Arizona republican., 1916-11-19

WEEKLY FINANCIAL REVIEW

elements in this week $ active market were composed of eastern traders or professionals who seemed desirOus of effecting lower prices and western or interior speculative interests who were strongly committed to higher values. The result was almost wholly in favor of the latter contingent.
 Trading centered around the steel and copper shares; all available sup plies of copper for the next half year are already marketed to domestic and foreign consumers, chiefly the latter, at prices seldom, if ever, before quoted. Conditions scarcely less favorable apply to manufactured steel and iron on a further upward revision of price schedules. The event of the week in tliis connection was the additional five dollar advance in Steel Rails.
 Shares of various other companies operating on war or peace basis, moved forward with issues having no definite classification. all as the result of re- marlable earnings. Renewal of antagoniSm between or ganized labor and railroad executives over the eight-hou law, accounted more than any other factor for the comparative heaviness of railway shares. New foreign undertakings also marked the busy week, including q large unsecured Russian credit, loans for all revenue purposes to French municipalities and small loan by an interior financial institution to the Chi nese government.
 BANK STATEMENT
 NEW YORK, Nov. 1S.-The state ment of the actual condition of the | clearing house banks and trust com i T'anies for the week shows that they 1 hold s19,S97 .0S0 reserve in excess of l legal requirements This is a decrease ! of SiS.971.l7O from last week. The i statement follows. Actual conditions l: Loans. discounts, etc, $3,44S, l2l, 900; decrease. s6.702000
 Reserve in. own vaults (B), S433,9 ,942, : 900; decrease, sS2,7S2, 900.
 Reserve in federal reserve banks S179. .533, 900; increase, $9,009, 900.
 Reserve in other depositaries $55.- l 559, 900; decrease, SS0,000. Net demand deposits, $3,419, ,599 900 decrease, s27,993.0 900.
 Net time deposits. s1640s5, ,OOO; de- crease. S6,546. 900.
 Circulation. s3o, ,o56, 900; decrease, s1,- O0l. .00O.
 tB). of which s374.113.O0O is specie
 Aggregate reserve. s6s9. 354. 900. Excess reserve. s79.S97 ,0S0; decrease !, slS.97l,17O.
 Summary of state banks and trust companies in Greater New York, not included in clearing house statement: Loans. discounts. etc, s745, PA 300; increase. $S.s7OS0
 Specie s60,sl2, 800; increase, $447. 300
 Legal tenders. sl0.l13,900: increase s19. GOO.
 Total deposits, ss52. 2.s4O.OOO; increase s534,900
 Ranl-s' rach racarva in .,.,,l,, sto 335 TOO
 Trust companies cash reserve ir vauls. s57 ,590S0
 RESERVE BOARDS STATEMENT WASHINGTON. Nov IS.-The fed ' eral reserve boards statement of com. Dined resources and liabilities of tn. twelve federal reserve banks at tn, close of business. November r. fol lows. Resources:
 Gold coin and certificates in vaults s293, Al 900.
 Gold settlement fund. s14O.s2I, 900
 Gold redemption fund. with United | States treasury, sl,3s3,000.
 Total gold reserves, S435. .645, 900.
 Legal tender notes. silver etc. s16, 5s0,0O0.
 Total resources, s452, ,225. 900.
 Five per cent redemption fund against federal reserve banks, notes $470,000
 Bills discounted and bought
 Maturities within 10 days, $111SQ 600
 From II to 90 days. s29,242.O .O1O. From 3l to GO days s45,9S2, 900.
 From 6l to 90 days. 29,066, 900.
 Over 90 days. sl.523.00O. Total. $ll7. .4s3.00O.
 Investment:
 United States bonds. S39ll5OOO One year |. $. treasury notes, S11,- I67 900.
 Municipal warrants. SlS,597. 900. Total earnings, assets. $1S6.372 .000. Federal reserve notes, net SI4 256. 900
 Due from federal reserve banks. net S59, ,773,0
 All other resources. s6.121, 900
 Total resources. $719,2I7 900.
 Liabilities:
 Capital paid in, s55. .704.O0
 Government deposits, S25, 1000.
 Member bank deposits, net $622. 254.000
 Federal reserve notes, net sI4, ,46S, 900
 Federal reserve banks notes in cir. culation. $l,03O,0OO.
 All other liabilities, S590.OO0
 Total liabilities $719,217,0O0.
 Gold reserve against net deposits an, note liabilities. 72.3 per cent.
 Cash reserve against net deposit anc note liabilities, 751 per cent. Cash reserve against net deposit lia Dilities after setting aside 40 per cen gold reserve against aggregate net lia bilities on federal reserve notes in cir culation. 76 per cent MERCANTILE PAPER. NaAN