The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-02

money is scarce. This condition of the
time market indicates that there is an I'M
certainty about putting out funds that
cannot be called in at any time. Another
feature of the situation that is not a really
good indication is the fact that the country
banks, which are usually the safety valves
through which funds flow back to the CEN
tiers, are much depleted now. One indica-
ton of the tendency of the largest financial
interests to reduce the generalization of
securities is the elimination of the water
from the United States Steel stocks, repre-
senting a decline of more than $457, 800 900
on the total issue of s1,01S, $50, 600.
According to the statements of condition
at the close of business June 9, there are
seventy-five national banks in the United
States with deposits In excess of $4,000 900.
The National City Bank of New York with
deposits of 49,, 562,911, heads the list, and
the First National of Chicago is second
with SIS. 49,, S26. The Corn Exchange Ma
tional is twelfth with $40, SO5,S71, the Con-
tinental National fifteenth with Sc, 75S 29O
the Commercial National twentieth with
SO. 032, 1S3. the Chicago National thirty-sixth
with $1S.106,S 95. the National Bank of the
Republic forty-sixth with s14,2 7O6, the
Bankers National forty-eighth with s14,-
051,S and the National Bank of North
America fifty-eighth with s11.61s, ZIG. If the
state banks were represented in a compila-
ton with the national banks Chicago in
situations would rank as follows: Illinois
Trust and Savings fifth. with deposits of
sixth with s23O61. 5s5, American Trust and
GO Iirfxy nirth
State Bank Of Chicago sixty-seventh with
slO.7 1854.
While there is reason for congratulation in
the distinct Improvement in speculative
sentiment following the failure of the two
big Wall-street houses, 1t is unwise to over
estimate the strength of this natural re-
action, or to hold the view that has fire.
quently been expressed that Wall street
has discounted the unfavorable possibilities
of the situation and has underestimated the
satisfactory conditions that exist in most
lines Of business. A feature of the present
situation and the recent declines in the Sc
curity market is the fact that the severe
liquidation that has been the chief char
acteristic of the stock market for nearly
ten months past has had so little apparent
effect In renewing the money market. Wnen
it is noted that the market values Of nearly
all the standard securities, including first
class bonds. have declined in the period
named from fifteen to seventy-five points,
1T would appear the most drastic remedy for
any threatened money tightness has been
applied. without, however. materially re-
ieving the situation.-Financial Age.
XXX
The remarkable increase in the foreign
commerce of the United States for the fiscal
year ending June 80, as shown by the figures
recently made public by the Department
Of Commerce, was caused. primarily, by
the gain in imports. which were larger than
ever before. The exports are also larger
than in any previous twelve months, with
the exceptional year 1901. The imports last
year for the first time crossed the billion
dollar mark the total being 81, 025 6l9, All, and
the exports for the second time crossed the
Observation-Disclosures line being
81. 419. 99l. go, practically sl420 100000 The
imports have increased 1874 per cent during
the past ten years, and the exports 67.5
per cent.