The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-27
Order Issued by the Treasury Depart-
Bank of EngIand's Action.
INDIANA NATIONAL BANKS
THEIR RESOURCES, LIABILITIES AND
AVERAGE RESERVE FED. IS.
Court-Martial Sentence I'm the Case Of
Medical Inspector Kershner Ap-
proved by the President.

WASHINGTON. March 2s-The Treasury
Department has instructed the New York
subtreasury to raise the premium on gold
bars from 1-is to S-l6 OF l per cent. The de-
partment's purpose in the issuance OF this
order is TO do what can be done legitimately
to prevent future exports OF gold. The order
has a triple purpose: First. IL will tend 10
raise the price at which gold be exported
proitably. the price OF exchange now being
dangerously near the export point: second
it is regarded as good policy TO get rid OF
coin instead OF bars. because the former fire.
quently have lost weight through abrasion.
and, third, IL is intended 10 meet the action
the Bank of England has recently taken In
raising the price OF gold bars 20 us l0d. and
thus practically lowering the rate OF ex-
change at which gold can be shipped from
the United States TO Great Britain to about
s4.ssis or s4sSs4. Treasury officials admit the
issuance OF the order. but will not talk fur
ther concerning it.
The New York Evening Post supplements
the foregoing dispatch with the following:
AT the price at which the bars would be
taken up to-day. there was small profit
possible in shipping at the present rate OF
sterling exchange, and the increase in the
price offered in London (3.13 10 per ounce)
for American gold bars. That increase was
1 penny per ounce. Foreign bankers, IL Is
said. advised the government TO this effect.
instead OF taking advantage OF the opportun-
ity 10 make a small profit on shipping the
gold. The present condition OF affairs in
sterling exchange is due to the fact that
large amount OF European gold that was
borrowed for sixty days for the purpose OF
paying for the new government bonds has
to be repaid.<1f sterling exchange could oe
procured below the gold shipping point with
which 10 pay for that gold the gold would
not be shipped The decreasing demand,
however, for cali money having brought
about decline In the rate at which money
for European capitalists to allow their money
TO remain here, and so IL has been returned
to Europe. In the meantime. owing TO the
stagnation in trade, the inability OF manufac-
turers and merchants TO dispose OF their
products, first-class single-name commercial
paper cannot be sold for much less than 6
per cent, and time loans are only made az
high rates. 1t was thought to-day that in
order to strengthen the cali money market
the government would call I'm some more OF
the money in the special depository banks
Twenty per cent. was called last week. the
amount paid in being about $.5o0.o00. The
| special depository banks held about $22oVQ.-
coo. Another call OF 20 per cent would.
| plus reserve 10. in round figures. aoout So
100000. But, SO far could be learned to-
| day, the special depository banks had not re-
| ceived call for another payment. and some
| OF them said they would be surprised II they
received such q call this week"