The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-06
DULL AND FEATURELESS
VAL STREET AWAITS ADJUSTMENT
OF SUPPLY AND DEMAND.
Ease of Money Market and It's Rela.
ton to Gold Exports Local
Trades Good Outlook for May.

At New York Saturday money on call
was easy at 2 per cent.
Prime mercantile paper. S1s@4h per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at A.SiA
for demand and s4S4% for sixty days:
posted rates. As5G4.S5h and A.S9h; COM
mercial bills. s4sSAq4-s4A.
Silver certificates were 60AG60Ac; bar
silver, COO; Mexican dollars, 4711c. At Lon
don bar silver was q 9-16d an ounce.
Exports of gold and silver from the port
OF New York TO all countries for the week
aggregate s1.04O.sS1 in silver bars and coin,
and 50. 692.sI5 in gold.
Imports of specie for the week were s24.-
$50 in gold and sl4s.5S5 in silver.
Imports Of dry goods and merchandise
at the port of New York for the week
were valued at $40. 3s7. 357.
The weekly statement of the associated
New York banks issued Saturday. shows
the following changes:
Surplus reserve. decrease ......--.. 81. 095. 500
Loans, increase ..-..........."... l5,zzl,fW
Specie, increase .......--.......... 2,0lO,yU
Legal tenders, increase ....--..... 1.166,500
deposits, increase .....-........--.. Ii,1Jz,oW
Circulation, increase ............-... Sy,UO
The banks now hold s15.97S. AS in excess
Of the requirements of the 25 per cent.
rule.
The Financier says: 1.-The New York
bank statement for the week ended May
5 is surprising I'm several details. To begin
with, no local cause can be assigned for the
expansion of s13. 90. 400 in loans and the
corresponding increase of $1,000, 900 in de-
posits. although ii is to be said that at
least $5.eo0.OO0 of the loan increase was
brought about through technical operations
attending the completion of the consolida-
ton of two large banks. The 100000 or
over still unaccounted for is larger than
the events of the week seem to have called
for. but with money here lower than at
any point in the world IL is not unlikely
that the banks are taking advantage of an
opportunity to increase profits by extend
ing the scope of their operations abroad.
a course that has been reSorted TO before
under similar conditions This is the theo-
Tetical view. AS a matter of fact, a detailed
analysis shows that the loan increase mas
been scattered through a large number of
banks. The gain OF over 100000 In de-
pOsits is due to the loan expansion and
receipts of 100000 in cash from the in
terror. The rising deposit total called for
&.27S.200 increased reserve. so that the ef-
feet OF the interior receipts was neutralized
and H,095.S0o was taken from previous ac-
A ~
$5.97S.475. There Is warrant for the aSser-
ton that the banks did not gain as much
from the interior last week as the figures
indicate. and they ~actually lost to the
treasury on gold exports. The specie al
ready forwarded on this movement
amounts TO s.. zoo. 900. and while a decline in
reserve may operate to cheek the outward
flow, there seems to be no reason why In
terest rates should advance A factor In
the money market often overlooked in
this connection Is the ability OF the trust
companies to loan at minimum rates. The
controller. in his call for official statements
last week, asked for a specification OF
trust company and savings bank deposits
IN national banks. and IL is known that
these institutions are carrying at least
&0O0.O "a In national banks. Tn state
banks also report heavy trust company de-
posts. The loans snd deposits OF the banks
al the present time are over o.UO IN
excess OF the averages at the opening OF
the year. while reserves are only A,OO.0U
higher. Continued receipts from the IN
terror are looked for for some time.
WALL STREET CONDITIONS.
Whatever deductions are drawn from the
stock market must be almost wholly mega
tive. for Saturdays market continued near
the level Of stagnation. A slight fllip was
given 10 the opening by the higher level
OF prices In London. But the room traders
closed their contracts before the days
end and Srought the level Of prices back