reduced cost Of operation by econO-
mics growing out OF the large perma-
nent betterments affected during the
late prosperous period
Bonds have been dull and rather IT.
regular, in harmony with the tightness
OF the money markets
L. s. new As declined 4 and the IS,
IS and old As = per cent below the
closing bid of last week
The Bank Statement.
New York, Noy. 29.-The statement
Of thu clearing house banks Of this city
for the FIVE days of this week shows:
Loans, $3.50, 839. 100. decrease, So. 1874. GOO
Deposits. SS41. $50. 600; decrease. S5.T8l.
400. Circulation. $40. O36. 500. increase.
$l3,400 Legal tenders. S64,2T2.000 in
crease, S1.4S1.200. Specie. s152. z4i. 200.
decrease, S712.700. Reserve, S216.513. 200.
increase, $76S 500. Reserve required.
S21O,5SS. 900; decrease. S1,645. $50. Surplus
$6,l25,200; increase, S2.213,S5O. Elk. United
states deposits. $15,32T625 increase, 81, .
2l6.00O.
The Ffnancier Gays: The most strik-
Ing feature of the official statement OF
the New York association banks last
week and that which chiefly attracted
attention, was the important increase
Of S2.2l3.S5O in surplus reserves. This
resulted from the gain of S76S 500 in
cash and the reduction Of S5,781. 400 de
pOsits, through which the reserve re-
quirements were diminished by 81 .445-
$50. which sum, added to the gain in
cash, made the above noted increase Of
S2,2l3,859 In surplus reserve Of S6,125. 300
Calculated upon the basis OF deposits
less those Of S26,S09, 200 Of public funds,
the surplus is 1882, 625. There was
decrease of 1894, 500 In loans, which, it
may be noted. leaves this item only So
$4,000 above the minimum Of the year.
Specie, legal tenders and deposits are
at the lowest Of the year. The reduc-
ton in loans last week was not unex-
peCted, for there was more or less con-
traction as the result of stock market
liquidation and also because of a de-
c'sion of some Of the banks to augment
Y -
The gain in cash was smaller by 81
$4,000 than that was estimated upon
the basis of the traceable movements
eff money during the week. This is
probably accounted for by the fact that
the imports of 81. $50. 800 gold shown in
the estimates were not made fully
available because OF necessary delay
in payments therefor by the assay Of
flee; hence the statement was made on
rising averages for cash. In this con-
nection 10 is noteworthy that as has
been shown during the fortnight, the
direct drain of money from the banks
to the west and to the south is at an
end and hereafter we may look for
return movement in some volume, es-
pecially from the former section. More
over about So. 800. coo gold is already in
transit from London. to arrive this
week. and s., 500 600 more viii be
shipped hither on its arrival at the
British capital from South Africa.
The bank statement showed a good
balance last week the sum Of the de-
crease i'm loans. less the gain in cash.
being S155.300 below the reduction i'm
total deposits. The daily average Of
hanks Clearings last week was Sc. 0OO. 900
i'm excess Of that OF the previous week,
indicating augmented business Circu-
fation showed the small gain OF Sf3. 400.
and the publis deposits were $500 high
or than those OF the previous week:
then they Were a. the lowest Of the
year. COMPARISONS of the lem Of loans
a net decrease of Sc. 300 900.