JOURNAL OF BANKING, CURRENCY, AND FINANCE. BANK RETURNS AND BANK ITEMS. CITY BANK MOVEMENTS AND RETURNS. The past month has been one of unusual pressure with the New York banks, and consequently of great strigency in the money market. We would refer our readers to our usual money article (Commercial Chronicle and Review,) for a history of this crisis and its causes. It will be noticed that at the close of last month the loans had reached in New York alone $204,000,000, and the deposits were $173,000,000, while the banks held only $16,000,000 in legal tenders and still owed their proportion of $27,500,000 on the loan they had made Government. These few facts, together with the further ones that now the loans have been reduced to $176,000,000 and the deposits to $145,000,000, tell the whole story. The following have been the payments on the $50,000,000 loan: On September 5, over two months ago, at a meeting of bank managers of New York, the loan committee was authorized to enforce the equalization of legal tender notes on any day that it pleased, by a simple order conveyed to the banks. This resolution to equalize the notes was not enforced until Saturday, November 7. The New York banks now hold about $20,000,000 in legal tenders. Below will be found our usual bank returns for the three cities, brought down to the latest dates: NEW YORK BANKS. Date. January 3,..... 44 10,..... Loans. NEW YORK BANKS. (Capital, Jan., 1863, $69,494,577; Jan., 1862, $69,493,577.) Specie. Circulation. Net Deposits. Clearings. $173,810,009 $35,954,550 $9,754,355 $159,168,246 $186,861,762 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 176,606,558 37,581,465 9,241,670 164,666,003 314,471,457 179,288,266 38,549,794 9,088,419 168,269,228 298,861,866 179,892,161 38,243,839 8,780,154 166,342,777 302,352,571 173,103.592 38,426,460 8,756,217 167,720,880 265,139,104 21,.... 178,335,880 37,981,310 8,752,536 170,103,758 291,242,829 28,..... 179,958,842 39,512,256 8,739,969 173,912,695 340,574,444 66 17,..... 46 24,.... February 7,.. 14,. 7,..... 46 14,... 66 21,.. 4,.. 9,.. 46 16,.. 23,.. 46 June 11,..... 18,..... 25,..... 2,... 80,..... 6,..... Clearings. 344,484,442 Loans. Specie. Circulation. Net Depostis. 181,098,322 89,705,089 8,698,175 174,689,212 177,875,949 36,110,085 8,657,016 172,944,034 307,370,817 173,829,479 83,955,122 8,609,723 167,004,466 277,831,351 172,448,526 34,317,691 8,560,602 163,363,846 281,326,258 173,038,019 34,257,121 8,348,094 160,216,418 287,347,704 170,845,288 35,406,145 8,178,091 159,894,731 264,468,080 169,182,822 36,761,696 8,039,558 164,122,146 259,417,565 171,079,322 37,175,067 7,555,549 167,863,999 258,654,781 177,364,956 36,846,528 7,261,169 167,696,916 355,557,732 180,114,983 38,002,633 7,080,565 163,656,518 367,56,731 180,711,072 38,556,642 6,901,700 168,879,180 353,346,664 181,319,851 88,544,865 6,780,678 167,655,658 380,304.748 181,825,856 87,692,634 6,494,375 166,261,121 307,680,918 182,745,080 37,241,670 6,341,091 162,767,154 289,757.539 180,808,823 37,884,128 6,210,404 159,551,150 302,377.276 177,083,295 38,314,206 6,120,252 157,123,801 259,483,221 175,682,421 38,271,202 6,004,177 158,539,308 264,819.856 174,837,884 38,302,826 5,998,914 158,642,825 267,785,773 175,087,485 88,712,397 5,927,071 160,738,496 319,945,652 173,126,387 38,254,427 5,880,623 163,319,544 251,168,769 173,036,336 35,910,227 5,775,188 164,133,549 284,684,421 176,208,597 33,746,681 5,700,452 161,178,146 292,211,821 176,559,840 32,1 6,548 5.706,024 155,368,116 297,384,006 175,305,471 32,874,913 5,613,177 155,950,048 298,936,160 175,713,139 31,520,499 5,545,970 156,588,095 873,755,630 176,748,618 82,030,055 5,475,964 156,671,695 392,404,68C 178,477,037 31,989,381 5,456,016 158,110,687 394,814,812 200,028,980 32,018,107 5,457,366 178,538,622 371,510,559 207.679,456 31,014,411 5,414,643 185,576,199 343,263,949 204,501,984 30,008,566 5,377,886 186,080,773 354,208,025 206,412,874 30,064,614 5,375,586 182,653,494 375,032,638 206,906,903 29,927,281 5,522,178 180,037,283 899,288,092 206,638,749 28,382,473 5,618,764 178,050,817 427,981,203 7,..... BOSTON BANKS. BOSTON BANKS. (Capital, Jan., 1863, $38,231,700; Jan., 1862, $38,231,700.) Jan. 5,.. $77,339,046 $7,672,028 $8,190,496 $33,372,648 Due from banks. ....... 13,520,000 19,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700 26... 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13,958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 34,076,800 16,889,000 14,490,000 66 9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,183,000 66 16,.. 78,431,000 7,794,000 8,001,000 34,903,000 17,070,700 14,095,500 23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 Mar. 2,.. 79,127,500 7,553,000 8,001,980 35,245,500 17,523,500 15,004,000 79,686,134 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500 77,935,000 7,572,600 7,593,800 31,604,500 17,074,400 11,601,300 76,933,600 7,703,800 7,963,500 32,687,000 15,444,000 12,280,600 74,551,018 7,812,895 7,762,915 32,494,822 14,557,000 12,947,800 78,459,160 7,799,815 7,278,506 33,209,742 14,132,000 12,658,000 27,.. 73,558,000 7,838,800 7,040,000 32,781,500 13,303,000 11,966,700 May 4,.. 73,218,155 7,854,731 7,433,496 31,949,762 13,237,700 11,622,600 66 11,.. 73,062,789 7,847,849 7,688,233 31,309,985 13,147,000 11,800,000 Date. June 1,.. 64 8,.. Loans. Due from banks. Due Specie. Circulation. Deposits. to banks. July 18,.. 73,068,598 7,794,046 7,167,327 32,192,770 12,863,500 11,782,000 46 25,.. 72,874,000 7,777,000 7,011,700 33,000,000 12,787,000 11,748,000 73,424,000 7,751,000 6,918,000 32,575,000 12,785,000 10,704,500 73,592,000 7,788,557 7,030,286 31,728,285 12,626,700 10,874,700 73,237,000 7,780,000 7,109,000 31,477,600 12,235,500 10,541,000 73,351,000 7,697,000 7,344,500 81,355,800 12,504,600 10,914,700 73.421,084 7,683,987 7,040,624 31,477,596 12,388,000 10,900,000 July 6,.. 78,548,918 7,744,827 7,473,800 81,509,263 12,233,000 10,891,000 13,.. 78,485,675 7,774,991 7,508,442 80,277,502 12,193,000 10,712,000 "15,.. 66 22,.. "29,.. 66 20,.. 73,421,000 7,684,000 7,401,500 29,287,000 13,802,000 10,154,600 64 27,.. 72,850,716 7,811,513 7,246,797 28,011,571 12,950,000 66 9,864,300 9,646,000 10,135,180 9,603,257 9,573,673 9,820,500 Aug. 3,.. 72,390,364 7,793,916 7,317,402 28,384,096 12,655,000 10,.. 71,997,503 7,798,276 7,440,212 28,247,266 12,822,673 66 17... 71,880,078 7,813,497 7,198,917 27,898,073 12,765,527 24,.. 71,447,520 7,780,905 7,303,757 27,510,154 12,662,321 31,.. 71,478,116 7,752,516 7,227,704 27,762,955 12,614,000 Sept. 7,.. 71,717,995 7,687,402 7,527,036 28,778,498 12,379,000 10,874,700 75,599,232 7,591,589 7,600,556 31,148,588 13,424.000 11,097,000 21,.. 79,595,740 7,595,358 7,604,161 34,509,214 13,565,000 11,487,500 28,.. 78,358,387 7,707,106 7,620,371 84,495,540 13,315,000 12,138,000 Oct. 5,.. 77,798,427 8,042,062 8,107,720 35,485,811 13,498,000 18,765,500 66 14,.. 66 66 64 64 66 12,.. 78,160,899 7,991,999 8,399,769 35,734,989 13,909,500 14,123,700 19,.. 78,216,435 7,880,832 8,323,451 36,127,597 18,506,500 13,967,000 26,.. 78,746,728 7,850,547 8,086,072 86,682,299 13.909,500 14,123,700 Nov. 2,.. 79,378,840 7,841,33 8,606,626 86,775,102 18,381,000 12,206,000 9,.. 78,554,017 7,975,057 9,527,161 34,557,547 12,668,000 12,172,000 16,.. 76,412,358 7,908,760 9,618,158 33,165,071 11,726,600 12,069,000 PHILADELPHIA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970,130.) Due Specie. Circulation. Deposits. to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,928 66 12,... 87,533,757 4,544,786 4,450,676 28,018,792 6,890,968 1,848,932 87,416,694 4,549,369 4,382.520 27,877,069 7,050,847 2,275,905 37,479,712 4,572,419 4,284,947 28,773,517 6,755,980 2,638,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 37,710,851 4,272,347 3,888,185 28.759,049 7,452,563 2,432,073 87,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,708,196 37,901,080 4,267,626 8,696,097 30,178,518 7,185,670 2,758,852 38.603,871 4,249,035 3,608,870 30,679,259 7,100,258 2.499,139 39,260,028 4,247,817 3,534,880 30,549,587 7,476,603 1,939,449 39,458,384 4,247,688 3,295,862 30,106,135 7,418,482 1,935,014 39,937,612 4,811,704 3,369,194 29,171,283 6,504,758 2,158,007 Apr. 6,... 37,516,520 4,339,252 3,374,417 29,581,559 5,768,558 2,770,129 46 13,... 36,250,402 4,843,242 3,296,685 80,117,527 5,953,809 3,014,229 36,295,644 4,343,988 3,185,042 31,059,644 5,306,809 8,018,727 "27,... 36,482,058 4,346,377 3,078,921 31,021,799 5,448,124 2,559,868 36,587,294 2,989,428 80,859,231 5,328,898 2,891,087 2,901,600 30,949,781 4,975,939 2,542,792 2,866,121 31,892,308 4,640,623 2,536,279 2,808,109 32,455,953 4,623,392 2,480,714 37,143,937 4,357,021 2,706,953 31,888,763 4,707.278 2,363,548 87,157,769 4,357,076 2,649,283 31,549,339 4,645,712 2,318,744 87,228,627 4,357,025 2,621,098 31,648,959 4,914,425 2,892,278 87,219,216 4,356,744 2,596,115 31,293,830 4,868,495 2,065,918 37,250,665 4,359,543 2,556,855 31,466,204 5,116,692 1,820,600 85,936,811 4,360,745 2,564,558 28,504,544 5,060,096 1,961,814 34,866,842 4,360,003 2,507,258 28,701,818 4,784,343 2,530,552 20,... 34,662,966 4,361,999 2,482,986 29,931,608 4,580,322 2,981,867 June 15,... 44 22,. 29,.. Date. July 27,... Aug. 3,... 10,... 17,... 86 81,... Sept 7,... 46 14,... 21,... 28,... Oct. 5,... 12,... 66 26,... Nov. 2,... "6 9,.. 66 16,... Specie. Circulation. Deposits. Due from banks. 8,034,009 2,772,717 Due Loans to banks. 34,517,347 4,227,448 2,418,463 30,448,430 4,805,045 34,390,179 4,187,056 2,417,739 30,799,448 4,963,290 34,645,243 4,112,013 2,380,720 30,513,961 4,740,391 2,538,096 35,890,179 4,112,542 2,353,396 29,959,127 5,161,573 2,158,440 35,296,376 4,113,309 2,292,607 30,195,167 4,551,031 2,219,071 35,773,596 4,113,162 2,258,306 30,654,672 4,574,037 1,997,534 39,575,410 4,108,115 2,223,533 33,626,702 4,997,015 1,801,678 40,175,698 4,102,701 2,224,632 83,089,035 5,079,742 1,802,889 39,485,813 4,116,683 2,224,374 32,402,783 4,616,754 1,822,228 88,798,830 4,227,265 2,193,000 32,258,554 4,427,097 1,976,561 39,046,434 4,239,551 2,169,314 82,536,502 4,446,684 2,035,819 38,833,337 4,238,677 2,159,638 32,684,915 4,361,072 1,926,707 38,683,057 4,238,519 2,123,617 32,505,953 4,337,835 1,911,956 89,180,421 4,164,804 2,106,284 31,805,965 4,697,888 1,943,382 38,647,125 4,167,671 2,109,521 30,812,091 4,336,929 2,051,061 87,876,645 4,158,884 2,089,990 30,732,600 4,076,614 1,925,740 The following is a statement of the amount of United States legal tender notes held by the Philadelphia banks at the dates mentioned: EUROPEAN FINANCES-BANK OF England Returns.-We publish this month an article in reference to the serious aspect of Furopean finances, at the present time. The drain of specie from those two great specie reservoirs, the Banks of England and France, has been carried on to such an alarming extent as to induce the directors of those two institutions to raise their rate to six per cent. This may relieve them temporarily, but as the purchase of cotton from India and other new sources is going on and must continue to go on so long as this war lasts, payment for which must be made in specie, it can be but a temporary remedy. We see that the London Economist proposes to alleviate the pressure by drawing on India for its home expenses, etc., which fall due about six months hence-that is, it would pay what it now owes by anticipating these demands. It says: "It is to be remembered that the cause of the present difficulty is a drain of silver to the East which the Bank of France did not in due time provide against. We are suddenly obliged to send much Bullion to India from hence. Now, it so happens that the Council of India are constantly drawing money from India. They accepted tenders for bills for £400,000 during the last week. It is the ordinary course of events that the Indian Government should remit hither money for their home expenses, which are more than £5,000,000 annually, and there is also a considerable amount of India debentures which fall due next spring. The normal state of things is, that the Secretary of State for India draws on India, where all his revenue is received, for all he has to expend in England, whether of ordinary outgoings or for the repayment of debt. For this purpose, he must get cash from India. We confess that it does not seem to be unreasonable that the Council of India should select the present moment for drawing to an unusual extent on India; for getting more cash from thence at this moment when we have so much to send thither. The effect of this will be that the drain to India will be stopped, and that no money will be sent either way. The political demand of England on India will compensate and neutralize the commercial de-. mand of India upon England. "The Indian Government will be no loser by this operation. They never will be able to sell bills upon India in a better market. For the £400,000 they sold this week, the tenders within the prescribed limits amounted to the enormous sum of £2,830,000, and no seller can expect a better demand than this for his article. There is nothing unnatural or artificial in the operation we recommend. It is known that the cash balances in India are very ample, and that money is being remitted from thence. We do not wish a shilling to be brought home in consequence of the difficulty in our money market which would not otherwise have been brought home. We only suggest that what money is so drawn for should be drawn for now; that there be no risk of money passing both ways; that we should compensate for the neglect of the Bank of France, which has aggravated this sudden demand to India, by calling in our debts from India somewhat quicker than we should have otherwise asked for them." This is all right and proper, we suppose, if the Government sees fit to do it, and yet it looks a little ridiculous for a wealthy nation, like Great Britain, to be living on its next year's income. A short time ago, all London was laughing at Paris, because the Bank of France was compelled to go to the former city and buy specie enough to carry it through the crisis. Now, bowever, England would go to India (she always goes to India when in trouble) to obtain help on a similar occasion. What will she do next year? There will be the same cotton to pay for, and the same balance (if not a greater) against her, on account of it. The following comparative table will be of interest, showing as it does a view of the bank returns, the bank rate of discount, and the price of wheat in London during a period of three years corresponding with the date of our last returns, November 4th: Subjoined is our usual table with the returns brought down to Novem 8 per cent. 3 p. cent. 6 per cent. 41s. 2d. 64 24... 14... 21,018,849 4,280,730 16,772,782 31,165,075 21... 20,893,931 4,965,798 14,993,225 30,227,086 18,855,849 4 28... 20,771,236 5,416,863 14,414,763 80,238,865 13,611,823 5 Feb. 4... 20,709,154 6,351,617 13,852,287 29,997,233 13,692,136 5 Dec. 17... £19,932,360 £8,507,144 £14,033,994 £30,539,363 £15,031,658 3 pr. ct. 20,150,398 8,654,499 14,306,497 81,346,731 14,870,795 3 31... 20,516,435 8,338,717 15,469,254 32,488,020 14,956,421 3 Jan. 7... 20,927,993 8,782,808 14,393,308 32,620,233 14,635,555 3 14,102,169 4 66 66 66 64 11... 20,444,454 6,952,808 13,596,356 30,288,406 14,070,651 5 18... 19,916,496 7,413,275 18,769,276 29,890,503 14,589,222 4 "" 25... 19,715,828 7,901,658 13,367,153 29,709,079 14,614,096 4 Mar. 4... 20,322,055 8,036,003 13,368,086 30,880,805 14,504,517 4 19,801,665 8,673,899 13,282,605 81,096,827 14,328,178 4 |