The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-29

Inc DankS nOld Slb, 40, 40 In excess OF re-
serve requirements under the % per cent.
rule.
The Financier. in its issue of Saturday,
says: THE New York banks added 81. 1875. 900
to their cash holdings last week, and as
reserve requirements increased less than
100000 the result is shown in an addition
OF N,S31,675 to the surplus. bringing the
total TO $40. 759. 775. Needless to say this is
a favorable exhibit, coming as it does in
the face OF an impending gold movement.
The banks lost TO the treasury during the
week, but remittances from the interior
more than made up these decreases. The
expansion OF $2,377 900 i'm loans is "a mod
crate reflection of the enormous dealings OH
the New York Stock Exchange OF late, and
there is reason TO believe that the loan
item, which has fallen thirty millions of
dollars since March 8 last. will begin TO re-
ilect soon the results of this trading. The
requirements for syndicate purposes have
been largely met, and the decreases which
nave occurred for six weeks past are trace
able to the contamination of some of the
deals, The contraction, it is to be noted.
has had scarcely more than an appreciable
enect on the market, but II has resulted n
a flow of money to this city from interior
points. and this really has been the infld-
ence that has kept rates on a stable basis.
The surplus reserve is about six millions in
excess of the amount reported when loans
and deposits were at a maximum. Con-
sidering the exports of gold and constant
absorption or fQndS DY the treasury, tnlS
Is a very satisfactory showing. The factor
which will govern the money market in
the immediate future is the problematicai
export OF specie In payment of American
subscriptions TO the British loan. Ii would
be idle to estimate with any pretension of
accuracy the volume OF gold which will
be shipped. but that more or less gold will
go out is regarded as certain. With the
reserve at its present figure, and with the
certain knowledge that rises I'm money rates
will attract interior funds, the banks can
afford To part with considerable specie
without inconvenience. The season is APP
preaching when supplies Of gold will be
Forthcoming from original sources-that Is,
from Alaska. etc. and these will serve 10
replenish domestic losses
The New York Stock Exchange, having
adjourned on Friday evening TO Monday
morning to permit the removal of its APP
paratus to temporary quarters In the Prod
uce Exchange building. speculative opera
tions I'm securities centered in the Consoli-
dated Exchange. There the trading was on
an unprecedented scale for a half holiday.
2Gi.s2O shares being negotiated. Not only
were the regular customers of the members
OF the Consolidated Exchange out in full
force, but there were. i'm addition. many
traders who usually traded through the
other exchange houses. The higher prices
on the London exchange stimulated senti-
ment appreciably. and at the opening there
were orders to buy 10000 shares OF United
States Steel at the London quotations. The
transactions I'm the common and the pre-
ferred throughout were on an Unexpectedly
heavy scale. and net advances of over n
point were scored by both.