The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-20
EASING OF MONEY RATE
NOTkBLE FEATURE In FINANCES ALL
OVER THE WORLD.
Wall street Had n Dull week-Demand
Small and Prices SaSging-LO-
cal Trade Was Excellent.

At New York Saturday money on call
was easy at per cent.
Prime mercantile paper, 31k@41s per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at s4.s7s4G4SS
for demand and $iS45494S5 for sixty days;
posted rates. $4S5lk and $3.50; commercial
bills, $4.s4Gl4.S41z
Silver certificates were 60A@6Os4c; bar sill
yer, 6OIsc; Mexican dollars. 4711c At Lon
don bar silver was 275sd an ounce.
Exports of the precious metals from New
York aggregate 1921. 1874 in gold for the
week and 1890 2O5 in silver bars and coin
Imports of specie were S2l,375 in gold and
81. 2s2 in silver.
Merchandise imports for the week were
$40 262. $50 at the port of New York
The weekly statement of the associated
New York banks issued Saturday shows
the following changes:
Surplus reserves, increase....-.....s1 81. 222. 500
loans, increase ...........-............ 1880
Specie. increase .................... l. lbs 400
Legal tenders. increase. 427. 500
Deposits. Increase neutrality-suspicious.. ,374. 900
Circulation, increase ................. 30S, 800
The banks now hold SIG, 500, ...25 in excess
of the requirements of the % per cent. rule
The Financier says: "The changes in the
totals of the clearing house banks for the
week ended May 10, are unimportant. The
principal feature is gain Of sl,566O00 In
cash. due principally to the movement of
interior funds to the center. Pension pay
ments by the treasury Offset the gold with
drawn for export, and the banks really
ended the week as creditors in this respect
The rapid rise in the loan total noted over
the last two months is seemingly at an
end Following a small decrease for the
week ending May IL, the banks have made
a slight expansion of s743.300 during the
last six days, but this is due TO local
causes. The deposit item is $1374,000 higher
and the week closed with a reserve of ST.
2225OO in excess of the previous statement,
making the total surplus $l6,556, 225. There is
reason for believing that the gold export
movement is at an end, and as Western
banks are reporting a remarkably easy
condition of the money market the infer
eASS Is that New York will receive some
heavy currency shipments before the crop
season opens. The redemption of the out
standing per cent. extension bonds by
the treasury Will also operate in the direc-
ton of easing the market, so that the
future appears to favor low rates. 1t is not
To- be forgotten. however. that the presi-
dental campaign is nearly at hand, and as
this viii create more or less disturbance.
prudent borrowers are taking advantage
against possible hard market later on.
OF course IL is impossible to estimate how
crop purposes. but with the strengthened
position of the Western banks and the pos
sielity OF adding TO present supplies of
funds through the issue of new bank notes,
anything approaching stringency even
with n presidential election impending is
out Of the question. At any rate. concedng
that domestic supplies of currency should
be absorbed in. various ways. 1t will &c an
easy matter TO recall some OF the ira-nerst.
sums now being loaned to Europe or due
on current trade balances. The very fact
that merchandise exports have exceeded
imports in three years by nearly 81 500 600 :
600 shows that gold imports can be forced
a. any time.
WALL-STREET REVIEW.
The New York stock market maintained
a fairly good speculative tone Saturday in
spite of the continued encouragement re-
ported by the mercantile agencies over the
course of commodity prices. Railroad
stocks generally are higher on the day to
the extent of fraction. and some OF the
spceialties show larger changes. Sugar was
the leader OF the market, but there was
nothing to account for its strength beyond
the suggestive parallel that might be drawn
between its case and that OF the New York
Ta1. cor1fla MES. whose costly conflict seems
10 be ended. With the principal season APP
proachsng In the sugar trade IL is natural
TO SUPPOSE that the incentive to settling
contest that takes away the profits of
the business IS augmented. Consolidated
Gas reflected the pressure OF speculative
realizing and the Tobacco stocks showed
renewed signs or weakness The local trac-
tfoa stocks continued strong The market
was largely one OF specialties. There was
Eone demand for the Vanderbilt stocks. ap-
DC rcutly on the score OF the reported re-
turn from Europe OF VIM. X. Vanderbilt.
which was denied after the close Union
Pacific gained a large fraction. Burlington
and Norfolk * Western halted in the adj
vance which was the feature OF Friday .
market while traders took their profits
The weekly statements OF raiirosd earn
The bank statement was favorable IN the
Doubtful item Of loans. which showed a
very small Increase. thus relieving apprc-
tensions tina, banking resources might De
eucroached upon faster thar they were re-
plenished The item OF cash increase