The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-03
RECORDS GONG 70 SMASH
RECENT TOTALS OF NEW YORK
CLEARINGS ARE WITHOUT
PRECEDENT
HEAVY BUSINESS IN LOANS
Total of Deposits Has Also Expand
ed Notwithstanding Cause Is
in Contamination of Huge
Railroad Deals.

NEW YORK, Feb. 2.-The Ffnancier
says:
Inc New York clearing house banks
continue to make new high records in
the matter of general totals The ex-
pans1on of loans for the week Just end
ed was $50 500, which surpasses the I'M
precedented gain of January, 1899 bv
$I,lVO,O0OO. Nothing approaching the to-
tals OF the last three or four weeks has
ever been known in the history of the
United States, and it is doubtful if the
records now being made will be equaled
for a long time to come. The deposits
of the banks for the current six-day pc
riCd expanded $32, 494, 500. This does not
equal by 100000 the increase in deposits
noted three weeks ago, hut it ranks
next to that in magnitude. The under
lying causes to which these advances
may be traced rest in the contamination
of the great railway deals of which so
much has been recently said, and to
extra heavy borrowing in time loans.
These features are not constant but
they have undoubtedly led to the results
already mentioned. The disappointing
portion of the statement is found in the
small gain in cash, which amounted to
ST. 1G3, 0O0 or less than half the anticipated
expansion. The statement, based as 1t
is on averages, probably does not reflect
the real condition of the banks with ref
erence to reserves at the end OF the
week The loan expansion, operating as
it did to swell the deposit account, ne
cessitated an increased legal reserve of
eight millions, and as the gain in cash
was but little in excess of two Millions,
the excess reserve is reduced $5,96O,625,
standing at $24, S3S, S25 Even tn amount
in view of the unprecedented totals OIL
other items is unusual and Indicates thslt
the banks, despite the gold exports ana
other demands upon them, nave iloI
reached the limit of their accommodating
power What has been going on IN tue
LEGAL banking field for the past month
will be understood better, perhaps, Wheh
it is said that since Jan. OF the pres
ent year loans have increased $oo'ooV'oVo
and deposits $99, 100000. one more III
crease as large as that OF last WEEK
would make the total net oeposies u
the sixty-three clearing house paLhS
81 600 coo GOO. The present net deposits
of the New York banks are now lower
Than the deposits of the 2l3 nat oiial
hanks of all the reserve cities III tne
United States, Chicago alone except
and lower by nearly $5O,OOO, oOO IMAM tnI
Individual deposits of the 1,736 natloIal
hanks of New England states ana lne
eight Middle states, includlng L0ui 81 %,
reserve cities as reported omcally vi
~ 70 last During the past WeeA
300 Now York banks increased Cne Ell
1oans ahort S1S,OO0,0 coo or within >l'ooV'oOV 1
nf +he total loans of ninety-nlne ha'loiA"i
inks of the state of Nebraska
EXCHANGES WERE CLOSED
&Ew YORK, Feb. with one ex aiep
t;on the exchanges in this city We 70 III The
~ ~ todav as a tribute OF respect ~
memory of the queen asdh,na ne which was
unabIe to suspend business Wlli ~ and
oIsIv interrupting its aIiairs
IN the European markets. oaica
The banks and goV9 vii Street was
dG NEM YORK MoNEY-Newo York 9rlZo FEB eet
. Prime mercantile paper, 5129I44o x,i III,
cent. Sterling exchange Ills at Ass
act2 dar3ena and "a 84ss@4. S41a for sixty
doys. nosted rates $4S504 SS12g4.o9; eosL
merciai bills, 81. S312@4S4; bar SILVER OO74o'
| Mexican dollars, 41c Non, York. Feb
PTbe weekly statement of the oo As 5s6. at
ad hanks shows: Loans, SS6 ISL sO9 IN
tease $50 40 500 Deposits d1i 90 10
cease 4S4 500 Circulation 81 $$l 5 5aS 3 5S
se 81 G4S,2OO Specie, $192S25 w. o1 l5l-
lncaea a e ia 500 Total reserve, SZoI :5loi
S6S Increase $2163, COO Reserve re9uiiT Te
S4 s2 in s5H dec re- aze0Ss
Sc TIHE III Feb. Both the Sh ~, &
~, eHchsnge and the board OF tr1ue
we've closed today in respect " INC
ory ", Of 7 As1fRY BALANCES = Washing Il
ton Feb. 2.-Today's stateme1hfe End I'd eXo
+ IUl' balances in the genera 1uIu m
clusiye of the $3.50, OGo coo gold rese tai,o hIa
6itieion of redemption, shows: AV ~ a.E az
olV gS Valance. SIP 247 $780, gold, Sl2Z5,ooi.
BANK CLEARINGS.
st. Paul-$729, n;
Chicago-$1S, 500, 345.