Show BELOW THEIR RESERVE Associated New York Banks Show Deficit FIRST IN THREE YEARS Weekly Statement Discloses the Severn Sev-ern Institutions SltM2050 Short of Reserve Required Feature of the Statement IB the Heavy Loss in Cash ViccPresidcnt Hepburn of the Glinso National Bank In a Statement Declares There Is No Cause for Alarm Now York Sept 20rhe associated banks of Nov York according to their weekly statement published today arc Jl012050 below their required reserve This la tile llrat deficit reported since November No-vember 1S99 when the doilclency amounted amount-ed to 52783030 The feature la the heavy loss In cash which was some JSWOOOO In excess of the preliminary estlmatee The banks lost thin week fci76Sloo In specie ind 3irA53600 In legal tundtfry VicePresident A B Hepburn of the Chase National batik said of todays state meat NO CAUSE FOR ALARM There Is nothing In Ito situation to cause alarm The West and South have largo amounts of money In New York bunks Naturally they will withdraw much of these funds and will borrow considerable amounts to rnovo grain and cotton For thcoo perfectly legitimate reasons the local bnuku are likely to lose from 550CCOOOO to 7500000 between this lime and the middle of December Of courBO thin money will have to bp supplied by liquidation of loans In this city Money credits abroad arc tolerably easy and gold can be obtained from tho other tilde If desired Grain ami cotton crops will furnish largo amounts of foreign for-eign exchange thereby facilitating gold Imports If necessary But money must rule high for tho rest of the year President Dumont Clarke of the American Amer-ican Exchange National bank and President Presi-dent Simmons of tho Fourth NaUonal bank both declared there was no occasion occa-sion for alarm HERE IS STATEMENT Tho statement of the associated banks for the week ending today Is aa follows Decrease Loans S37KIAW 11M 1000 Deposits SW1000 19E S300 Circulation 31761200 11580 Legal tenders OOGBEOO 153000 Specie 150C0721X 57C5100 Total reserves 22u575700 7331700 Reserve required 22217750 1074575 Deficit reserve 1612050 2357125 Increase OPINION OF FINANCIER Tho Financier sJaya The most strUt lag fact shown by I the ofllclal statement of the Now York associated banks last week was that the surplus reserve had been entirely wiped out leaving a deficiency de-ficiency of SlGI20oO It In noteworthy that this Is the ilrst time since November C5 1SW that a dcilclcncy In reserve has been shown then It was iUtV2200 It may be observed that tho wiping out of the surplus sur-plus last week excited no apprehension As has heretofore been stated reserves are for tine not ornament and whenever when-ever the needs of the situation demand an encroachment upon the surplus oven to the extent of Its entire extinction It la permissible and Is so recognized by tho Comptroller of the Currency Moreover It may bo noted that only the National banks In lie association numbering fortytwo out of fiftynine are required by law to maintain 25 percent per-cent of reserve to deposits the remaining remain-Ing seventeen State banks being obliged legally to hold bUt 15 per cent The banks In the association arc exceptionally strong as regards surplus and not profits which exceed by 511451400 tho total cap ital of SlW07270i and therefore there cannot bo the least cause for anxiety Tho banka will In the current week and Immediately thereafter receive considerable consider-able cold from Europe and from other sources and hence the present situation will be supposedly relieved LOSS IN CASIL The banks last week reported a loss of J7S31700 cash specie being reduced by 57CS1GO and legal tenders by JGC 36X Thin loss was much Greater than that which was estimated on tho basis of the traceable movements of money during the week which showed u probable decrease of ICC000 The discrepancy can he accounted ac-counted for on the theory that there was a much creator movement to tho Interior than was reported The loans were contracted con-tracted by ll9Cil600 making a reduction since Aurust 16th of about 551600000 This contraction wan doubtless due to calls of loans by banks which thereby sought to rectify their position au regards reserve re-serve The deposits fell off J19S93CO or 712000flO since August Ifith The reserve requirement was reduced 5l07lC7Ti through the decrease In deposits deducting this sum from the sum of cash leaves J2357 125 as the loss of surplus reserve which as above stated now stands at a 51012 030 deficiency The circulation wan Increased In-creased during the week 23FOfl making 217SrCO since August Olh which Increase was distributed among the larger bonks The average dally clearings last week veto JSGSOOOOX against 277000000 In the previous week rcllcctlng the smaller volume vol-ume of business In the Stock exchange Real Estate Bargains If Interested In anY of the following properties write at onco for full parllc ularo If you buy a property through me and at any tlmo within two year you should decide that It Is not just what you want J will resell It for you charging charg-ing no commission for my services KG u t Impts SI Joseph co Mich 2 well located lots Denver Cob 30 u it limits Costello cof Col all tillable all fenced suitable for dairy CCO 11 A Impts Colustt co Cal DX a cultivated orchard well watered DvO a and Impio hay and stock farm Sanllac co Mich all cultivated 200 a Otsego co N Y jood house fair barn orehaid 25 a timber 7room residence and lot Englewood Chicago 160 a Camden co Mo lbs and lot PiSs Christian Miss CO rooms 2 baths convenient lo railroad SO a Warren co N J now house fair barn 2 ml to railroad SO a impls Dunn co Wls HO a ImptB Fayrtto co Tex 160 a Blue Earth co Minn good blrtgn high state of cultivation 2ioO 1L it Impta OrariGcburg co 3 C GOO u cultivated 1W a timber 2 bldg lots Grnntwood on llutlaon N J 11room res and lot Beldlng Mich Stock farm of 33 n Greene co Ind Good hldgs springs orchards 3iO a Jasper co Ill good bldgs all tillable orchard Vi ml from R K Small Hat bide and lot Chicago Ill Res and lot 1alruort N Y U rooms shade and fruit near R R sta Fine house and grounds Oswego N Y House and throe lots 1ralrlo City Ill 110 a Orange co N Y good hides 2 a orchard 2 ½ ml from IL It Bus bldg and loU Waterloo N Y 110 a farm Implement live Mock and Impts Coos co Ore small orchard 20 a farm < Sc Impts DcSoto co Flit LM2 a Wood co W Va excellent bides 4 i orchard 3VJ ml from R R 10 a Imptn Ncz rcrccn co Idaho S > 7 a Tarrant co Tex fair bldgo 100 a timber 200 a cultivated SO a Impla Sanllac co IMlch Counlry home 100 a Impln Delaware Dela-ware co Pa land highly cultivated 14G lots averaging 25x125 ft ca Pueblo Cob line business locations 1H3 a Stark co O good bldga orchard or-chard all tillable 3 ml to R R 10 a unimproved Do Solo co Flit Ren lot Irvlnglononlludflon N Y 13 rooms Impls convenient to R R 70 a unimproved land Middlesex co Mass 10 a cultivated near R R 3 line residence lots Cleveland O 13ij a Wood co Ohio Rood bldca DOa DO-a cultivated 3 ml to R R 10 a t Impts Steele co Minn 50 a Impts Antrim co Mich 51 u Impts Allegheny co Pa all tillable 2 ml to R R 110 a Butler co Pa excellent house good barn 6 a orchard all tillable fidS a unimproved land Wllkln co Mum would make fine stock farm if developed 10 room rca and lot Terre TIautc lad 10 room res it u W Falrlcc Vt ICO a Impl3 Essex CO N Y 100 a S limits Wayne co Mo 100 a Ilarttord co Conn fair house 3 barns orchard all tillable 120 n Impts Tloga co N Y 2 bldg lots Vest Ucrlln N J 1G bldg lots Steubcnvllle lad well located lo-cated convenient lo 11 R Modern brick rca and lot Bay SL Louie Miss 11 rooms stable ctc COO a it impls Wlndham co Conn lies and 10 a Potter Valley Cal 1GO a lmi > ls Allken co Minn Bids lot Damrons Add Knoxvllle Tcnn 110 a St Mary co Md 20 a orchard 25 a oyster grounds 102 a PlttBford Monroe co N Y dwellings 2 barns modern creamery office of-fice especially suitable for dairy farm or ijentlemanfi country home convenient to R R W M OSTRANDER 1135 North American Amer-ican Building Philadelphia Pa |