The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-02-17
THE WORLD OF BUSINESS


New York. Feb 15.-The bank state
ment, after all. was nearly unintellisibie.
The confusing average system, 10 peSin
with, makes exact conclusions impossibie.
Ii is. however. pro bss Dle that the Snl42,Jp
decrease in specie measures pretty iaifiy
the share of this weeks bond payments
made from bank reserves. Iegal-tender
holdings increase partly because of the
S9,u0,0Uo interior currency received this
week, but in part also perhaps because OF
the method employed in extending gov
ernment bank deposits. In such eXten-
sion, under existing circumstances, the
gold is first formally deposited with the
banks, and then exchanged by them FOR
lcgal-tenders. The treasury's daisy state
ments of assets and liabilities make as
yet no reflection of this increase in gov
ernment deposits. Another part or the
bank statement quite as interesting as the
cash returns is the change for the week
in foans and discounts. But this item, TOO.
when the increase is 1880, Is not easy
to read, because many banks are in the
habit of reckoning purchases OF new gov
ernment' bonds under their loans. Thus
there was reported. in the week after the
February bond issue of 1894. an increase
in bank loans" of Si3.oco00o. AS the de-
posits reported by the statement hardly
Increase net at all. despite the weeks
IS fair to assum that most of the Increase
in loans means new government bonds
subscribed for by the banks. The days
stock market was quiet and without note
worthy Development. In general, II opened
heavy and closed firm again. Manhattan
Elevated broke again on its unfayora BILE
quarterly report. 1t will be noticed. how
ever. that the company's actual gross re-
ceipts make no very bad comparison.
As for the changes in the treasury gold
reserve. ii Is perhaps pardonable that Wall
street observers should have been utterly
confused. since the Washington dispatches
have mixed the matter up with remarka,
Bile success But if treasury officers ~
Washington are not able to count totals
and reckon offsets, they will do better 10
refrain from offering information untll
the /. p. m. official tabulations have been
made Their forenoon estimates OF gold
on hand. duly tele Sraphed to wall street.
have fallen every day this week about
ten millions short of actual facts. The
same thing happened again this morning.
II Is this official 81 tupidity which has gwen
Wall street its daily chill over the fall
ure of the loan The truth Is that the
a97el gold balance, reported by the
proper authorities yesterday afternoon
and published on this page. covered ac-
cording to the usual practice OF treasury
Wednesday afternoon Since then. even
excluding today's considerable payments.
there has been delivered to the treasury IN
New York alone inward OF sllwooo gold
against less than So. 100000 Withdrawals or
this mornings business, therefore the
treasury's actual gold reserve must have
reached at least SSl 100000 There have
been, moreover other deposits at Boston,
Philadelphia. and elsewhere. If the Nor
gan syndicate pays up the full amount due
on its bond subsc cription. without waiting
for further arrivals of European steam
ers. the reserve reported next Tues
day afternoon ought to reach something
not far from ninety millions. 1t may he
added that the sudden cessation OF the
demand for gold I'm London probably
means that the syndicate has been able
to get the requisite gold here In New
York; possibly from the supplies accuhu-
lated by unsuccessful bidders.
Furnished by WILLIAM LINN. ALLEN
& CO.. correspon dents for A. p. CAMP
BELL, stock broker, 4l2 Spruce street.