The Indianapolis journal., 1904-02-12
sRONDC-
General Financial New.

The minimum rate for long time loans was
established for 1903 by the Pennsylvania Pail
road Company's loan of sS5 100000 in January for
six months at AZ per cent. II is probable that
the minimum rate for long time loans for ths
rest Of 1904 has been established by the recent
Of S5O,Ooo,O00 for eighteen months at Az nor
cent. Experience has demonstrated that frmness
in the time money market is not inconsistent
with a good deal OF ease in the call money
market in the absence Of active speculatior
In securities The winter receipts of currency
from the interior are now practically over
There may be further shipments of currapcv
from the interior to New York when the sec
retary of the Treasury calls in 20 per cent. of
United States deposits from the national hanks
The day when this call will be made depends
upon the ratification OF the Panama treaty bv
the Senate: and 1t appears probable that this
viii occur at about the time when currency is
usually shppeu by the New York banks to the
interior for the sp-ing trade If the call should
be made at that ttsae, il would probably checE
the usual spring outflow of currency from New
York. but the interior banks might make their
payments in withdrawal of United States depos-
its out of their deposits with the New York cor
respondents, in order TO retain currency for local
The recall of United States deposits has been
arranged that no disturbance Of the money
market will be caused. and the payment .,
the sums due under the treaty TO Panama and 70
the Panama Canal Company will be accom-
plished through exchange operations except for
a comparatively small amount OF cash that may
be paid TO Panama The revenues and expendi-
lures of the United States government are nov
so nearly equal that the ordinary operations of
the treasury are & smaller factor In the nonav
market than they have been since the Close ~
the Spanish war
1T is apparent" says the Wall-street Journal
from the that the actual net earnipgs
lof TTpffa tate
uary will not be available to officials of the cor
poration or the board of directors until sho.
March 1, the figures for February April and
those for March, May l. That statement q,
earnings for January Of Sc. OCOO 900 and over i
guess rather than an estimate and cannot nos
siby be based on figures. The January business
of the Steel Corporation was not good Thai Is
known 20 everybody. Instead of having NET esrr
ings for the month OF January of more than e.
O0OO 900. it is probable that if depreciation of in
ventories and stocks was counted on tb ~, ~
would not exceed 1000. 600. In January of iaoS
the corporation was operating mills to ftIII "a :
s0I Ol6. January, 1903. it had 5ooOO 90 tons of
untitled orders on It's books but was able In
report only s.. 425, ,775 While the net in T.
uary. 1903. largely affected by the freiSht
blockade at Pittsburg. II Is not conceivable tbst
the corporation under present conditions could
have made over 5000, 900 in January last O'-se
thortics in the Steel Corporation admit frapII,,
that this quarter must be a very poor ona 4,
tion OF dividends the preferred NAV baSYto -,
be discussed on the advisabiEty OF paying II on,
OF the surplus cutting IL to per cent or tenn
porarfly passing it, The preferred stock ts;--.
cumulative. there is more reason to suppo.e ,h
dividend will be paid instead of being either ~
ings for the quarter may be.
Chicago Tribune.-Cnicago's 500. 600 900 bank Is
very realization Within few davs
the combined deposits OF the First National Rant
and the First Trust and Savings Bank xvara
within less than $4,000 OF 500 900 600 Since
then the combined deposits have fallen or a
little. as is usual at the first OF the week but N
is probable that the 500 1900 900 mark will be
passed before the week Is over.