The Indianapolis journal., 1896-05-11


London bar silver closed at 31d per ounce.
Following are the imports at the port Of
New York for the week: Gold, s21,0i5; silver.
3S7 s57: dry goods. $l,7A.52s; merchandise, S.
000. .4s7. The exports OF specie for the week
amounted to S. 2o7 gold. s59s, ,745 in silver.
The New York weekly bank statement
shows the following changes:
Reserve. decrease lUl, l50
loans increase ....-.-.-..-.--..-.--... S'SsS @ oW
Legal tenders, decrease ..-.....-...-.. 30
Deposits, increase -........-.......-.... 11fO
circulation, decrease .................. l3,yW
The banks now hold s2o.2is.125 in excess OF
The requirements OF the 25-per-cent. rule. The
New York Financier says:
The statement of the associated banks of
New York city for the week ending May
IS In marked contrast with the one preceding
ued exports OF gold, which have drawn from
the banks a large amount OF funds which
Otherwise would have been counted In the
excess reserve The noteworthy expansion
in loans Of So 3s3. 200 was also an appreciable
factor in this connection and was one OF the
indicating, as II does, demand to a great
extent from mercantile sources The market
Tor loans during the week was on steadier
basis. despite the gold shipments. and the
demand for commercial paper is without
doubt increasing, and The business of the
banks has taken on a broadening character
In consequence. Another event which has
had bearing on the situation has been the
payment of several millions into the SUBJ
banks 50 that aItogsther ~ the weeks Hpc,sGss opepa
tfons prevented an accumulation of interior
funds, which are still moving heavily in
this direction and reduced the apparent sur
plus reserve OF the preceding week. The pres
ent condition OF the market Is more normal
vos at Rs s ns or she year
stood at $s1, ,ooo. .ooo and on May 12. 1894. at
$4,000. 900. which shows the changed condi--
lions to nicety. The immediate future Of
the New York money market rests largely
on the continuance and amount of gold ex-
ports. the disposition Of the remaining gov
ernment funds in national banks. and the
extent of the movement Of interior funds
The apparent growing demand for loans Is
the statement reflects in full the real
changes Of the week. The reported loss in
legal tenders was s.. SIS. 900 and the increase
specie 1896 900. and the excess reserve stands
at $20.2i3. u.s."
LIGHT STOCK SALES.
Total sales of stocks on Change Saturday
were only 50.5S3 shares, including: American
Tobacco. 400; American Sugar. $500; Bur-
nngton & Quincy, $500; st. Paul. $500.
The usual covering movement incidental
70 the half holiday was noted Saturday in
the New York stock market. There was abb
soluteiy no news bearing on the financial sit
uation. but the appearance of very moderate
commission orders helped cheerful senti-
menf- The market opened higher, but soon
eased on fraction under realizing orders.
The inquiry from the shorts. however. served
to sustain values. and In the subsequent op-
erations some sharp advances were scored,
The absence of foreign selling, a slightly
higher tendency in American stocks in Lon
trial list furnished the chief movements
sharp rallies being noted in some of the
depression early in the week. Rubber pre-
ferred jumped per cent to 80, and Laclede
oer railway shares d
less. aside from the fact that St. Paul
reached tha largest total S OF s,,1y any In the en-.
lightly touched on, but bankers usually well
informed look for at least one shipment of
speculation closed firm in tone at general
Purely financial considerations were the
sentiment during the week The withdrawal
OF S,850,000 In gold from the treasury dur
Ing the week and indications that the drafts
on the government reserve would probably
be continued caused some apprehension
which would appear to be premature at
ury holdings OF free gold at this time
amount to 61s. .sSs lsl Experienced bankers
contend that this reserve will be abundantly
have turned in favor OF the United States.
II shouli be recalled that the effiux of
and that the gold is simply forwarded in
the settlement OF international. trade ball
ances. At the moment the CHEAPEST form OF
outset, 1t was believed that the shipments
would be & checked ks.L by a general advance to
steamship lines. but the action taken failed
20 stop the exports.
PREMIUM FOR GOLD.
The advance referred to involved a rise
OF about 81 cents In the gold point for bills.
The adoption of the gold standard by the
Russian government and the efforts now
being made to complete this important
financial project have resulted In the pay
ment OF a premium for metal forwarded to
Germany. regardless of exchange conditions.
In addition to the outward movement to
Germany. gold was also shipped to Paris.
although unchanged rates barely allowed
the transactions.
In the early dealings there was some
spirited selling both for foreign and do
mestic account, and general material con-
cessions occurred, which were the more
pronounced In the international stocks and
the Industriais- The trend OF prices was
checked for a time by rumors of early
aoJournment OF Congress. but reports that
tion adopted by the House. together with
apprehension of revived Cuban beEigerency
aeltauon, started renewed selling. The crop
news was conflicting. and WAS reflected in
changing prices I'm wheat and stock values.
favorable item was the heavy oversub-
scripton 10 the 100000 New York city Siz-
the issue would probably go abroad. Rail-
Iodd earnings were satisfactory in the main
ana fncluced some OF the annual reports
OF the Vanderbilt lines. Although the last
mentioned were very favorable, they were
unable 10 prevent the respective stocks from
recording important declines. In the special
ties Great Northern preferred was con-
spicuous for a rise Of per cent. on The re-
ported acquisition by the company of a
large anthracite coal field. Tennessee Coal,
Colorado Fuel, illinois Steel and Sugar re-
acted sharply on rumors and on the news
OF definite acquisition of a leading COM
petitor jumped per cent, TO 33 Realizing
sales caused recession 10 2sL. Laclede
Gas securities reflected liquidation. Rubber
broke sharply on reported impending strong
opposition. and Tobacco was depressed in
dent and other officials OF the company The
railway list sagged In response 10 general
conditions, bur the losses were less severe
than IN the Industrial group. Call money
rates touched per cent. towards the end OF
the week. buf liberal offerings sent the rate
down 70 21z03 per cent. the normal quota
rions- The hnal prices recorded net losses,
although sharp reeoveriss occurred over the
early low figures in some instances The
The bond trading Saturday was dull but
nrm- The sales were s66S.0oo. The market
reacted during the week on the local and
foreign selling. The speculative issles sus-
t2ined sharp declines. with the extreme
losses. however. In the inactive bonds. The
transactions were $5,6Sf.ooo
8ovefnment bonds were active and irresgt-
Ar With the new fours generally undar