The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-13
AN EASY MONEY MARKET
NEW YORK THE CHEAPEST PLACE
ON EARTH FOR CASH.
Week of Almost UnbrOken Liquida-
Business in Good Volume.

At New York Saturday money on call was
nominal. Prime mercantile paper. 31z94h
per cent.
Sterling exchange was steady with actual
business in bankers bills at 81. 4.SSss
for demand and s4s4Fs for sixty days;
posted rates. s4s5a4 ssh and s4.Ssa4Ss1k;
commercial bills. s4s3AQ4sf4.
Bar silver was 6OAc: silver certificates.
6Ol4a6012c; Mexican dollars, 471sc. At Lon
don bar silver sold q 9-16d per ounce.
Imports of specie for the week at the
port of New York were ss9O5 in gold and
SIS. 412 in silver. Gold and silver exports
for the week were, respectively, s., sos
and S914.76
Imports of dry goods and merchandise at
the port of New York aggregated for the
week sl0.302 167.
The weekly statement of the associated
banks shows the following changes:
Surplus reserve, decrease............. $685. $50
Loans. decrease ....................... $500
Specie, decrease ....................' i, $751; 100
Legal tenders, increase. ............... $500
Deposits. decrease .................... 100000
Circulation. increase .--......-...- $4,000
The banks now hold SIS 332, 725 in excess of
the requirements of the 25 per cent. rule.
The New York Financier says: After
continuous expansion in loans, which
lasted over six weeks and added s4SOOo,00O
to the totals of the New York banks. the
clearing house institutions reported May II
a decrease Of SIS, 800 in the loan item. The
decrease is of small moment, but it is in
teresting at this time as showing the cul-
mination of operations which have been
constant factor in the weekly reports for
considerable period. The assertion has
been made that the New York banks
carrying sterling loans to the amount of
$i0O00OO0. This plainly interpreted means
that they are loaning that amount to Eu-
rope While there is no means OF verify
ing the statement, there is no question
that the rise in loans has been due more
less to that cause. At any rate. now
that actual exports of gold are being made,
II is not to be expected that the banks will
add TO outstanding commitments. 1t had
been expected that the sl4,O00.0OO loan of
the Pennsylvania Railroad Company would
influence the current statement, but there
is authority for saying that this transac-
tion was completed too late to enter the
statement calculation, and. besides tnat,
quite a large percentage went to trust
companies and Philadelphia institutions.
The cash changes in the statement are i'm
material The banks lost to the treasury
terror gains did not Offset these decreases.
This was not evenly distributed, as one
bank alone reported an increase OF AOOO,00O
in specie. The changes in loans and cash
account for the decrease of 81 500. 900 in de-
posits. the first shrinkage noticed since
March 81 after steady rise amounting TO
$67, 600 000. The surplus reserve for the
week was reduced s6f5. 80 and now stands
at SIS 332. 725. Taken as a whole. the state
ment is better than had been expected The
chief interest for the week centers In the
- eth IL errl1 0wfG
the movement amounts to over S. 10000
The gold has gone to France, and If Eng
land does not demand remittances the ship
ments may be less than now Indicated. 1t
IS worthy OF note that time loans are now
being engaged TO run over the presidential
election. the impression being that money
rates will harden considerably later on. IN
1895 money during the latter part or the
presidential contest loaned at 100 per cent
and above New York still continues TO be
the cheapest money center in the world
WALL STREET REVIEW.
The tone of the trading in stocks was
feverish and uncertain. Saturday. and the
disposition TO sell was still evident There
was an effort to support some stocks. and
the short selling by the bears was followed
by buying TO cover contracts. Missouri Pa
cifc was lifted at one time a point above
Friday night. carrying the railroad list
with IT, The grangers. especially Burling-
ton and Southern Railway preferred. were
pretty well supported. after the rally In
Continental Tobacco preferred from its GA
point slump. This stock recovered almost
completely before the close Stocks were
offered freely at the higher level Of prices.
and declined 10 the lowest before the APP
pearance of the bank statement Peoples
Gas. the local fractions and the steel
stocks We're all notably weak. and large
losses We're registered In number CT
shares which have not been traded in dur
Ing the recent declines. Some effort was
made 10 rally prices after the bank state
ment. because IL failed 10 show the ex-
pected heavy expansion In loans, but II
was successful only In isolated instances.
The close. generally. was unsteady and net
changes were mixed. The weekly reports
OF the mercantile agencies confirmed the
feeling that the business reaction has not
yet reached IFS limits. and the opinions ex-