The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-06

Specie increase .. q95 400
Legal tenders, increase. 1012 800
deposits, increase ...,............... II, $4,000
Circulation, decrease ................. $500
The banks now hold $S4, 7S1, 625 in excess
Of the requirements of the % per cent. rule.
The Financier says: THE statement of
the New York clearing house banks for the
week ending Feb is notable as rejecting
the ability of the banks to absorb and put
to more or less profitable use the immense
accumulation of funds at this center. The
aggregate deposits of the sixty-five institu-
tons are now nearly $734 100000. What this
means will be better appreciated when it
is stated that 1t is an increase of $165 900. 600
over the same week last year, and $241, 0OO,-
600 in excess of the deposit item for the
SIMILAR period In 1896. The loans of the
banks now stand about $685. 500 600, which is
$l36,000000 in excess of the first week in
February, 1897, and $165, 100000 higher than
reported in 1896. Yet the banks now have in
their vaults less than $S5 100000 idle cash, as
against $54. 100000 one year ago, and $4,000,
600 two years ago. Clearly, the banking sit
uation, as regards demand, might be a great
deal worse. Even conceding that special
operations account in some part for the
enormous totals, there is a considerable
margin for legitimate commercial needs
shown in the current statements from week
to week.
LOANS AND DEPOSITS.
THE increase in loans for. the past six
days was $7,994,1Q0 which is pretty evenly
distributed among eight or ten leading
banks, one institution only showing a more
than ordinary decrease. The expansion of
deposits was 81 ,3iS,1O0, and the banks
gained in cash $20OS, 600. The loan increase
and the cash addition do not account for
the deposit growth, the discrepancy
amounting to $1,343 900, but this is due, per-
haps, to the confusing system of averages
employed in making the statement The ex-
pansion in deposits can be traced through
larger number of banks than usual the Ma
tonal Park leading, with over $1,000 900 to
its credit. The net deposits of this one in-
stttuuon are now in excess of $50, 200.
The banks are still gaining heavily in cash
from The interior, although domestic ex-
change at important centers shows decided
weakness as compared with two weeks ago
rejecting, 1t is TO be presumed, the cessa-
ton or interest remittances to New York
The payment of several millions of Union
Pacific deposits into the treasury has had
no appreciable effect on the market, bnt it
Is to be noted that the excess reserve of
the banks is down S2TS25, and with any
thing like q continued showing, such as
made III the current statement rates will
probably be steadier in tone. Anything
more than a moderately firm basis, how
siderable period. The reserve investments
by Amrican interests abroad are in the ma
ture. of safety valve to check sudden fiuc-
tudtlOnS upward.
Total sales of stocks, SO 400 shares. includ-
Ing. Canada Southern, 1911; Chicago, Bur-
lngton 4 Quincy, z 800; Erie preferred.
Michigan Central, 10030; Reading preferred,
5,420; New York Central, $50: Northern
Pacific, S6SS; Northwestern, ISIS; st. Paul.
1920; Union Pacific, 6,iS0: Tobacco, $3.50;
General Electric, 16.52s; Sugar. 1855
Saturdays stock market was lifted to a
higher level by the conspicuous strength of
comparatively few stocks 1t was note
worthy that the Nanderbilts which gave
the initial impetus To Fridays advance,
showed the effects yesterday of profit TAX
ing, Lake Shore losing points ana New
York Central a small fraction. Michigan
Central, after bounding upward at the
opening, reacted over point. but closed
with q substantial gain. The far-reaching
Importance of the merging OF New York
Central and Lake Shore and the prospects
OF additions to the plan continued to have
a marked sentimental effect on the whole
market. The possibilities ia the way of re-
duced expenditure for administration and
of stability Of rates for traffic from con-
solidation are canvassed with eager atten-,
tions by dealers in securities. Pennsylvania
was conspicuousiy affected and the long
sustained advance in the stock OF its sub
sidiary company. the Pittsburg. Cleveland
Chicago e. ST. Louis. is pointed To as evil
dence of closer relations to come Bur
lington rose strongly on rumors of the rip
ening Of the refunding Dian and a pending
increase III the QlAluEnQ rate. General
Electric, Lake Erie & Western preferred
ard Isackawanna were markedly strong
and Norfolk & Western preferred contin-
ued its upward movement. There was a
reactiOuary tendency in the Erie ara the
SusQuehanna * Western stocks ON rfaliz-
ing. The recent advance is accounted for
by the weli-deflned reports of a plan for
exchanging the Susquehanna stocks for
an undetermined percentage of the Erie
stocks Great Northern preferred sold at
further decline of points and was bid
down Sill further the various reports OF
plans for Increased capitalization and dis
trfbution Of the cOmpangs accumulated re-
sources being 50 conflicting as TO lead to
tho conviction that no plan has YET been
formed Although basiness was on t large
scale and widely distributed. the huctua-