Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-03
Believed That the Arrival This
Week Of Yellow Metal VIII
StPaIghlsn Out The DaRss.
a0AR1E0 MONEY IS CgRIRG BACK
Decline in the Clearing House Banks
the Largest in Many Years-Loas
During the Past Week Was About
s3o,ooc,oOO, But It Was Not Greater
Than Expected
lny Aesoclnlod pross.l

NEW YORK, Nov. 2--Thc financial
week came to close today witho,,1
any notable developments. The Stoc;s
Exchange was comparatively steady
during the day with little activity
The runs upon banking institutions
seem TO be over. clearly attend four
important conferences were held by
iinancicrs. The decline IN the re.
serves Of the New York Clenrine
House banks was heavier than in any
recent experiences. but will be large.
~ Offset by arrivals of gold next
week Tho apparent loss In the rn.
serve was about S3700O,0o0. hut so.
ouoVVO OF this was due to the require.
menl of 20 per cent against an in
crease In deposits 5000. 900 This
increase IN deposits IN the Clearly.
House banks apparently represents
tne transfer of funds from the lnst,.
tutlons which have been subject 10
runs The actual loss In cash there.
fore was about $40 00O,0 which re.
duced the reserve on hand to S225.-
VoV,Oo". The gold engagements in
creased slightly today by orders from
s,lts7nurE5 nrsi other points maksn;t
ne totai engagements To date 500
l'u.VUo. II all this amount should 40
4 49, ~ ltS''lNtN OF the lle0flnS
iionsc banks. 1t would practically re-.
store their loss of cash during thc
past week. Even the diversion of n
part of the amount To other citics
VIII leave the bulk of the gold mr.
irving to go into New York banks
ia-ld will probably result In an increase
OF reserve next week. mart of tho
decline in cash In tho face of heavy
deposits of treasury funds. has boon
due 10 the caas of the country hanks
for currency. It is believed that these
have been pretty largely met ard
that the amount will not he nearly
SO large during the coming week. Re-
ports received from various parts of
The country Indicate that the system
OF meeting pay rolls of checks instead
OF in currency is being largely adopt
ed without 4ny essential inconycn-
renee TO wage earners.
trust Companies Increase Deposits.
William a. Nash. president OF The
Corn Exchange hank. and member
OF the New York Clearing House com.
niittee' said in explanation of today's
bank statement that the Clearing
House banks have been taking over
me loans called by the trust com
i""i's anu lnut thls increased the
bank loans. Mr.. Nash added. "Tbn
trust companies have increased their
deposits in the banks. The total dc.
posts have thus been increased with.
ont any addition to the stock of cash
land naturally the percentage OF re-.
serve has fallen I do not regard this
las significant because the increase of
deposits by the trust companies Is
payable not in cash, but in clearing
house funds
The changes in loans. deposits and
reserves are so much in the nature of
bookkeeping that they should not af-
feet the present situation.
The real matter in the banl, state.
ment Is the supply OF cash. The loss
IS during the week are moi greotcr
than expected. The shipments 10 The
interior ana the boarding Of currency
account for the loss reported.
4 believe that from now on tharo
VIII be an Improvement. The hoard
OF currency viii respond as it alwavs
has to the tempting premium thnf is
being offered The gold on tho wav
from Europe will begin to now in noxt
week and with it the quicting down
Ioi the excitement