The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-11
WEEKLY AVERAGE
OF CLEARING HOUSE

New York November 10.-The statement
of the clearing house banks for the week
Give days. shows that the bank holds ST.
514125 less than the legal reserve require
ments. This is a decrease of s4,563,9oo as
compared with last week. The statement
follows:
Loans, $1,045, 49S, 2O0; decrease, 1892, 700.
Deposits, 1898. 754, 500; decrease, $1,000, 800.
Circulation, $50, 544, 400; increase, $1519, 700.
Legal tenders, $66,S1, 100; decrease, ST.
9S2, 500
Specie, $751; 1908, 400; decrease, $5.S4S,sOO.
Reserve $24S ia, 500; decrease, $SSSl 800
Reserve required, $249, 6ss625; decrease,
81, 267, 400
Deficit, s1,514 125; decrease. $4563, 900
Ex-United States deposits, surplus, 81
552, $50; decrease, s5213,200.
New York, November 10.-The Finan-
cier says this week:
The official return of the New York
Associated Banks last week showed that
the expectations which were entertained
early in the week that the surplus reserve
would be extinguished were realized, the
statement disclosing a deficiency in the
reserve against general deposits Of
s1,514,125. 1t may be noted that this deficit
is the smallest of the year, that which
was recorded April 7 being 626, while
that of September s was $6,57I925. A year
ago, November IL. there was a deficiency
of 81, AIS, 800.
Evidently efforts by the principal banks
to prevent the deficiency last week were
unavailing because of the heavy loss of
cash. which could not be overcome
through a contraction in loans and con-
sequently a reduction in deposits and in
reserve requirements.
The cash loss was 1881, 800, or very
much in excess of that which was esti-
mated upon the basis of the traceable
movements of money, such estimates in
dicating loss of 2ss millions. The dis
crepancy between the estimated and the
officially reported decrease in this item
Is not easily explainable; possibly it may
have been due to the bringing over into
last week of losses sustained in the pre-
vlous week that were not fully reflected
in that weeks statement.
Deposits were reduced S17,069, 600, this
amount being greater by S955,600 than the
sun, of the contraction in loans and the
loss of cash, and therefore the statement
failed TO make a good proof
The required reserve against general
deposits decreased Si,267, iG0 deductng
which from the loss of cash, left $4,56s SEQ
as the reduction in surplus reserve to ST.
SALES deficiency. Computed upon the basis
of deposits less these S16,264 200 public
funds, which 1t may be observed de-
creased s2,5972o0 during the week and
s5377,9o0 since October 81 the surplus
is S2.552 900.
Loans were contracted 1922, 100, indicat-
ing reduced local borrowing. and as has
probably been the case in previous weeks
the transfer to trust companies of re-
placed foreign loans that have been liqu-
dated abroad. The excess of loans over
deposits last week was sI6 IA, 700 or near
~ sl0,0Ooo00 more than in the previous
week, making the greatest excess for the
year.
The daily average of bank clearings for
five business days of the week was 1882
100000 against 1880 100000 in the previous
week; elearings on Saturday rejecting
Fridays business were S341, 466, s7s.