The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-11
GREAT LOAN EXPANSION
FEATURE OF THE WEEK IN THE
BANK STATEMENT SATURDAY.
Market Somewhat Weaker by Reason
of Professional Manipuratfons-Lo-
cal Trade Fell on Slightly.

At New York Saturday money on call
was steady at 2 per cent.
Prime mercantile paper, 4d5 per cent.
Sterling exchange was steady, with ac-
tual business In bankers bills at $4.S77s for
demand and A.s4A for sixty days; posted
rates. s4S5 and s4sS1z; commercial bills.
A-S3A@4.A.
Silver certificates were $4,000; bar sill
yer. 597sc; Mexican dollars, 471sc. Bar sill
yer at London was steady and higher, at
q 9-16d per ounce.
Imports Of specie at the por. Of New
York for the week ended Feb. 10 were s4S,-
PSI in gold and 1924. ss4 in silver. Exports of
specie to all countries were $54S, 935 in gold
and S1.120.0O0 in silver bars and coin.
The imports of dry goods and merchan-
disc at the port of New York for the week
were valued at 81, 596, LIS.
The weekly statement Of the associated
New York banks. issued Saturday. shows
the following changes:
Surplus reserves. decrease .........s2 ,973, 700
Loans, increase q, l52, 400
Specie, increase 2. 264, 500
Legal tenders, decrease ............ $40, 800
deposits, increase is, S69, 600
circulation, increase ....--.......... 165. 800
The banks now hold s27. 1897. SIS in excess
of legal requirements.
The Ffnancier says: THE feature of the
statement of the associated banks of New
YORK. for the week ended Feb. 10, is the
enormous expansion of $21. 152. 400 in the
loan account. The increase over the past
six days brings the total of loans well up
ward to $721, 1000. OO0. a gain of s47, 900, 900 since
the closing of December. In the same
period cash holdings nave risen about $685.
100000 and deposits s74, 750, 600. The excess
reserve, despite these heavy additions. is
u ,!oO,wO above the total reported Dec. 81.
IL is apparent, therefore, that. the banks
have not weakened their position. Rather
for all this a continuance of the record
breaking expansions which are being re-
ported now will have a very perceptible
effect on excess cash. Indeed, the surplus
reserve FOR the week just ended declined
almost 100000, from the fact that the net
gain OF $l,743,7N in cash did not begin to
meet the extra reserve requirement of s4.-
nf,f0O, necessitated by the rise of SIS, 369, 600
In deposits. The weeks figures, IL may be
stated. are in excess of anything reported
at this season last year, when Stock Ex-
change transactions, both in current shares
and bond purchases, ran away ahead of
what business is now reported. The ire
mendous rise In loans at this time Is some
what difhcult of explanation. The state
"eht N uetall SHOWS that the increases
nave been pretty we'll distributed over the
entire list of banks. The commercial pape.
market is more active, but even taking this
fact and Stock Exchange business into
consideration the total expansion overruns
the maximum needs of both. 1t is quite
likely that arrangements completed for
several large deals pending contributed TO
the total gain. The statement, showing as
1T does. a decrease in surplus reserve for
the first time since Dec. 9. may be inter-
preted to mean that money rates will be-
come frmer, IL anything. Last year, the
month of February witnessed a decrease
in reserve of $4,000, 900 and the reserve fell
TO S15,OOO,OO in April. 1t is not unlikely that
the same showing will be witnessed this
year"
WEEP Thy WArr crr1--