The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-07
BERLIN'S MALIGN POWER
THE ONE DISTURBING ELEMENT IN
THE STOCK MARKETS.
Banks Gain In Reserve Funds, De-
spite Exports of Gold-UnusuaI Ac-
tivity Of Local Business.
At New York Saturday money on call

At New York Saturday money on call
was easier at per cent.
Prime mercantile paper, 6 per cent
Sterling exchange was steady, with
actual business in bankers bills at s4.S75s
for demand. and a.SSQ4SSA for sixty
days; posted rates. s4.SS1kG4s4 and 81
commercial bills, $4.S11zq4.S21s.
Silver certificates were 5S1kG591kc, bar
silver was sec and Mexican dollars were,
471kc. Bar silver at London was firm. at
271sd per ounce.
The imports of specie for the week were
s9,762 in gold and $4,000 in silver at the
port of New York.
Exports of gold and silver from that port
TO all countries for the week aggregated
$3.50. 7O1 in silver bars and coin, and $685.
So in gold.
The imports of dry goods and merchan-
disc at the port of New York for the week
were valued at S10.25S,912.
The weekly statement of the associated
New York banks shows the following
changes:
Surplus reserve, increased .......... $3.50, $50
Loans, increased ............... 4. 107 600
Legal tender, increased .............. 1911, 400
Deposits, increased .................. $500, 200
Circulation, increased ..-...-......... 191, 400
The banks now hold $l1.757.725 in excess
of the legal requirements.
The Financier says: THE New York
banks continue TO gain slowly in cash
holdings and surplus reserves, despite the
drain made upon them in the way of gold
exports. The clearing house institutions
report at close Of the week just ended.
$5S9.650 excess cash above the amount held
at the opening Of the year, the surplus
reserve standing at S11.757.T2 The
pansion for the six days ended Saturday
is of more than ordinary interest. since
il was made in the face OF an increase of
nearly s9.0O00OO Of deposits. which. of
course. tied UP about two and one-fourth
millions OF money in additional reserve
requirements The gain in cash was 81
form of legal tenders, due 10 receipts from
the interior: Loans are "a 10000 higher
The annual dividend disbursements at
this center have doubtless affected the
statement and a detailed analysis shows
that there have been some unusually heavy
changes In the totals OF larger banks, but,
viewed in all lights. the exhibit is TO be
considered very satisfactory. The interior
movement, In particular, Is assuming
larger proportions than had been expected.
During January OF last year the banks
gained weekly something like $I0OO,OO0 In
cash. the surplus reserve rising between
the opening and the close Of the month
about $20,000000 The gain so far this year
has been proportionately heavy, but the
exports Of gold, OF course, operate TO keep
the excess cash at low figure. STILL the
banks are more than holding their own.
and are demonstrating an element OF
strength which must be looked upon as
gratifying. Under the circumstances, the
outlook favors a rate for funds not ma
terially different from that now prevail
ing How long exports are to continue
IS an uncertain problem, but as conditions
governing the outflow Of gold are entirely
Favorable TO the United States. both in
Inception and in results accruing, the IN
cident OF exports Is not viewed with any
degree of apprehension Present operations
are in the nature or loans 10 Europe. III the
return statement is made in the form OF
American securities the United States has
only added 10 its wealth and Cancelled
certain percentage or yearly interest now
RENTED abroad.
WALL-STREET REVIEW.
The stock market suffered Saturday from
the continuation OF liquidation Tor Berlin
account The volume of this selling in New
York was not formidable. but the senu-
mental effect OF Ii was decisive In driving
prices downwards throughout the list and
discouraging buying Of stocks. The fur
Their sharp decline in international rates
in Berlin and London precluded the ex-
PLANTATION Of money stringency 10 account
for the selling, and made IL appear that its
motive was political. The friction between
Germany and Great Britain over seizures
OF German mail steamers was not left
alone as an explanation, the reported
movements OF Russian troops towards the
frontiers OF Afghanistan arousing the APP
prehension OF further embarrassments for
Great Britain. A leading authority on the
sterling exchange market recorded his
opinion that as long as the Transvaal war
continued gold would continue TO go out
from New York. The Board of Trades re-
turns OF Great Britains foreign trade for
December showing decrease OF over s25.
100000 In imports and an increase OF $780,
900 in exports. taken in connection with
the heavy selling OF securities in New York
for London account, goes TO explain Lon
don's continued contro. over international