The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-12
MONEY IS STILL CHEAP
BANK STATEMENT A SURPRISE TO
WALL-STREET FRATERNITY.
Decrease in the Surplus Reserve on
Account of Withdrawals by Cap
itaIists-LOcaI Trade Quiet.

At New York Saturday, money on call
was steady at 2q215 per cent.
Sterling exchange was dull with actual
business in bankers bills at S4.Sf5d4.s6 for
demand and at $4S315 for sixty days; posted
rates, $4S412Q4S61A; commercial bills, 212Q3
per cent
Bar silver 594c; Mexican dollars 47Ac.
At London bar silver closed quiet at 271zd an
ounce
The exports of specie from the port of New
York for the week amounted to $4,000 in gold
and ST. 0l9 S25 in silver. The imports were:
Gold, S215674, and silver $51674. The inn
ports of dry goods for the week were 81
SGSl7.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. $40 $50
Loans increase OBSERVATION-DISCLOSURES. S5I6l0V
Legal tenders, decrease. .........-..... IZ22,Z0O
LLepoSts increase ................. S'OS9 eo0
circulation, decrease ............,..... oS,CVV
The banks now hold $36 81, S2S in excess of
the requirements of the % per cent. rule.
The New York Financier says: THE
statement of the associated banks of New
York, for the week ending Feb. IL, was
again at variance with supposed operations
covering the past six days Instead of a
gain of something like two millions in cash
reserves. due to known receipts from the in
terror, the actual increase was practically
nothing, losses in legal tenders offsetting
specie expansion. Whether the actual con-
cltion of the banks is reflected in the state
ment is doubtful. AT any rate special
causes contributed so largely in determin-
ing The totals that analysis is rather diff
cult OF the total gain of s. $4,000 in de-
posits the National City Bank alone is re-
sponsible for nearly S. 10000. and with the
National Park Bank more than accounts
lef tile entire increase. So in loans the Ma
uoudl city reports an expansion of $6.5o0.O90
ana the remainder of the 100000 gain is
made up by one or two other banks In oth-
tl words, While there has been more or less
sHlllng OF funds among the other institu-
upns, their averages DO not vary much IN
lae aggregate from the previous week.
what has brought about this showing can
!.uJ o. determined accurately. 1t is known
mat the return of American securities from
Europe is responsible for some difference in
t.e totals. Then, too. the rapid formation or
industrial combinations is requiring more
extensive financing Stock Exchange trans
atAonS for the week We're very much under
we enormous dealings OF the previous forte
Alenl and while a loan expansion OF some
fb .t,U1 Ha0 peeh collslHsLsu p Lo1@ LUZ,
St1 1dsh changes are disappointing ana con-
tsaihS sun, the idle surplus OF the New
loih banks is above the average and there
Is 30 reason to anticipate that rates viii
snow any change over the coming week on
tsEl innate business. There is a notable &C
WHY M commercial paper at prevailing
CcGio'alions. The banks, however, are IN
S.tAtd TO discriminate against the wholesale
olrfings of industrial collateral of uncer-
t'4- value and are exercising some caution
az taxing lines that have not proved their
5-llAslc value through actual operation
4eih of concerted action in forming a COM
mon policy with reference to these offer
lN=S. however, is not borne out by facts,
as me banks viii exercise their individual
augment In dealing with the matter.