Democratic Sentinel, Volume 17, Number 51, Rensselaer, Jasper County, 5 January 1894 — MILLIONS OF IDLE MONEY. [ARTICLE]

MILLIONS OF IDLE MONEY.

New Fork Associated Banks Still Accumulating Cash. The New York Financier says that the surplus reserve of the associated banks of New York has now reached the enormous sum of The official report of the clearing-house shows an increase in the reserve of $2,877,375 fcr the five business days ending De«. 30. The actual cash on hand, composed of $106,316,400 in specie and $101,708,200 in legal tenders, amounts to $207,424,600. To an ordinary mind this sum is almost inconceivable, but it becomes plainer when it is known that if it was all in gold eagles and if one man was to attempt Jo count it, he would be more tharf three years and six months going through the operation, if he counted one gold piece a second and worked for five consecutive hours each day. Wbat to do with the surplus cash has become a problem which is'more intricate than the famous fifteen puzzle. Tiae banks are making no money, and it more than probable that at least one bank will shortly go into liquidation on account ofj the unprofitable business which it is forced to carry. The aggregate deposits of the clear-ing-house hanks is over $500,000,000, and the Grain for the hast week amounts

to *7,590,100. Money continues to flow to this center in an unabated stream, the increase in cash being *4,774,900, of which *1,795,700 was in specie and •2,979,200 in legal tenders. Loans were expanded *1,319,900 and the circulation was contracted *144,600. It is quite probable that Congress will authoriz» a bond issue in the near future, and there is no doubt that the New York banks will take a large portion of the issue. The averages, as exhibited in the statement, compared with the same time last year, are as follows: Dec. 30, 1893. Dec. SI, 1892. Loan* ten,ft e,«ou $4.17,722.000 Specie 106.316,400 75.968,300 Deposits 506,457,«W 444,588,400 Circulation 13,111.900 5,554,000 Total reserve $'.07,424,600 $117,9%, 900 Reserve required 126,409,450 111,147,350 Excess of reserve 80,815,150 6,839,550