The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-22
STEEL AND WIRE EPISODE
1T UNSETTLED THE STOCK MARKET
FOR THE ENTIRE WEEK.
General Break i'm Prices Satur-
days Transactions-LOcaI Business
shows Very Good Conditions.
At New York Saturday money on call

At New York Saturday money on call
was quiet at per cent.
Prime mercantile paper. 4G5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4.SS1l for de-
mand and $4SfAG4S4A for sixty days;
posted rates, $4.s4AQ4.S5 and $iSS1zq4S9;
commercial bills, s4S3A@4&
Silver certificates were 601z@6111c; bar sill
yer. $3.50; Mexican dollars. 4724c. At Lon
don bar silver was 27ssd ounce.
Specie imports at New York for the week
ended Saturday were 1925 in gold and
s13S03 in silver. Exports of gold and silver
were s14.O4S in gold and $474.7O3 in silver bars
and coin
The imports of dry goods and mer
chandise at the port of New York for the
week were valued at $115S4.194.
The weekly statement of the associated
New York banks. issued Saturday, shows
the following changes
Surplus reserves, increase. SO. 944, O75
Loans, increase ......-....--.......... 5,SCV,9OO
Specie, increase ...................... 45S6, 100
Legal tenders. increase. 423,2OO
Deposits, increase ..................-. S,SOO,gV
Circulation, increase ...-..-.--...... ooOoOV
The banks now hold $14. $50 in excess
OF the requirements of the 3 per cent. rule.
Commenting on the above figures, the
Financier says: 1.-The New York banks are
adding steadily to the surplus. despite the
expansion in deposits, an operation that
calls for additional reserves. The state
ment for the current week shows a gain of
over s6OOO.OOO in cash holdings. the result,
primarily. of treasury disbursements, al
though considerable cash came to this
center from the interior. The increase in
loans o0O and in denoSitS SS 200.
900 The statement does not balance by the
usual rules for proving. but the result. ac-
cOrding to the published figures. was a
gain of about four millions in surplus re-
serve. bringing the total excess above four
teen millions. The month of April, so far.
has been marked by handsome increases in
cash, the expansion since the close of
March footing up about s14.0O00c0. In the
same time loans have increased SIS. COO 600
and deposits So, 600, 600. Whether the rising
loan and deposit totals will keep pace with
the cash gains being made is ques-
ton the answer to which will solve the
probable range of rates In money over the
spring season As matters stand. the low
rates prevailing encourage an advance In
sterling and the spectacle is presented OF
a hardening exchange market in the face
of a credit balance due the country larger
than at any time In its history. This is
noteworthy. far as the United States is
concerned, but IL only goes to show that a
condition has been reached where surplus
wealth is seeking higher interest rates
abroad The disbursements on bond prem
iums by the treasury is adding TO the pres
sure, but above that factor which must
be reckoned with is the imitation which is
going on in national bank note issues. AL
ready the New York banks have taken out
100000 of circulation above the average,
and reliable estimates made on the basis
OF careful official canvasses indicate that
S100OOO.000 OF new national bank money Is
T., circulation throughout the United
States This will not be issued fmmedi-
stely but It's gradual emission will have
a clearly defined effect in assisting gold
exports. The number of clearing house
banks has been reduced by one during the
week but an increase in the capital of an
other institution to SO 900 makes the
total clearing house capital $72,222,1 100. As
over $50. 900 OF this is national bank capt.
tai. the opportunity for new bank circula-
ton will be at once apparent. The total
circulation now Is 81 800. 100"
WEEK IN WALL STREET.
The stock market took on an appearance
OF a general liquidation before the Satur-
days short session was over. Stocks were
thrown over in large blocks. and the whole
list broke badly. the general range OF
prices OF the most prominent active stocks
falling to a level of l 10 points under
Friday rssht In many instances the loss
exceeds these figures The results OF Fri
days meeting Of the executive COMMITTEES