The herald., 1897-04-17
the rate of interests on deposits viii be

the rate of interests on deposits viii be
per cent
Reports from 125 state banks in Kan
sas show an average cash reserve of 46
per cent. nearly twice the amount re-
quired by law. This is the highest point
ever reached by the reserve.
The per capita circulation at the end
of March, as estimated by the treasury
department, is $23.01. the population be-
ing calculated at 72,547 900. The circu-
lation decreased about $6,69l, $50, COM
pared with the same at the end OF Feb
ruary.
Bankers at Davenport, Iowa, have en-
tered protest against the retention OF
the clause In the proposed amendment
to the banking act which requires saw
ings banks to keep on hand 10 per cent
of their deposits as a cash reserve. The
bankers assert that 7h per cent is suffi-
cient as. their experience has demon
strated.
The $4,000 40-year serial s per cent wa
ter bonds of Santa Barbara we're award
ed yesterday to N. w. Harris & Co. OF
Chicago for s104s premium.
The Panama railroad, under a plan
for refunding its $5,00O,000 of sterling
mortgage per cent gold bonds, matur-
ing in October next, has issued a new
$4, 100000 Az per cent 20-year mortgage.
OF this amount $4,000, 900 of the bonds
(all that will be disposed of at the pres
ent time) has been cold on most favor
able terms. BY this operation the mort
gage has been reduced from S.. .000, 900 to
"a. 900. 900. the interest from per cent to
AZ per cent, and the fixed charges have
been cut down to the extent of $780, 900
per annum.
The New York Central has arranged
for the sale of 800, 900, 900 of 3ih per cent
100-year gold bonds, and TIE New York
and Harlem for s12.000,00 OF the same
class of bonds. These bonds are to be
used TO retire or convert the present
bonded debt of the companies and there
after become finst lien on the companies.
The New York Central will reserve SIS,
900, 900 of its bonds for new construction.
Dun & Co.'s Trade Review
NEW YORK, April 16.-R. G. Dun &
Cos weekly review Of trade tomorrow
will say: An undecared war between
Greece and Turkey has been more re-
sponsible than any other single cause
for the changes In business this week
Actual fighting. with facts which seem
to make a formal declaration of war
by Turkey inevitable. have affected
grain markets and such stocks slightly
The progress of the Mississippi floods
does not change the price of cotton, and
the settlement of the more important
labor difficulties has revived works sus-
pended last week. The temporary de-
crease in exports and large increase in
tvv,v ut o
the month, caused questions about the
financial future which have not much
influence as yet. The increase in i'm
ports. $9,900000, or over ten per cent
from last year. and s17, 100 900, or 2S.9
per cent from February, If long con-
tinued, may embarrass some branches
of business but can hardly exhaust
balances remaining from the unprece-
dented excess of merchandise exports.
1928, ,3S1 ,519 in nine months ending with
March.
The wheat market, after it's decline
of cents last week, was prepared to
rise with prospects of European war,
and increased purchases for export and
has risen 4.37 since last Friday. Exports
for the week are very small. and for two
weeks but little greater than last year,
while corn exports continue over three
times greater than last years and for
two years 6,032,015 bushels, against l.
963,193 last year, the price advancing
less than 1 cent. Western receipts of
wheat are larger for the week, and for
the two weeks as large as last year,
and the government reports indicate
considerably larger yield than that of
1885, which has sufficed to meet an ex-
traordinary demand.
Cottons had scarcely changed during
the week of unprecedented floods though
this years crop will be materially di-
minished unless the water soon SUBJ
sides. But there are numerous indica-
tions that in other parts of the south
a large acreage has been planted. The
output of pig iron increases, though
fifteen furnaces stopped in March, as
others with larger capacity started,
and the weekly production April was
1929 tons against 169,9S6 last year.
While 20 per cent below the greatest ever
known. the output is So per cent larger
than October 1. and stocks unsold in
creased scarcely any, though the largest
on record. The demand for nails and
wire continues heavy and in spite of
large transactions in the past in structu-
raj work and rails the demand is still
fair. while there is much doing in ma
chinery for export to Russia, Japan and
South Africa. But bars and most other
finished products are in narrow demand
and Bessemer pig is lower at $50 or
less at Pittsburg, with gray forge at
$3.50 there and only $5.75 at Birming-
ham. Delay in making contracts for
Lake Erie retards the demand for pro-
ducts, but hard ore has begun to sell
at .$2.40 for Chaplin. Tin plate makers
have agreed on $3.50 for full weight
Bessemer, against $500 for foreign.
Lead is unchanged at $50 cents and
copper at ~ cents. Woolen mills are
doing little more. though machinery
Is idle and there is scarcely any buying
Of qualities recently advanced Specu-