The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-24

for demand and $l.S6d4s614 for sixty days;
posted rates, $4S and $4.SS12; commercial
bills S4s51a
Bar silver, 60Ac; Mexican dollars, 475sc;
silver certificates closed at 60Aq6O9sc. AT
London bar silver closed steady.
The exports of specie from the port of
New York for the week amounted to
$1,2O98O4 in gold and 1913 459 in silver. The
imports were: Gold, $27923; silver, $57.95O;
dry goods, $2,S73,24S; general merchandise.
$S,0977S0.
The New York weekly bank statement
shows the following changes:
Reserve, increase ..................1,50 sos, $50
Gdis, decrease '..''..'.'.....-.'...'' SSo'900 0
Specle, increase OBSERVATION-DISCLOSURES. l65,300
Legal tenders, crease.............. !, ga, 800
DepoSlts, decrease ..................... l'aVV
Circulation, decrease ................. 1890
The banks now hold $45, $685. $50 in excess
o. the requirements of the 25 per cent.
rule.
The New York Financier says: Despite
the fact that between S12,0OO,O00 and
$1S,0OOOOO Of legal tenders have been
withdrawn from the New York
banks during the past three weeks
for gold export purposes, and that
the customs payments during this season
have been abnormally heavy, the clearing
house institutions report for the week end
within $40OO000 of the total reserve held
when the outward movement began. The
only effect of the withdrawal of FUNDS for
the purposes named seems TO have been in
reduction of the surplus cash to the eX
tent of about one and a quarter millions.
This measures pretty accurately the extent
OF the interior movement, as loans remain
just about where they stood a month ago.
AS domestic exchange has risen during the
week at interior centerS, there is nothing
to favor the belief that the flow OF funds
to this point is yet ct end 1t is fact,
however, that some demand for rediscounts
IS sprnglng up from the South, and the
reserves Of some of the banks in that Sec
ton are being reduced in consequence of
the call for money. Locally the situation
IS summarized in the reduction of $99S, 500
In the loan item. The New York banks
evidently do not look for an immediate re-
tered into by number of the larger in
stitutlons this spring to loan no money at
week and it IS said that some of the banks
are increasing their holdings of govern
ment bonds in order to make a return
their money But for all this, while the
bank statement does not show it, the COM
mercial paper market last week was better
1han the average.
BANK LOANS INCREASING.
"A revival at this time is not at all
unusual. Beginning April s. 1895, the loans
of the New York banks began increasing
and from $780, 43S, 300 went to $522 sos 900 with
out stop. Last year between Feb. and
May 16 loans expanded no less than $751;
100000. The increase from January, 1897, to
the present week has been only $135O0, 900,
although the loans of the banks stand now
$31OO0,000 above the total reported for the
week ending May %, 1896. It is natural
therefore, TO expect an expansion, even if
smaller than usual, between now and fall.
The situation is somewhat complicated by
the intricate exchange problem arising from
the heavy merchandise imports"
Total sales of stock were 54574 shares,
ihcluding the following: Burlington &
Quincy, $500; Chicago Gas trust receipts,
s,lOO; Western Union, 5000; New Jersey
Central, 1900.
The conditions in Saturdays stock market
prevailing for several days past There was
q marked undercurrent of strength through
the whole list and the tendency of prices
was uninterruptedly upwards with the
ception of the coalers, but this failed to
incite any outside participation in the
market and the dealings We're small. Sugar
continued to be neglected. The traders
seem to have made up their minds not
to see any cause for alarm in the Cuban
question and disregard the news on the
subject in manner that offers a strong
easions. They also attach a large
degree of Importance to a rumor circulated
IN very explicit form that the Supreme
Court will hand down a decision on Mon
day next in the so-called Nebraska maxi
mum freight-rate and interstate-commerce
cases, and that the decision in the former
case would be in favor of the railroads.
This case is of Importance to the grangers,
and the belief that the decision will be in
their favor materially strengthened the
group and made it the leader of the adj
vance. The buoyancy of the general spec
ulation on the London Stock Exchange also
impaired a confidence to the New York
market. The announcement of an addi-
tional shipment of gold for next Tuesday
of 100000 was without marked effect, and
the statement of a decrease of $685., 075 in
the gross earnings of Northwest tor April
old not AFFECT the strength in the granger
group. New Jersey Central displayed an
upward tendency at the opening on a con-
tinuance of Fridays covering which seems
fir=
hour, when heavy selling ensued, carrying
the stock down to IS below Thursdays low
Gas continues to receive inside support and
tended upward. The Gould shares reacted
Many stocks failed to complete recovery to
orally a small fraction below that. but but
with net gains on the day. The extreme
decline in New Jersey Central was 21s and
in Delaware & Hudson q. Leather pre-
ferred rose rs. with slight reaction Bal
timore & Ohio and Hooking Valley gained
large fractions.
FIRM TONE LAST WEEK.
The characteristic of the market for the
week has been an underlying strength in
the face of unmitigated dullness and al
most apathy, the outside interest being nil
Mcktnley's message had the effect of
strengthening the market. The passa ge of
the Morgan belligerency resolution through
the Senate was without any notably ad-
verse effect The consent of Turkey to the
AicuIdtloI OF the powers ana TO armiS-
tce pending the negotiations for peace
strengthened the market for securities. as
1t did on every exchange in the world The
speculative spirit in the London exchange
currently has received a marked impetus.
Ii new York exchange has not by any
means responded to the buoyant temper of
London, but good prices for Americans in
London and buying here for London ac-
count have been a factor in sustaining
values A check came in the liquidation in
the anthracite coalerS. and especially New
Jersey Central The temporary demoraIi-
cation in Chicago Gas consequent upon the
failure of the consolidation bill in the Illi-
nois Legislature came an additional
weight. The fall in the coalers is at
tributed to the issuing of a summons from
the New York attorney generals Office TO
the presidents of the coal roads to answer
charge of conspiracy under the new
antitrust laws and to the determination OF
the railroad officials 10 resist the inquisi-
ton. But the prevailing depression in the
earnings of these roads must be borne in
mind IN connection with the fall. The
strength centered in the gransers, the crop
reports and reports OF earnings be-
ing especially favorable The mar
ket has also been aided by the
restricted volume OF the gold exports
There continues TO be a keen demand
IN London for gold, the source Of which
Is made rather a mystery, but is reported
70 be Russia. The effect is TO put a prem
ium on gold In Europe. This widens the
margin OF proht i'm shipping gold and ac-