The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-08

The bank statement Saturday was
again poor one and the banks have a
very low surplus of reserves on hand
The important changes in the principal
items Of the New York bank statement
for last week were as follows:
Surplus OBSERVATION-DISCLOSURES. Dec s2C52, 52j
Loans ACKNOWLEDGEMENTS. Dec. u 49, 3ob
Specie ACKNOWLEDGEMENTS. Dec. 3.alO.S01
Iezsl tenders. Dec 2'so'.iop
Deposits ........................ Dec 1851 500
Circulation .-...-.-.-........... Inc 1890
The following table shows the condition
of the New York banks for the past week
as compared with the statement for the
previous week:
Louns .....-........... s9ls,ss9 500 500. 4iO 80
Deposits ............... I0oi, 2s8 200 800
Specie ..-....--...-..-. ls5.570.s00 Isl SO so
Legal tenders....-..-- 52S5o,5o o. 4l2 500
Circulation ..-.---.--.. Sl6S5,W1 SL'sl-1oO
The following shows the relation be
tween reserve and liabilities:
Mar. 30. 0I. April G. Oh
Specie .Sie6, $50, so Sle2, sG0.jg1
legal tenders. I2,S7oJO0 Co. iO2- so
Total reserve. S25s, 80, 300 s252 PCS, 800
Reserve required against
deposits .-.......-.--... 25I.O7O.soJ 2464s5,S25
Surplus Of over
Is per cent--....--...-. s7,s7c,J0o Sj,si7,9I5
II will thus be seen that the surplus OF
the reserve above the % per cent re-
quired by law is s5,Si7Y15, or g. 052,525 less
than it was for the previous week. In
the corresponding week of last year there
was a surplus of s. 9Oi. 800 while for the
same week in 1893 there was a surplus of
sl21ls,e25; in 1875 there was a surplus of
SIS 036.iI5; in lo97 there was surplus of
81. 666.5l5.
The reserve has not been so low at this
time of the year as at present for many
years.
For the first time in many months
money rose to per cent at the close Of
business for the week, last Thursday, but
the incident was without great influence,
ii being generally recognized that some
belated borrowers were merely competing
for accommodation over the holiday from
Thursday to Monday. moderate amount
OF gold has been exported to Europe and
sterling exchange authorities seem to ex-
pect that there will be further engage
ments, that an export movement may
start in later this month which will re-
qrire even as much as S25.0 900 for trans
fer from New York.
The steel securities are among the few
on the stock list that do not seem TO have
reached high d price they deserve,
despite the magnificent business condi-
tions throughout the country. These
stocks have been prominent in the activi-
" of week Of many extraordinary fea-
lures. The shares have been traded in on
tremendous scale, and they have ad-
vanced substantially. Pessimistic pro-
phets calculated that just soon as the
issues were listed on the stock exchange
there would be hurried liquidation upon
the part Of people who had merely bought
to take advantage of the first opportunity
TO grab profit; but there has at no time
seemed to be anything like an important
selling tendency; In fact, what has APP
peared To be more in evidence than any
thing else in this part of the market haas
been the effort required to keep quota
tions from ballooning. Under prevailing
conditions IL would have been easy enough
for MIR. Morgan ana Mr.. Keene to have
sent both the common and preferred
stocks liting upward or 10 points at a
time. but, instead, they and their asso-
ciates have seemed earnestly intent upon
preventing such mistaken outburSts. The
pace Is slow enough to be sure, and the
market, showing fiTmness, rather than
Doominess, Is thus made healthfuL Ac-
cording to the very highest authorities
identified with the finaaciering Of the
great trust the marzet value prospect is
amply bright, and according to them in
vestors can count confidently upon early
dividends not only on the preferred, but
on the common stock as well. There has
come 10 pass none of the dis: urbinE things
apprChcnded 70 be due when stock ex-
change transactions should start in these
securities; instead, long lists Of benefits
are quoteo not In Wall Street merely.
but in important trade circles as well.
Caution is naturally ia be advised in the
purchase Of these stocks, as they are
ely to have important reactions but
apparently there is less risk in them now
than IN purchasing many Of the railway
securities which heretofore have had the
reputation ~ EtSl SldDililys comparative
ly speaking
II WAS announced on Saturday that the
special clearance of United States Steel
Corporation contracts, which was begun
IN the Stock Exchange Clearing House
Thursday morning, had been completed.
One hundred and fifteen clerks were en-
pioyed, and the task was the largest In
the history Of that institution. All deal
ings in the steel securities since March 2,
most Of which were made on the curb
were included in the special cleara noes
The stock represented In these transac-
lions is said 10 have amounted to nearly
100000 shares, the total transa ctions
sggregating a money value in excess OF
$500. 0O0.0 900.
Railroad earnings this year are the
largest of any like period known. accord
tng TO Dun's Gross earnings OF all roads
In the United States reporting are S227-
fs,17S. a gain of IS per cent over last
year and 3l.3 per cent over 1888 The re-
port includes roads embracing three
forrths the total mileage OF the United
States for January and February For
March only partial returns are given, but
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