“Note.--As defined by the statutes, legal tenders include United States notes, Treasury notes, gold and silver coins and minor coins, but not gold certificates, nor silver certificates. “Circulation means the notes issued by national banks, to secure the redemption of which Government bonds have to be purchased by the banks and deposited with the Treasurer of the United States. A bank cannot count circulation in its reserve; whether it is its own circulation or the circulation of some other bank, makes no difference. Reserve means the total amount of specie and legal tenders held. Surplus reserve means the total amount held in excess of legal requirement. A national bank (in New York City) must, by law, maintain a reserve equal to 25 per cent. of its deposits; a state bank must, by law, maintain a reserve of 15 per cent. In compiling the bank statement a reserve of 25 per cent. is allowed or figured for state banks as well as for national banks. “The consolidated statement formerly was issued from the clearing house in the following form, the changes (increases and decreases) resulting from comparison with the preceding statement (the statement issued the week before): Loans $874,647,900 $2,344,000 Increase Specie 152,338,200 1,068,300 Increase Legal Tenders 67,274,300 1,319,000 Decrease Deposits 872,340,600 164,600 Increase Circulation 36,072,500 411,600 Increase Decrease of reserve, $291,850 “The (final) item reserve in the statement as issued from the clearing house, meant surplus reserve, although not specifically so stated. “In the newspapers the statement appeared as follows; being elucidated so as to show the reserve held (that is, specie and legal tenders which are generally referred to as cash holdings), the reserve required and the surplus reserve with the changes in these items: Current Preceding Week Week Changes Loans $874,647,900 $872,303,700 In. $2,344,200 Deposits 872,340,600 872,176,000 In. 164,600 Circulation 36,072,500 35,660,900 In. 411,400 Legal Tends. 67,274,300 68,593,300 De. 1,319,000 Specie 152,338,200 151,269,900 In. 1,068,300 -------------------------------------------- Reserve held $219,612,500 $219,863,200 De. $250,700 Res. req’r’d 218,085,150 218,044,000 In. 41,150 -------------------------------------------- Surplus $1,527,350 $1,819,200 De. $291,850