The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-31


Since the arrangements made by Secre-
tary Shaw. soon after the ratification of tho
Panama treaty, for the payments consequent
thereon the time for the actual disbursements
has been postponed until the Panama Canal
Company shall have made proof OF title and legal
tender all of its property. Butno change has been
made in the date, March Is. upon which all the
other national banks in the United States must
transfer to the ten special depositary banks in
New York % per cent. of the United States de-
posits held by them
The ten special depostary banks are; National
City. National Bank OF Commerce. First Nation
al American Exchange National. National Park.
Hanover National Chase National National
Bank of North America Mercantile National and
Citizens Central National. The amount OF United
States deposits that will be in these banks sub
iect to recall when Panama payments shall
be made is about $50 100000. little more than
500 600 600 of which will have been ieIree 20
increase in United States deposits IN al the New
York banks since the announcement et On dne ~, pan
of payment that is. since Feb O. Is $3.50. teo 20
March 49, The increase in all deposits Tor the
same period is S9,S5T,eo0.
January. and the usual spring wthd i,a OK
year. which leads 10 the conclrsion tnat tnese
banks have kent up their deposits Win thelr
them for their pro rata of United states deposits
recalled. Nearly all the New YORK banks allow
interest on the deposits Of other banks az me
is paid upon United States deposits. The immedi-
ate effect of the recall Of the % per cent OF ne
banks OF paying interest upon possibly $1,000
or Of the deposits 81 other ea ad o WINE
their disposa free Of infesss sn ree are NOT
expected TO be made before Nay /, and may be
postponed much longer, by unforeseen and un-
The cali money market should. therefore. con-
tinue easy fer some time 10 come SO far as ~ 10
lniuenesd by prepars,ons Tor 'ns ne, nIsT IN the
Panama payments may hasten gold exports nom
New York and should gold be shipped ~ large largs
firmer. If activity on the stock Exchange con-
tnues.
When the trading in Union Pacific on Tuesday
last Appropriated 10000 shares IL was said that
important banking interests had come into tho
market acquire large block Of the stock
The most generally accepted explanation was
that the Morgan interests were buying Union
Pacific in order occupy in that road somewhat
the same position as the Hartman interests oc-
cupied in Northern Pacific affairs. 1t recog-
nized that large part Of the ACTIVITY IN Union
Pacific and in the rest OF the market for the
matter of that was professional and represented
short covering or buying by traders 10 profit by
the advance in prices. but II was thought that
proba Div 100 Geo shares out OF the $1,000 bought
on Tuesday represented the ai'Ouh' " 'he paih-
er's accumulation.
While differences drawn from the movement %
stock through the c0mpanys transfer books
raight he somewhat misleading. II Is interesting
10 note that despite all last weeks activity and
excitement in Union Pacific there has hardly
been a Quieter place In town than the transfer
Offices of the Union Pacific Railroad Company.
This Is made all the more striking by the fact
thar the books which had been closed for tho
navnoert az the dividends were opened the day
AFTER the transactions in Union Pacific the
Exehange assumed such large proportions and
therefore, in addition TO the current transfers,
had 10 take care o. the accumulation during tho
time the books were closed
What is true in this respect concerning ynio-
Pacific is equally applicable 90 Pennsylvania
which was another Of the weeks very active
issues In the or southern Pscinc COM
narison between the activity OF the market ana
The Inactivity OF the transfer Office be drawn
Tor the reason that the stock books OF the COM
many have been closed since March -.
This experience merely repeats that ma nv
similar occasions OF special market activity ana
shows clearly that there Is little or no connec-
ZION between the volume OF trading and tha
amount OF transfers. OF course IL Is TO be noted
thar when any one. for whatever purpose A NAV
be Is accommodating stock IL may be found -
n..dfent defer the transfer OF the stock unsfs
affairs have quieted down and attention has nee,
Withdrawn from the buying. but such incisen,.
are by no means usual. and IL remains trus thar
a very small proportions OF the transacttonS
on the floor OF the stock Exchange are ever
contaminated in transfer offices.-New Yorir
Times