The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-25
RESERVES GOING DOWN
LOAN EXPANSION TRENCHES ON
BANKS SURPLUS CASH.
Professional Market in New York
Stocks-Local Trade DulI on Ac-
count of Bad Weather.

At New York Saturday money on call
was steady; actual transactions, 21h per
cent. closed offered at 21z per cent
Prime mercantile paper 41zd5A per cent.
Sterling exchange was weak with actual
business in bankers bills at s4.S7G4 s7k for
demand and si.SSN94.S4 for sixty days:
posted rates, &Sfs@IS5 and s4sSa4 Ss1h;
commercial bills, 81. S3G4. S31k.
Silver certificates, 5s7sG607sc: bar silver.
5S5sc; Mexican dollars. 47s4c. Bar silver at
London was steady at q 7-16d per ounce.
Exports of gold and silver from New York
TO all countries for the week ended Satur-
day were sl.092.975 in silver bars and coin.
and s274,715 in gold. Imports were ys5.S64 in
silver and $s2.11s in gold.
The imports of dry goods and merchan-
disc for the week at the port of New York
were valued at s11.SS4.O7s.
The weekly statement Give days) of the
associated New York banks shows the fol-
lowing changes:
Surplus reserve decreased. ...,. 81 337 lbs
Loans increased .-....-.............. ii OBS, 800
Legal tenders decreas ......... 1S26. 400
deposits increased ................... 5,S4S, 500
Circulation increased .......... 674.7OO
The banks now hold 1868, $50 In excess Of
legal requirements of the % per cent. rule
The Financier says: 1.-The New York
bank statement for the week ended Feb. "a
Is marked by a continuance of the upward
movement in loans. the expansion since the
last previous statement having been ST.
oSSSo0. This makes the total increase since
the opening of the year 81. 5000 as COM
pared with rise OF little over $4,000 900
FOR the same period last year. Loans now,
in fact. within Sls,O00.0O0 OF the total
reported on Feb. Is a year ago, although
they are smaller by $i5, 000. 900 than the max
imum record attained on March 4. 1899 The
net deposits are Si0.OO00OO less than at this
time last year. The movement of surplus
reserves now is not different from that
noted in February. 1899. and the two
chief factors in swelling the available cash
In New York banks have been eliminated
IN the stoppages OF treasury deposits and
seems no Likelihood or statements of a diff
ferent character for some. time to come.
IA other words. with the loan commitments
rising and money going out Of the New
York banks at present, the surplus re-
serve will be subjected to a drain that will
reduce IL TO a smaller figure than now re-
ported. But in spite of this obvious pro-
cess OF liquidation OF excess funds. money
as yet shows little sign OF responding.
rates being only nomnally higher. The
heavy loan contracts may have been made
in anticipation of a harder market later on.
During the week just elapsed the banks
lost nearly three millions in cash to the
treasury and the interior. No detailed ex-
PLANTATION can be made OF the cause of the
continued rise in loans. Stock market con-
ditions hardly warrant the repeated adj
vances OF $l0.000.0I0 and over per week
Commercial activity doubtless has had
more or less 10 do with IL. A fact that
seemingly escapes attention Is the growing
circulation OF New York national banks
Since Jan. / the increase here has been
almost s2.000000. and the gain over last
summer Is about $f.oo0,0oo.
THE WEEK IN WALL STREET.
The general speculative sentiment, a:
reflected in the New York stock market
was a good deal obscured Saturday BY the
Generalization in Third-avenue. Active
trading in a stock with a resulting droI
In the price Of over ten points is bound Il
have considerable effect In narrow mar
ket. however, peculiar and individual ma,
b the ceuse which induces the selling.