The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-17
NOT AFTER INVESTMENT
DEPOSITORS CONTINUE TO POUR
MONEY INTO NEW YORK BANKS.
Stock Business Dull and General
Losses In the Share List-LOcal
Business Not Heavy.
At New York, Saturday. money on call


London bar silver closed steady at Is 1-l6d
per ounce.
Exports of gold and silver for the week
ending Saturday amounted to $8S9,00O in sill
yer bars and coin and $2S60,234 in gold,
total of 50, 759, PA, against $5,579,S9 the same
week last year.
Since Jan. 1 gold exports aggregate $f2,-
S62, TAG, against $2S, 059,93S in the same period
last year. Specie imports during the week
amount to $7l GAG in gold and $64,4 in sill
yer, total of $l36111, against $94,467 in the
corresponding week Of last year.
Dry goods and merchandise TO the aggre-
gate value of $120 ,694 were entered at
this port during the past week, against
SIS. 1882, 019 the week before and $S,Ol4,506 the
corresponding week of last year.
The New York weekly bank statement
shows the following changes:
Reserve, increase. 1884,, 525
Loans, increase. 1,Ooi' W.
Legal tenders, increase. .............. Z9o, U0O
Deposits increase ACKNOWLEDGEMENTS. 1,4ol.50O
Circulation, decrease. ................. I66,2OJ
The banks now hold $44 49O,5OO in excess
of the requirements of the rs per cent.
rule.
The New York Financier says "The
causes that are responsible for the present
gold exports seem TO have made more of
a change in the New York bank statement
shipment OF specie itself. Thus while the
present movement of gold to Europe has
brought about an apparent net loss OF be-
tween eleven and twelve million dollars, the
deposits of the New York banks in the
same time have decreased only $5,OO0,UJ0.
while the actual cash reserve between May
/ and May Il has contracted only 81, 1852, 400
lne dinerence between the money with de-
nand by exporters and the reported smaller
decreases has been probably made up by
the receipts of funds from the interior since
the movement TO this center continues III
undated volume. The effect OF the exports
has therefore been largely minimized by the
receipt OF new funds. ON the other hand
the loans OF the banks are beginning TO
respond TO the demands or importers whose
largely increased business is without doubt
causing the outward flow OF gold, and the
expansion in the loan item OF the state
ment can be attributed TO borrowings on
import account since the narrowness of the
Stock Exchange market reduced the de-
mand for call loans to a low figure. In
view 81 che expansion in the loan account
and e.. ina crease in the cash reserve, the
increas. IN deposits was to have been eX-
pected. The Saturday shipment of gold
does not figure in the current statement
The banks are still reducing outstanding
circulation, which, during the money
sIringency previous to election, ran up TO
more than $40 900 900, and the present total
is Just about what 1t was one year ago
The course of the money market seems to
be governed largely at present by the mer-
chandise import movement. For the month
of April this was the largest ever reported
1t has continued in undiminished volume SO
far during May, but even If falling on
felt for some time to come.
Total sales of stocks were 1850 shares,
1900; Baltimore q Ohio, 500; Chicago
Gas 1900; Omaha, 5000; Reading, 2,UO;
Rock Island, 1890; st. Paul, SOU western
Union, 3,10G; New Jersey Central, 24UO
TRADE IN GAS AND SUGAR.
Chicago Gas and Sugar absorbed over
one-third of the total sales at the short
session of the New York Stock Exchange
Saturday, the dealings being about equally
divided between them. There was so little to
encourage selling in the course of the price
for Chicago Gas that the motive for it
must be attributed to doubts OF the value
of the stock being equal to the price. There
were, in fact, evidences of heavy liuuida-
ton in that stock based on apprehensions
that the consolidation measure will fail o.
enactment in the Illinois Legislature, and
with it the arrangement for division of ter
ritory with a rival company which was
made contingent on its passage. Stop Or
ders were reached on the way down. bring
ing large blocks of stock on the sagging
market. Sugar also showed weakness on
the probable effect of pending proceedings
against members of the company for con-
tempt of the Senate, but recovered the loss
The grangers, also, We're subjected to spe-
cial attack by the bears on account of the
weakness of the wheat market There was
little encouragement to buy in the course
of the London market, where Americans
were largely neglected and prices We're
weak. There was manifest apprehension,
also, as 10 what phase the Cuban question
may have taken on by the time trading
is resumed on Monday. The impression
prevailed in the street that he intentions
of the administration towards Cuba We're
In a formative state with a possibility of
taking on an aggressive tone. The an
thracite coalers displayed some firmness
que to covering of shorts over Sunday and
only trivial changes occurred in their
prices. The Gould shares also manifested
continuance of the strength they dis
played Friday, but it did not outlast the
day and their prices declined in the later
GeaHngs involving them in net losses,
There was a general covering moyement at
the close OF the session which rallied prices
slightly, nearly all through the list from
Is to u per cent. from the lowest the latter
IT Chcago Gas. Some of the extreme de-
clines Were Chicago Gas, 25s Burlington
q Quincy. rs; Northwest l. St. Paul q ;
Rock Island, l; Omaha, q. and New York
Chicago & St. Louis second preferred, IL
the latter without rallying.
frlceS generally of securities are quite
substantially lower than they were a week
ago. But there have not been lacking en-
Gouraglng features in the weeks trading
The subsistence of the fears engendered 6V
the war between Turkey and Greece led to
quite a notable revival of activity in the
I9relgh markets Tor securities. and, al
though Americans were given less attention
IMAM oIher securities, their prices in Lon
don did improve. and especially on Mon
day ana tuesday. and there were a good
many thousand shares bought i'm the New
York market for foreign account The
subsistence of tine buying from this quarter
was apparently due TO New York's per-
sistent failure to reflect the confidence man.
itested by foreigners in American securi-
be for the London market to open with
improved prices and for New York to sell
off these prices after London had ceased
trading for the day. After Wednesday
London abandoned this programme The
New York market remained persistentlv
dull and in consequence open TO bear at
tacks. Commission brokers are inclined to
lay great stress on the dealings in bucket
shops 10 account for the loss of interest
by the outside public in the market, and
the Stock Exchange is engaged in very en-
ergetic efforts to stamp out bucket shops
by legal proceedings. to discipline such of
its own members have any dealings with
them or discretionary pool establishments
and TO withhold the quotations the ex-
change from the bucket shops and from the
public IT large.
DEPRESSl2S BUSINESS.
Whether an undue Importance is attached
10 this kind of competition as a cause of
the prevailing dulness of trading is open to
question But that extreme dulness char
acterized the weeks dealings even days
when values We're advancing, IS certain
The lack Of interest in the market was, of
course. prime cause of the check to the
advance in prices. That that balance of
internal merchandise credits was materially
affected by the recent heavy import move
ment is shown by the April trade state
ment, which reports an excess OF imports
OF merchandise over exports of SIS, l2S 1874
But this still left for the ten months OF the