The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-29
BANKS ARE STRONG
In Much Better Condition Now to.
Stand the Money Drain Than
Last Fall.
Railroad Reports Of Favorable,
Character Especially in the {.
West.
Spaoial to The Journal,

Special to The Journal.
New York, Aug 2sIIhs Pinan sa hge +1 1s
demands of the harvesting season will be made
upon the resources of the banks, 1T becomes APP
those existing at this time last year. Reports
from the agricultural districts indicate that vest
mands upon them for crop moving money this his
fal At the present time their position Is sue 1h
h ht tey a ome hae
orally lenSers OF money on the open market
whereas several years ago near Nav Ye
and Chicago correspondents. Now they are In
many cases lenders, Of money ia= these markets,
and it Is exceptional when any of them appear as
borrowers. They have been recently Withdraw
Ing some Of their money thus placed on on the ,e
The critical month Of the crop moving period
is usually October and it Is then that EITHER
the weakness or strength OF the banks becomes
apparent. There will probably be pinch at
that time this year as there "a, always has been
as In 1902. Under our present currency system
periodical disturbances are natural and beyond
the power Of resistance = (, 60
Money in Treasury.
Treasury figures indicate plentiful supply Of
funds. There is not only large surplus'tn the
governments reserve vaults, but there has also
1 se an apd xas s
which about $550oo0oo IS in natural bank
notes. There has also been a gain Of $4,000
gold coin of $11 900 Ooo and in treasury notes
Of 1907 of $4,000, coo, besides various minor
changes. In In, Washington as elsewhere, the
feeling prevails that fears of a probable str1n-
gency during the autumn months has induced
unusual preparations on the part of banks every
where to meet 1t, and that repetition of last
fion. experience Is OUT OF the CUES
Currency Legislation. 1 :.
The prospect Of currency legislation at the
the sw 6s Il 81 4
q In ha nra Sonf Ina
sible for this unfortunate state Of affairs and 1t
win be as far removed from currency. reform as
that meets the ciews Of the administration and
the majority members of the finance and banking
likely that twill viii have hard road to travel
before it is placed before the president for
may aad
Of fhs Viii sSsf q nafs
political capital out of the bill and will attempt
raser 9 the 81 fop he
the absurdity Of such opposition IS apparent. to
q s1istinS soaditi9hs, i Hsy SltS?Sf5
weight in ntimidating weak but la, ambitious petf
currency reform to prepare themselves for q
bard struggle hich can be won only by present
Ing united front. -, =
pdAlTOdu IldEAluBSs-
| Statements of railroad earnings for the third
week Of August were of a highly favorable char
acter. The Canadian Pacific gained $4,000,
Missouri Pacific $113, 600, Wabash $50, 600, Mex
lean National $4,000 and St. Louis Southwest.
ern $15, 200. These figures indicate active crop
| and business conditions in various sections OF
| the country. The Lake Shore report was the
least favorable railroad exhibit Of the, day: The
! figures for the quarter ended June 80 showed q
| decrease in surplus Of $1,O19, $3.50; This was
! caused by an Increase in operating expenses
Of s1,947,21s and in charges of s4o5, ooo. " The
| Lake Shore charges all betternents to operating
| expenses, and no doubt considerable improve.
ments were made de, in the quarter The gain IN
| business was well above that of last year.
| The Brooklyn Rapid Transit company reported
| an increase In surplus after charges for the
| year of 1864, 74O.
1 The latest crop report showed considerable
| Improvement, especially in corn, altho rain is
needed in some sections. Cotton, however, SUI
| fered somewhat from too much rain and lack
of sunshine, but the plant is we'll fruited thru.
out the belt Harvesting of spring wheat has
progressed rapidly and much threshing has been
| done. Conditions appear to be favorable for a
good movement of the crop in the early future.