The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-29

porate borrowing and the financing OF bond no
tatiOns and stock operations. The best opinion
among conservative bankers is that after next
their largest cash holdings and that money
thereafter viii begin to work harder and higher.
made within the next week two. and il is
funds and low money rates will not prevail much
longer
The New York Evening Post says: The con-
sensus of Wall street opinion is that the Gates
interview about stocks being too low and the
peculiar way in which certain stocks have been
hosted by a speculative pool has hurt the stock
market much more than it helped it. Banking
interests said the general public got the i'm
prcsslOn that the whole rise was artificial when,
fact. there has been very good buying
Of both bonds and standard stocks since Jan.
j, and no artificial stimulus was needed 10 help
The principal feature of the statements Of the
New York trust companies is a net loss in aggre-
gate investments and loans of SIC, 100000 in a
year. There was decrease OF $iiO0O0oO in
loans on collaterals, equal to per cent. which
is evidence that the stocks sold last fall in the
slump went into the hands of heavy interests,
for there was an average decrease of 20 per cent
in prices Of securities, and the smaller decrease
in collaterals means a larger amount of the
holdings pledged for loans Aggregate deposits
decreased $l.JUJ,U00, d loss in trust deposits OF
SCI 900 coo, being met by increases in general and
bank deposits The companies made an increase
IN their proportion OF cash 10 deposit liabilities
but the percentage is still very small. Deducting
the cash on deposit. which is another name for
sums due from banks, from the aggregate de-
posits. in the manner in which national
bank reserves computed, there is Sz per
cent reserve, against III the previous year.
]. P. Morgan has resigned vice president
of the National Bank of Commerce, but remains
ii member of the board of directors and is a
member of the executive committee. His resig-
nation is without significance further than that
his personal business makes 1t inconvenient for
him to continue as vice president OF the bank
This is time which Is additionally untitled
for an upward movement in stocks" says Daniel
Kellogg, the Wall-street correspondent. and 1t
remains TO be seen whether the present is any
different from the past in this regard. Time
money is already quotably higher than 1t has
been. and the feeling has become strong
among bank officers that they have been alto
gether too free of late in their offerings OF time
financial is the practical certainty that
probably within thirty days the initial payment
of our government TO the stockholders of the
Panama Canal Company and 10 the Republic
OF Panama must needs be MADE. Inc senate
its action in proposing amendments to the Pan
canal treaty which would, if they had been
ton OF the treaty by several months, and di-
rected that the treaty should be favorably re-
more than a months debate in this matter Will
take place, and then the treasury must grapple
expenditures and receipts of the government are
now upon keel with a very obvious
possible that the matter can be arranged with
out the withdrawal Of a large quantity of public
funds perhaps as much as s25.OOO.OOO. from the
depository banks throughout the country. Every
effort, no doubt will be made to do this with
out causing disturbance in financial affairs but
it is inevitable"