The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-03
GOLD ARRIVALS
DEPENDED upon
Millions of Dollars on the
Ocean Due to Arrive in New
York in a Few Days.
PLAN OF ST. LOUIS BANKERS
RED, YELLOW AND GREEN SLIPS
OF PAPER AS MONEY.
PLAN OF ST.LOUIS BANKERS

New York, Nov. 2.-The financial
week came to a close today without
any notable developments. The stock
exchange was comparatively steady
over the day with little activity. The
runs upon banking houses seem 20 be
practically at an end and few iInpOr-
tant conferences were held by tinan-
ciers. The decline in the reserves OF
the New York clearing house banks
was heavier than any recent expert
ence. but will be largely offset by the
arrivals of gold next week. The ap-
parent loss in the reserve was about
s37. 0O0, 900. but s7000.O 900 of this was
due TO the requirement of the 20 per
cent against an increase in deposits of
S2S 600 600 This increase in deposits
in clearing house banks apparently rep
resents the transfer of funds from the
institutions which have been subject to
runs. The actual loss in cash is about
$50, 600, 900, which reduced the reserve
on hand to about S225, 600.
Gold Engagements.
The gold engagements increased
slightly today by orders from Pitts
burg and other points. making the total
engagement to date $29, 10000. If all
of these amounts should go into the
reserves of the clearing house banks,
it would practically restore their sup
ply of cash during the past week. Even
the diversion OF a part of the amount
TO other cities will leave the bulk of
the gold arrival to go into New York
banks. and will probably result in an
increase of reserve next week. Part of
ha in oh in ho -
heavy deposits of treasury funds, has
been due TO the calls of the country
banks for currency. 1t is believed that
> these have been pretty largely met
and that the amount will be nearly as
large during the coming week. Reports
received from various parts of the
country indicate that the system of
meeting payrolls by checks instead of
in currency, is being largely adopted
without any essential inconvenience TO
wage-earners.
Banks Took Over Loans.
William A. Nash, president of the
Corn Exchange bank, and member OF
the New York clearing house commit
tee. said, In explanation of today S
bank statement, that the clearing
house banks have been taking over the
loans called by the trust companies,
ana Ildt InlS increased Inc bank loans.
Mr. Nash added:
The trust companies have increased
their deposits in the banks The total
deposits have thus been increased
without any addition to the stock OF
cash. and naturally the percentage OF
reserve has fallen. / do not regard
this as significant, because the increase
of deposits by the trust companies is
paying. not in cash, but In clearing
house funds.
1.-The changes in loans, deposits and
reserve are so much in the nature OF
bookkeeping that they should not af-
feet the present situation.
The real matter in the bank state
ment is the supply of cash. The losses
during the week were not greater thar
] expected. The shipments TO the in
terror and the boarding of the currency
account for the losses reported.
Il believe that from now on there
will be an improvement. The currency
will respond as 1t always has, to the
tempting premium that is being of.
fered. The gold on the way from Eu-
rope will begin to flow in next week
and with it viii come a falling off in
the excitement about cash."