The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-24


| ton OF full details of the correspondent,
with the United States bimetalEc commits
sioners on the silver question had goot
effects. although the demands made in be
half OF silver were even greater than III;
city had imagined"
London. Oct. 23.-American eagles ar.
quoted at 76s 61zd.
LOANS AND EXCHANGE
New York, Oct. 2-Money on call easy
| al per cent. Prime mercantile pape,
| 4qih Per cent; sterling exchange Arm
with actual business in bankrs' bills al
s-S for demand and az si-s2H for sixty
| days: posted rates s4s3d4 SCI and Sass
| commercial bills $ssl: bar silver 5sNse; Mex
lean dollars, 45c. Silver certificates 57i2a
sc.
TREASURY STATEMENT
Washington, Oct 2s.-Today's staiemen;
| OF the conditions of the treasury shows;
| Available cash. balance, $3oe. ss4. So; gold
reserve, ISL, s1l.5a6.
THE BANK STATEMENT.
| New York, Oct. 23.-The weekly bank
statement shows the following changes:
| Surplus reserve. increase, S. 80, 200; loans.
decrease. s6.941, so; specie, increase. $3.50
GO; legal tender. increase. s.. 761. 600; depos-
Its, increase, s., So SO; circulation. increase,
go. The banks now hold 81. eoi 200 in
excess of the requirement of the % per
cent rule.
New York, Oct 1.-THE Financier says:
THE statement Of The associated banks
Of New York CITY for the week ending
October %, shows an increase in reserve
Of 50. il0, 30 in two weeks. Loans in the
same time have decreased almost in the
same proportion. while deposits have re-
manned stationary. The liquidation, there
fore. appears to have been carried on In
a manner that has not disturbed the de-
post item, but this affords no explana-
ton of the current business of the week.
The gain in cash has been largely In the
form OF specie, the banks holding s2i-
100000 more gold than legal tenders. The
specie increase, of course, is due 20 the
imports Of the last month, and the expan-
sion in legal tenders probably represents
the first of the return tide Of currency
from the interior. The flow Of money 20
the west is checked for the present. That
the banks recognize the general tendency
10 ship idle money TO this center for the
interest 1t brings is revealed in rumors OF
a general effort 10 reduce rates on country
This has been tried before, not in New
York. but in other cithies, but it does
not always prove effective. for the reason
that the different banks cannot be brought
to work in concert. The official state
ments of the national banks in widely DIFF
ferent section of the country, indicating
very large cash resources shows what may
be expected when money begins TO flow
in this direction in full tide in the sea-
son. The country banks are now in the
New York market for commercial paper.
and many others are paying OF loans be-
fore maturity. The shr.nkage in loans
for the week, however, is not attributed
to this source. Part of the loss is due
to operations involved in the gold import
movement and 10 liquidation of maturing
paper, that under different circumstances
would have been renewed. There is no
question that some of the surplus money
in banks will be absorbed in discount,ng
sterlingbills, and also in the Union Pa
cific foreclosure settlements. Whether
these requirements, together with current
business needs, will be large enough to
maintain the market at anything like a
firm figure is doubtful. The immediate out
look. judging from the bank statement, Is
for easier money
new 1OFh, OCl "a movement IS On
foot among the large banks of the city,
included IN group No. S of the State Bank
ers' association. to reduce the rate of inter-
est paid on deposits from out of town
banks from to IL per cent. Such ac-
ton was taken not long ago by the banks
of Chicago. 1t has been contended that
such action might be construed as an at
tempt to restrict or control trade and thus
be IN violation of statutes.
To make the movement effectiveall the
banks Of the city would have 20 agree 10
a uniform rate Otherwise the deposits
of the out-of-town banks, which run up
to tens of millions of dollars. would natL-
rally gravitate to the institutions paying
the highest rates.
The work of sounding the banks on the
subject and devising plans of effecting an
agreement without violating the law is be-
ing conducted through group S. but as yet
nothing definite has been determined up
on.
The large amount of idle capital in the
country is said TO be responsible for the
project. Money which can not be employ
ed 10 advantage in other cities is being
sent in abundance 10 New York, where il
is at present difficult in employing the ac-
emulation profitably.
Call money was lent as low as per
cent yesterday and the rates for the money |
and commercialpap er eased correspond |
ingly.
The decline In the latter is due TO large |
purchases in this city of commercial pa
per by out-of-town institutions. Banks |
in Boston. Chicago. 81. Paul. Minneapolis, !
St. Louis and other cities |
which generally at this season employ |
their Idle money at home. have eagerly |
sought commercial paper here.
When there WAS a plethoric Of money |
months ago. the local banks made a t.cit /
agreement 10 make no loans AT less than I
per cent. One OF the institutions reduced /
their rate OF interest on out-of-town de- \
posts 10 IL per cent, but increased 10 4
per cent when an active demand for money |
set in.
WEEKE EXPORTS AND IMPORTS.
New York Oct. 8-The exports OF specie |
from the port OF New York for the week !
aggregate $sl5.ToS in silver. and $3.50 in
gold. The imports for the week were:
Gold. si.5s2. 81: silver. So. 236: dry goods /
and merchandise, SS.5 Oh.