The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-16

posted rates, $4Sl1zu4SS and <L6S1e44S,
commercial bills. 4.S.
Bar silver, 6Ssc. Mexican dollars. 55lsc.
AT London bar silver closed at 81 9-i6d per
ounce.
The exports Of specie from the port of
New York for the week amounted to 1850
in gold and 81. 0l5. IA in silver. The imports
were: Gold. s42, ss5; silver. SOS. 7os; dry goods.
S.s77,5S2; general merchandise. $,55S,2n.
The weekly bank statement shows the fol-
lowing changes:
Reserve, decrease S1.7X. $40
Loans. increase z,USs,VO
specie, decrease -.---..........-... 9JavU
Legal tenders, decrease. bl,4O
deposits, increase .-.--.-..-.---.-- Sz,.nV
Circulation, Increase ...........-... z5l,0o
The banks now hold s21, AS SIS in excess of
The requirements of the Is per cent. rule.
The New York Financier said Saturday:
The statement Of the associated banks OF
New York city for the week ending March
decrease In the reserve. two factors that
nave always operated 10 produce a hrmer
money market. one year ago. with the re-
serve down To SlI,5eS.115. money was loaning
on call at but little over 2 per cent. and it
did not &c above that figure except for a
few days, although the reserve sunk to
about SIS. 10000 on March 30. Twelve months
ago. however. specie was being imported at
an average rate OF 100000 a week in con-
nection with the syndicate bond loan. The
present statement indicates that IL would
take but little 10 advance the present money
=; fat sso the banks lost =, last .s week according
outward flow OF funds to the West. and in
some cases TO the South. continues. New
York exchange Is still at a discount in the
majority Of the important centers in the
West. and the call from this section, es-
pecially for bills Of similar denominations.
local money market is the government funds
held by depository banks in connection with
the bond loan: II Is probable that this
and its witbdra wal may exert a beneficial
effect soen. The amount of loans placed
here by foreign banking houses is said to be
large. and these two causes have certainly
been responsible In part for the low rates on
call loans. The call for money from the in
terror has been on the whole a good thing
edly checked gold exports for the time be-
CURED since the bond award, 1t may be noted
that the surplus of the banks is now over
$is.ooo.oco less than on Feb. s last"
MODERATE STOCK DEALINGS.
The volume OF business in stocks Saturday
was only moderate and the dealings bore the
usual imprint of manipulation. With a sim
gle exception. vagaries in the industrials
were the features. the usual eccentricity of
movement being noted in that group. Lon
don was a seller of the Northern Pacifcs.
but otherwise was not a factor in the mar
ket- The stocks mentioned were notably
weak on apprehension OF severe assessments
Under the plan OF REORGANIZATION. which. it
IS understood, viii be published on Monday
next. II Is evident that the common and
hsavily to provide for the large amounts of
cash that are imperatively required to reha-
plnsate mat great property. Upon dealings
stock yielded l4s and the preferred "a per
cent The trading in the rest of the list.
featureless. General Electric lost IL to 3e5s.
with Boston a large seller and subsequently,
q repurchaser to a more moderate extent.
Tobacco. on the other hand, was exception
ally strong on manipulation and gained IL
and the preferred l per cent. with a subse-
quent fractional reaction In the last named.
Distilling improved y per cent. on sugges-
tons OF a formation of a new pool in the
stock. Sugar sold up Ia, ostensibly on ac-
eign and domestic product. Most of the adj
vance was retained. The railway shares
later on purchases to cover shorts. The final
operations were Irregular and changes show
small fractional net gains.
The speculation OF the week clearly indi-
Gated the continued indisposition of out
siderS 10 make ventures in Wall street de-
spite a number of developments that would
ordinarily have created interest in the mar
ket. The responsibility for this condition of
anairs Is ~variously placed on the pro-
longed political excitement, both in this
country and in Europe. the extravagances
or Congress and unsatisfactory condition
OF general trade. The merchants report
tnst increased transactions are made, as a
RUE. only at the expense of values, and In
many cases are neither able nor willing to
contribute toward the financial necessities
VI tuc DTOkcfdBt contingent. The more inn
po-tant events have included the declaration
or the regular quarterly dividends on Sugar.
Manhattan and Western Union, the half
yearly disbursements on Northwest pre-
ferred and st. Paul preferred. and notably
the advance made In st. Paul common TO
a 4 per cent. annual basis. The purely pro-
the week was evidenced by the speculation
that was at times INDUCED in in the indus
trial shares. Tobacco was pre-eminent in
lnls class IN point or activity and erratic
:fuctuation- The strategy employed by the
insiders was of the most adroit character.
HOW TOBACCO RANGED.
At the outset reports were In circulation
OF renewed aggressiveness by the opposi-
ton. discussions in management and other
reports Of a like tenor. The price sagged to
IN. against 1875. the closing sale of the
previous week At the lew point large In
teresrs were heavy purchasers. The climax
came on Wednesday,. when rumors OF a
cot-p.omise between the trust and its COM
important properties. caused a stampede by
the shorts which sent the price up TO S374.
transactions on the day mentioned aggregat-
ing 10000 shares. the banner total for a
days trading in any stock In the past ff-
teen months. The extreme advance was
reached In the first hour and a half of trad
Ing. and a jump OF s points from the closing
or the previous day occurred. The subse-
quent movement was irregular. and the
stock left on for the week at a net improve
ment OF l0s per cent. General Electric was
~ Atdtuic III CcihicCt4ou viii fNluOIs Oh "A
favorable character which eventually crys-
tallized into the official report or a har-
monious arrangement between the company
and the powerful Westinghouse company re-
garding the Division or electrical business.
TIE stock Of the first named company rose
5% as compared with the final figure If last
Saturday. The net gain for the week was
reduced by realizing sales TO pa per cent.
Interesting developments In addition 10 those
noted Included a squeeze of saorts in Baiti-
mere * Ohio, causing an advance of 3
per cent. The closing shows a gain
OF rs per cent. The readjustment
20 take up a considerable time. and init
nations OF quite severe assessments on the
junior securities are Gnofhciallly made The
forthcoming plan OF reorganization OF the
Northern Pacific company excites wide
spread anticipatOry interest throughout the
financial world. owing TO the largely distrib-
uted holdings OF the securities and the pro-
tracted embarrassment OF the system. The
securities OF the new Erie railroad were
listed on the exchange and Inclined toward
a lower level. The net changes I'm the gen
eral market. aside from those enumerated.
were slight and In most instances record
declines The aggregate sales were 1.2il. 97
shares.
The trading Ia bonds to-day was excep-
tionally DUH and undressing The deal
fngs amounted 10 S62f.0oo. Business for the
week shows irregularity. but a fairly firm
tone ruled. Final prices We're at slight con-
cessions- The total sales were $6.224,O00.
Government bonds were irregular. with an
mortgages marked Improvement occurred
IN Tennessee settlement threes. This issue
figured for the bulk OF the business. which
aKxregafet ~ 1000. In silver certificates