The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-13

AT London bar silver closed at 311sd per
ounce
The exports for the week amounted to
1.614,sOS in gold and s.. $50, $50 in silver. The
imports were: Gold. 1886. 10: silver. s17.225:
dry goods. s2,SS5,2SS general merchandise.
ss.sso.472
The New York weekly bank statement
shows the following changes:
Reserve, Increase ...................... S925 30
Loans. increase ....-...--..----.--..-- $500
SPccics uccf-dse ............sss......... flo6O
Legal tenders. increase................ $50 500
OspoS,I.s, Increase iSoo sm
The banks now hold s17.9s1. $50 in excess
OF the requirements of the % per cent. rule.
The New York Ffnancier said Saturday:
The statement of the associated banks of
New York city for the week ending April II,
for the first time in sixty days shows an in
crease in the reserve. the gain for the week
being nearly one million dollars. The banks
gained in cash. according to the report,
81, $4,000. This result, in view of the changes
incident to the week. was not what had been
expected. as the preliminary estimates placed
the loss to the banks from subtreasury cp-
erations and gold exports at about two mil
lion dollars The net interior movement has
probably been greatly underestimate, how
ever, since the losses mentioned were not
only made up but the statement brings the
banks out with one and one-quarter millions
more cash than they reported on hand at the
close OF the previous week. The only infer
IS that the interior movement made up for
the losses incurred in other transactions.
The rising premium on New York exchange
at all interior cities Is plain evidence of the
drift OF the funds In this direction and this
movement is bound to increase under normal
much money the New York market can n ab
serb from all sources without break In cur
rent rates Is an important question at pres
a q m haxr
invited larger offerings of foreign funds
which otherwise would have been exported
money market declines. The banks In al ha awe
been paying into the treasury OF late part
amount for the week being about two mil
lion dollars. This money will be gradually
Withdrawn from now. on The surplus of
tributed at 0' present. few few of the larger e
institutions holding. the bulk of the excess
reserve. The next few weeks are destined to
bring more important changes in the money
market
Operations in stocks Saturday dc not call
for extended comment. The local dealings
were the smallest that have been recorded
in many years past. footing up about 81
900 shares. London prices were slightly
lower. but the local market was sustained
by purchases to cover shorts. The publica-
ton OF the government crop report failed
TO exert any influence on prices, although
the condition of winter wheat. I'll. is the
lowest for twelve years with single ex-
ception. The railway list made general
fractional gains Sugar absorbed interest
in the Industrial list and advanced an Inn
portant fraction. Tobacco was neglected,
9 moysa up - pT es on b
firm in tone at general slight improve
ments.
dull and entirely professionals; in fact.
traders market pure and simple. The
OF Rt and
final sales record concessions in most in
stances. with the grangers. as a group, the
House of Representatives at the outset Of
the week favoring recognition OF Cuban
the overwheimns majority by Which the
vote was carried disturbed local financial
sentiment The professional dealers sold sold
for Americans in London. The news, how
ever. was received abroad with marked
took in part of their lines. Fresh ventures
were subsequently made on the bear SIDE
ment from the president emphasizing the
popular sentiment In favor OF Cuba Ac-
cordingly the changes on this subiess were
cessive reports emanated from Washing
ton purporting to define the attitude of
conflicting and served alternately to de-
press or advance prices washington
houses figured actively In the transact,9ns;
was another disappointment to the pro-
fessionals.
GOLD EXPORTS FEARED.
To an extent. apprehension of gold ex-
ports has restricted business the Stock
Exchange owing to the strength of the
exchange market. Later In the week. how
ever. rates eased off to point that would
preclude exports of gold on purely ex-
change basis The weakness in exchange
is partly due to the operation OF . number
OF sterling loans. OF Importance only in the
aggregate amount. The demand for
change has been very light, offsetting the
continued dearth Of commercial bills. II is
understood that any shipments that may
be made In the immediate future will be for
Russian account and would be practicable
only on account of special Inducements The
dizziness OF the stock market mas logically
prevented any appreciation In the rates Tor
call money and a tendency toward relaxa-
ton is noted in the market for commercial
paper. An important development OF the
week that will undoubtedly cause eventual
Improvement in the earnings OF many
transportation lines Is the ironciad agree
ment entered into between the roads in
cluded In the Southwestern Traffic and
Transcontinental Associations. The agree
ment covers the steamship lines or the
in most OF its details resembles the con-
tract between the New York trunk line and
stocks OF various iron and steel COM
panies have been favorably influenced by
the improved condltion OF those INDUSTRIES
noteworthy incident bearing on the re-
organization OF the Northern Pacific prop
critics Is the settlement effected by the re-
organization committee with the holders OF
bonds of he Couer 6'Alene division, follow
ing on the arrangement concluded with the
holders OF Northern Pacific * Montana
bonds. The important changes In values
were noted I'm the specialties. with Sugar.
Tobacco aud Manhattan most prominent.
The first named was advanced by pool
buying and by reported favorable trade
conditions. including advances In the price OF
toe product. but sharp recessions occurred at
Intervals. Tobacco suffered from persistent
liquidation by inside interests. and was also
hampered by the traders on revived rum0rs
OF litigation 10 restrain the. payment of the
20 per cent. scrip dividend Covering OF
the price eventually receded 10 S23sc. against
soc. the final price week ago. The closing
transactions shows net loss or per cent.
Manhattan left of with a net gain OF Ia per
cent on expectation OF Increased extension
1Gsy11eges- The annual report or the Buriins-