The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-01

Total amount of loans carried by all. -.$5 693 900
Safe and profitable investments could be made
with double the amount Of banking capital that
the city now has. Many of the manufacturers
and business men of the city have found it nee
essary to go to other cities to obtain adequate
banking facilities, and an increase of the cap
ital for investment is necessary to the business
prosperity of the city.
The clearances of the banks during the year
aggregated $73 470 42O and for the different
months they were as follows: For January, ST.,
727 IT'S February, S. 152, COG; March, Sc 097 9T5;
April. Sc 1885, May 6l9l, 23o: June. $Z467,-
217 July, 81, 455, 447; August, $5.006572 Septem-
Der, So, 327, 2l6 October, s., 1888, III; November
S. 966. 673 and December, 81, 040, 49,
What has been the general condition of the
banking business in Indianapolis during the last
year, was asked Mr. Thee T. Haughey, presi-
dent of the Indianapolis National Bank.
1.-THE depression in the banking business" Mr.
Haughey replied, commenced last spring.
and was caused by the bank failures
in New York, although some depression
in finances existed before they occurred
confidence. While business has not improved
much there is more money in the banks now
than there has been before for long time
There is not much of disposition to put it out,
on account of the uncertainty OF Investments"
'What do you regard as the cause or causes
for the unsettled or uncertain conditions that
now exiStF'
."Fhe overproduction Of goods by manufactur-
ers, now held in stock. and the low price of
grain which has caused the farmers generally
to hold their crops from the market.
How do you view the prospects for the new
year,
when the surplus production of grain begins
to work off, and when the price for grain be-
comes higher, there will be restoration of con-
fdence The farmers will not sell their crops
until they can get good prices l think that the
present indications for the future are favorable.
There will not be boom, but there will be an
increase of business, and there will then be less
stringency of the money market. The caution
which the bankers are now exercising in loaning
money is a safeguard against the occurrence of
any more failures"
VIEWS OF PRESIDENT V. T. MALOTT
Y. T. Malott. president of the Indiana Nation
al bank, when asked about the banking bust
ness in Indianapolis during the year, said:
THE general condition has been as good here as
| anywhere OF course the failures which oc-
Cured in July have been the cause of some in
| convenience to many people, because the unfor-
tunate depositors are prevented the use of their
credits. The amount OF money tied up by the
1 failures is comparatively inconsideraSle.
| However our business men have gone through the
depression quite we'll, and there is ample money
| now for all legitimate wants. All paper, pay
ments upon which at maturity is undoubted, can
| be readily placed in the money market.
What do you regard as tie causes of the gen
| eral depression
1.-THE depression began with the rise Of rail
| road and other stocks to figure beyond their
| intrinsic value. Buyers left the markets and in
| consequence there was q fall in prices. Those
| who held stocks as securities aud collaterals
| were caught in the crash and vast amount OF
! money was draw from Investments