The Washington times., 1902-12-17
MARKET DEVELOPS
GENERAL FIRMNESS
THE FINANCIAL WORLD.

THE FINANCIAL WORLD.
According to the report Of the Comp
trollcr of the Currency, the national
banks I'm eighteen of the principal cities
on September 10. were below their re-
serve. the average Of deposits to loans
being 1926 per cent. On November %.
the average had been raised to 26.06 per
cent a difference Of .02S per cent. only
the banks in Brooklyn, New York. ST.
Paul and Milwaukee. had loans out
standing in excess of their deposits. The
most radical reduction Of the loan ac-
count was in the cities OF Baltimore. St
Paul Indianapolis, Cincinnati, ST. Louis,
Cleveland, Philadelphia. Pittsburg, Bos-
ton, Louisville. Detroit. Minneapolis and
Chicago. The reduction OF loans was
small I'm Brooklyn. New Orleans, New
York and Milwaukee. In Dallas the loans
increased but were still below the de-
posits. The following figures are inter
esting as showing the condition OF ma
uonal banks In the above named eigh-
teen cities.
Deposits Loans.
September b. sl.5Sl, $1,000 Sl,s5S, 10000
November 2j...... 1851, ,ll7.00o l,4s9.055.O0O
sao.864OoO s864, 900
On September 10 the excess Of loans
over deposits was $272. .3l5 900, while on
November 25 there was an excess OF
deposits over loans of SCI 1850.
The cause for the liquidation which
was in progress between these intervals
is fully accounted for In the reduction OF
loans to the amount OF 1864. al. 900.
By guaranteeing the payment OF the
principal and interest on a proposed
forty million bond issue, the United
States Steel Corporation has purchased
the Union Steel Company OF pittsburg
the largest competitor OF the former
company. although its output Is but Q
per cent OF the production OF the Steel
Corporation. IL would seem the Steel
Corporation has made a close bargain.
as the Union Steel accepts bonds al par
In payment OF the actual money put
in the manufacturing plant bonds also
for the market value of its real estate,
coal and ore, and besides agrees 20 pay
in cash ten millions for which IL will
also accept bonds at par. The total
amount OF bonds 10 be paid depends
upon the value Of the real estate, etc.
the amount actually paid for the ma
tributed. Any excess Of bonds over
this total amount viii be retained in
the treasury. Apparently the only profit
realized By the Union Steel Company is
on the increased value OF real estate,
etc, and in selling their machinery at
first cost without allowance being de-
Quoted for depreciation.
The building Of the Pennsylvania
/ Z
the sanction Of the board Of aldermen
Of Manhattan. II is estimated the cost
will be $4,000. 600. and work will be
begun Immediately. Samuel Rea one OF
the vice presidents Of the system, VIII
continue in charge of the work.
The bankers pool" was organized
merely 10 deal with an emergency should
one arise. Its principal object will be
10 keep down the rate on call loans. and
in this respect il succeeded yesterday.
The call rate closed at I per cent and
I time money is now being loaned at 6
and :.
The market IS likely TO remain around
the present prices for the rest OF the
month. although the tendency will be
upward. There is no doubt the buying
is far better than the selling
There is evident accumulation Of Mis-
souri, Pacific. Sugar. AtchisOn. and Bal
timOre and Ohio. This movement start
ed on Friday and probably with the in
tent 70 buy on a scale down. No great
line Of stock has ever been acquired al
a certain price. and whenever a cam
paign Is started it is always with the
expectation Of either buying or selling
on a scale. This must necessarily be the
case when IL is considered what a small
percentage OF any capitalized stock is
floating around. Probably 70 per cent OF
the stock of every corporation is locked
up in strong boxes. II 30 were less. the
loans in New York on the capitalization
OF six railroads alone would exceed the
total loans made on the various stock
that are daily dealt in.