The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-04-17
.,yr urcKs AND THE CURRENCY.

49,, As :hc event has demonstrated. credits
.'noraI1y have not yet been intiatedt oa danger
-. .,r.rrr. and the prices OF speculative stocks.
,b ns they soon. are sustained by an unim-
"a7Ir.I nldrnrr on the part OF buyers. Money
I''.,,E.nnI readily in response to demands
a. margins, tho refusal OF financial instl-
.". :, make loans upon collatcrals. the
-, wl,rh has yet to be shown. does not
- ,r, THAR being accepted elsewhere, andthe
p'.r, r,tLIrnwnl from our city banks within
,oy. ton weeks. in weekly installments
~ |sioyluOD each. Of SlO.OOO,OOO Govern
- ~, Icro-ts. Of which the Secretary OF the
T.,,.,,y has given notice, does not seem to
h,,o excited any apprehension.
",,,,rr.r,s rs the financial history Of the
.,, months has been, In other respects,
,be philosophical observer, the proof II has
-,r,, ~ the ease with which markets can be
,,e,,cl and an immense amount OF buying
Id selling accomplished. with bank checks
.I,,e without the aid Of coin and notes. makes
4, rcruIiarIy 20. Besides the large transac-
,r,r. ny rising prices. in merchandise and agri-
o,,ural commodities. which have taken place
To- mi. city, the sales OF stocks and bonds at the
s,o,L Exchange have averaged in value, GER
,airly slOu.UOu.OOO daily. In addition. an
""'a,n, which it Is impossible to estimate ac-
m,,,clv hu. which cannot be less. in the ag-
.na,,,n than OO,OON.OOn. has recently
eeL.rc,d hands In e~ffectlng the transfers of
,,or~rty involved In the many railroad ana
nn,r.,-iai congratulations with which the pub
e., q. familiar. Last week alone. SS.OOO.OO O
was ,aiI on account Of the Chicago and
,r,,, Eailtuad purchase. S1s.00O,00O for the
,.y ..sur " Manhattan Elevated Railway
.,,,L and u IOUO.U 900 for the plant OF the Lig-
raj, 1 Myers Tobacco Company and OF other
smaller industrial concerns. Moreover. the
rayunen! V, u - na,., h,s II ia sn,1 ylr.
the ra'i' ~, and onlv rom,ins 4,
tua.F o"'r mmataI An tbis hmsinoss
Do 'o'n"', haan ,rons,o,od without l,,r
mas "''''' .,, tent ooir C,ror,mor+
lex "P' ~ I, h,s ro,,iro, na,hinn
ho'eN ~ '""a A., ox,h,rro Of ohooLs drowp
more '"'u ~ l.a,i,, nnd ., dohit ard oro,,t
against """N -a.s ri,o par,,I;at, til.
entries, ''uN ,.to ,,.i,, 49,.
lies al" y"'.1 ona hns;noss nortroliaI
prices arr ,aihio rnonor - oirorHa
hy'he Iu,"'l'S W 80 t,at, nnJ no.n wi.
TON ook"'
com 'I"l" -"
na' an ~, n.I 1880, T. snar.a,
la"' ~ "''"H h,,.i,oss ~ asthn nran
IVA" H''I'''. =. na. ,,a a,.nema,
ie'''",' ,Iat 49,.
shou" = ~ Nv, Nv S.Iios, ~. -. ~
,oo soon abandoned. Not only do our banks
ACCOMPLISH, as we see. the payment othundreds
NJ millions Of dollars daily without the use Of
snv coin or PAPER money other than the small
cusntity required to settle balances between
them selves. hut they can. when necessary, in
crease these payments in the same manner.
Far oyamrln. the clearings Of tho New York
hanks. last Tuesday. were $500, 900, 900. while
,ho resulting balances were but 8 7.345,O 900,
All NJ which, excepting fractions Of s. 5000. were
settled by Clearing House gold certificates, the
ira actions paidin coin and legal tenders amount
ing I, loss than Sl5O.OOO. For the previous
rnok tho clearings amounted to 81 ,553. y o
mr. ovor "A day. against average
daily c,earipgs in 1919 Of Sill. 600 900 n dav.
For the month Of January last the aggregate
closrings OF all the banks in the country were
s. 400 OOnO0o, for February S6.oSl. 100000,
and for March : :. 72GOOO.OOO: against SGO12,-
oOOOOO for January, 1893, 5.552.OOO.OOO for
February, 1893, and $500 900. 600 for March,
1873, or n total Of S2t,l9a. 900, 0 this year,
against S~lI2WhOOO,OOO in 1893. Thus it ap-
rears. that the Nav York banks, without any
Increase of tho volume of the country's cur
49, IL