The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-03-24
INCREASE OF S1O,OOO,OOO.
Has Already Taken Place in Bank
Circulation Under New Law.

New York, March PAR. G.. Dun &
Co.'S Weekly Review of Trade says:
In it's first week of operation the new
monetary bill has given satisfaction at
the treasury and to banks Applica-
tions for new two per cents have ex-
Ceeded $106, 900 900, and the net increase
in bank circulation is already over $10,-
900. 600. AS the rate at which new cir
culatiOn can be issued is limited, eX-
cept for banks which gave orders in
advance Of the passage of the bill and
the issues at first are largely for the
increase of notes to the par value of
bonds deposited, little can yet be in
ferred regarding the other increase,
though applications indicate that it viii
be large for interior banks. The release
of millions employed in preparation for
action under the new measure has
caused in bankN returns considerable
changes, which are nominal rather
than real, and the money markets are
undisturbed.
The reported settlement of the Car
negie-E'rick controversy is one OF the
greatest Importance to the iron and
steel industry. a fight between such
forces would in the end have affected
prices and values beyond calculation,
while the combination of interests now
said to be agreed upon may prove
revolutionary in it's influence. Whether
markets will be Immediately affected is
not clear. AS yet the tendency toward
reaction of prices continues though in
basis pig are strong. But eastern BeS-
semer and grey forge and southern
pig are sold there at prices below those
governing in large transactions and
it is only on the demand for steel max
ing iron which appears to exceed the
supply. Eastern markets are weaker
with d reduction of 81 per ton at Phlla-
delphia in some grades. The finished
products are generally unchanged,
though sheets rise at Chicago with the
coming combination while plates sink
lower at Pittsburg and to the lowest
point since April, 1899, at Philadel-
phia.
Cotton holds at 97s cents for spot with
heavy export demand, though futures
are weaker. Receipts have exceeded last
years for the week, though not for the
month. The goods market here is only
strong in demand for immediate needs,
few caring to base future dealings on
present prices, while some make conces-
sionS for distant deliveries
The London wool sales have shown a
shade more strength than those of last
month and considerable American pur-
chases of some grades indicate the true
position of the prices asked here. Yet
the markets here are called stronger,
although OF the sales reported much the
greater part were at concessions and
manufacturers are doing very little
Sales at the three chief markets were
only 100000 pounds, of which 3,771, 500
were domestic. The state of the goods
market does not encourage manufac-
turers to pay the prices now asked
There is not only little ground to expect
advance In prices but in other than the
leading grades some concessions are
frequently made to secure transactions
and the business is still Disappointing
ly restricted.
The manufacturers have advanced
hemlock sole one cent in spite of a fur
Their fall of ~ per cent in hides at
Chicago, taking the decline 8 per cent
within four weeks.
The advance in wheat which followed
statements of the quantity in farmers
hands has not been maintained and the
decline the past week has been 13s cents
corn also yielding about half a cent.
Atlantic exports were 1.753, OPS bushels
for the week, and for three weeks only
1852 S2 bushels, against S,730,374 bush
els last year. Receipts at eastern points
in three weeks have been IL 977 ,231,
against 1O,1S0,957 bushels last year
Meanwhile Pacific exports are heavy
and in three weeks have been 3,1S3, 523
bushels, against 1,656,277 bushels last
year. The foreign demand for corn still
lessons, though 2,942.717 bushels went
abroad during the week and in three
weeks 8,439,S19 bushels. against 1O,3O3,-
4S5 bushels last year.
Failures for the week have been 1873
IN the United States against 200 last
year, and p in Canada, against "A last
year.