The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-19
General Financial News.

The dividend and interest disbursements to be
made during the present month by all the i'm
portant corporations whose securities are dealt
in the New York markets, according to care
full compilations. show that there is de-
compared with the March disburse-
ments of 1902 of nearly $40, 600 900. The aggre-
gate payments will amount to So. 100000. Among
the dividends to be paid those of the rail-
roads. which total s14. 59l.5l9: industrials s2i-
1883: telegraph. traction and lighting s2.577,-
6S2. The interest disbursements of railroads
amount TO $40. 1888 Industrial and misce-
laneous, 81 $50 1856 This gives a grand total of
s5l,62l,olS, which will be disbursed. While the
greatest decrease has taken place in dividends
during the past twelve months. the interest
payments show an increase. Dividend pay
ments of the. railroads. so far the month of
March is concerned, have remained about sta
tionary. Industrial dividends the contrary
show a marked decrease. More than nine-tenths
of this decrease is traceabe to the United States
Steel Corporation and the Standard Oil Com
pany In March. 1902, the Steel Corporation paid
out S. O00 coo its common stock, which dividend
was passed this year. The Standard Oil this
year only pays out 16 cent. sl56oo 600; where
as last year the March dividend 20 per cent.
or $40. SOC. 600.
+
/ The postponement of the Panama canal pay
ment. after the arrangements for the disburse-
ment of the money by the treasury had been
fully completed and announced has had more
or less Of deranging influence upon the none
tary situation not only at this center but in the
interior. While these arrangements have not
resulted in unsettled conditions they have by
making compulsory changes in loans for fixed
periods at points whence public deposits have
been or will be withdrawn for transfer hither
contributed to incommode both borrowers and
lenders and to cause abnormal rates for money
to prevail. AT this center the transfers from
the interior of balances preparatory to the final
turning over of the money to the credit of the
treasurer in pursuance of the call for the sur
monetary congestion to the injury. to some ex-
tent of banking interests.-The Financier.
49,
1T looks though there would be no
call from the interior upon New York for cur
rency this spring." says the Wall-street Journal.
The outward movement began in the last week
of February, 1903. and in the second week OF
March. 1902. and 1901. Rates of exchange on
New York at all interior cities are now very
near par, and nowhere are they at a discount
near to the shipping point. The season is back
ward. but banks rely upon the calendar for the
time of making preparations for the spring
trade rather than upon weather conditions
There might. under ordinary circumstances
be for expecting belated move
ment OF currency 10 the interior. but the con.
centraton in New York of the United States de-
any such movement during the next ten days
Moreover, all reports from the interior agree
that the banks there have larger deposits thar
ever before. and that these increasing v lille
there is no great demand from borrowers. A
past month shows that many of the large banks
especially those doing extensive business in
foreign exchange, have been increasing the ratio
of cash to deposits
This is an indication that they recognize tn.
possibility that Europe may need assistanc,
| from New York in the near future, thai
| they are putting themselves in condition to rem
/ der assistance where needed in order tina
/ troubles may be prevented, which. if allowed tc
| develop, might react upon us. The money mar
kets of the world. New York, London. Paris anc
! Berlin have learned by experience that their in
terests, although sometimes seemingly diverse
practically the same. An injury TO one is IN,
concern of all. for financial interests are so in
| tertwined through commercial and monetary or
erations that failure TO meet obligations in an,
of these four cities is felt in the other thre,
almost much at home. So far as the mon
etary situation in the United States is concerne,
/ there domestic influences which ikel,
to endanger its stability. and II is well that ou
| great banks are making preparations to aver
any evil foreign influences An of proven
tion is better than pound of cure. even If 1
| turns out in appearance that precautions wer
/ unnecessary: for tell what mia II
have happened if precautionary measures Ia,
| been tahen.'