The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-06-21
INDIANAPOLIS CLEARING HOUSE.
MONEY AT OTHER POINTS


ST.. IoUIs.-The Republican OF Monday says
The week Just closed presented no features OF
particular In teTest in the local money market
every thing seeming to wear the same aspect
that has been noticed for many weeks past
At the banks counter business was fair, with
checking and deposits about equal. Although
there were some offerings a good first class
business paper for discount, financial institu-
lions still complain OF the surplus accum ula-
ton of IOanabe funds lying idle in their
vaults. Rates If discount ruleo steady at 10
10 per cent per annum with some highly IA
Vored paper placed at lower 1gure on short
time. On the street but little was doing in
the waN of discounts, and rates ruled merely
Eastern exchange was in full supply, selling
Saturday al par 10 Csc per $1,000 premium be-
tween banks
CHICAGo.-The Times OF the 18th says: No
change of any kind was reported In the local
financial situation on Saturday. The weather
being unsettled, the patronage of the banks
was light and general business was about the
same as on the preceding days of the week.
In fact, in the different departments of the
money market there was no improvement
whatever, aud bank officials had plenty
leisure time TO discuss wi h their callers the
result of the Cincinnati Convert on, the re-
tirement OF Secretary Bristow from the
treasury department, and other subj ects OF in
terest. Business was quiet, AMI as the chances
time approaches for the advent OF the dull
summer season, the feeling was necessarily
little "blue." Without an exception, the
banks are strong in cash funds, and money is
easy at7gS fer cent.
CINCINNATI.-The Commercial OF to-day
says: There has been only a moderate de-
mand for money, and the discount market
has been easier at per cent. in bank, but the
supply of currency has not increased much
for there has been a steady flow IN small sums
10 country banks, which movement evideot
frAQr emf an To hnrN ooffK,
operations. Gu side OF bank prime business
pap sr is negotiated readily at per cent and
Some favorfIe names are placed at per cent
Money on call is obtains BILE at 5Cs7 per cent.
on p tme collaterals.
NEW YORK -1he Commercial Bulletin of
Monday says: Money easy at 293 per cent. for
call loans on stocks, and at l%92 per cent. on
y. 8. bonds. Prime mercantile paper, S1S95L
per cent. The bank statement showed a gain
In surplus reserve OF 81 ,436.425. Gold steady at
ll21z@1I25S, and foreign exchange at "a SIG
AS51 and SSHa4 S9H for prime bankers
sterling. U. 5. bonds strong but dull. specu-
lative sh ares Irregular, with Wisconsin stocks
and L ok Island higher, and remainder of the
list lower.
SURRENDER OF BANK CIRCULATION.
By way Ct explanation Of the rapid surren-
der OF bank circulation in March anu April,
and the singular decrease since, 1t is said that
the BANKS were at that time particularly
pressed, and were forced to realize on their
bonds. Doubtless this is true in many in
stances. Whenever a bank was pressed for
ready money, IL could deposit with the treas
urer $50, 90 in legal tenders, surrender circuls-
ton TO that amount, withdraw slO0,UU in
bonds, sell them for Sl20ICO, more or
less, and realize $30,0O0 by the transaction.
This view Of the case ignores, however, the
fact that the banks generally found it i'm
possible TO loan saieIy and prontablv all the
currency they had at command. From $780,
10000 to 5000 0,OOo have been lying idle
many millions more have been earning small
interest. II the banks as a whole had needed |
money, the case would have been different; in |
point of fact, millions were lying Idle, Tor |
bonds were withdrawn and sold during the |
month of March. So far as this exp. anaiion |
properly applies, IL indicates that ce tain |
banks, not few in number, were in need. not |
Of temporary loan, or 10 sustain customers
but to get rid of old accounts, pay old debts, |
and settle up losing transaction. In short, |
In sucn cases, the retirement OF circulation
was really process of liquidation The Pub |
lie, JuDeB ..
NEW YORK MONEY AND STOCK MARKET.
NEW YORK, Monday, June 10.
Money 2@2x per cent
Prime mercantile paper 314951S per cent.
Custom receipts, s3s%0O0.
Assistant treasurer disbursed $4,000.
Cearings, sso,OO0yOOo.
Sterling exchange steady at4 s71z for 90 days,
and 4 Ss5z for sight.
Gold opened and closed at l12H, with sales
In the interim at l 256.