The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-28

Specie, increase INSTRUMENTATION. 462, 200
Legal tenders, decrease. ....... JS1 so
deposits, decrease ...--......-...-.. 2,6Oo,J0O
Circulation. decrease ---....--.....- 1o 100
The banks now hold S4S, S94, 75o in excess of
the requirements of the % per cent. rule.
The New York Financier says this week:
"A reduction of 81 1881. $40 in the loans of
the New York banks after an expansion in
that item of $. 10000 since Feb. q was a
disappointing feature of the bank state
ment fox the current week. The loan con-
traction was accompanied by a falling off
In deposits and an increase in the reserve.
Just what brought about the decrease in
the loans is not exactly clear, but the
previous weeks statement, it will be re-
called, in the face of a siX-million-dollar
loss to the treasury by the banks. showed
almost no increase in the loan Item, dem
onstrating that a considerable liquidation
was IN progress. There appears to be moth
inOCat present which foreSnadows an in
crease in the loans Item; in fact. many OF
the banks report that their lines are rather
well filled. and the market has displayed
considerable ease during the week. Any
advance in the current rates therefore Will
depend in great measure on the reduction
OF the balances which country banks main
tain at this center. and which are subject
to withdrawal. In other words, the money
market now awaits the revival of business
at other centers. The sudden advance in
foreign exchange earlier in the week was
met by the offerings OF investment sterling,
but as the Accommodations of exchange are
not supposed TO be. Suf1c1ent TO last over
six weeks there may be a critical
period so far as gold exports are concerned
before summer opens. That exports will
actually occur, however, Is not at all GER
tain.
BANKS GROWING WEALTHY.
Despite the unsteadiness in the financial
world for the past few years. it is a re-
markable fact, and one showing the ex-
cellent management of the New York
banks. that in the past decade these show
an increase in the book value of their
stock of 34.S per cent. Since 1850 the trust
companies have added $l4. 5000 o to their
surplus. a gain equal 10 20 per cent. of
their capital"
Total sales OF stocks were 129, 500 shares,
including the following: American To-
bacco. 1880; Burlington. 1850; Chicago
Gas Trust receipts, 6. 90: Louisville & Nash
Vile, $500; Northern Pacihc preferred. $780,:
Reading, 400; ST. Paul. IL, 100: Tennessee
Coal and Iron, $500, New Jersey Central,
1900.
Except for a brief period after the open
ing, there was no disposition apparent Sat
urday. on the part of the shorts on New
York Change 10 cover, even over Sunday.
and all seemed content TO realize on a fall
ing market. The course of prices was up-
WARD at the start, only in response TO the
high range OF London prices and on "A
small amount OF covering. The movement
was most marked in the grangers, but did
not exceed q fraction at any point. The
large preponderance OF the dealings was i'm
the industrialS and the SpeciaIties. railroads
being comparatively neglected. but surerinp
from the common depression. There were
evidences OF manipulation in some of the
leading industrials and the effect was re-
nected on others. This continued PRACTICAL
ly without interruption 10 the close. which
showed the lowest prices OF the day and
about the lowest for the week. The deal
ings IN Sugar. Tobacco and Leather pre-
ferred were nOticeably heavy and each In
turn was attacked determinedly, resulting
IN q marked fall in price. The railroads
continued under the heavy weight nf tho
lear or a rate war on account of the dis
solution or traffic associations resulting
from the transmissOuri decision. The low
priced shares seemed 10 be picked out for
special attack and bore the brunt of the
selling In the railway list after the first
hour. The following indicates the days
declines. where they exceed a fraction:
Sugar, 1as; Tobacco. l1s: Chicago Gas. Ia:
Leather preferred, ia New Jersey Central,
Us; burlington. Ia; Rock Island. rs;
Omaha. 1A; LAX Shore. .: Louisville K
Nashville. /; New York Central. H.: Bal
timore & Ohio. 24. with a SUBSEQUENT rally
OF 1 per cent; c.. c.. G. & St. L., ]: North
ern Pacific preferred l; Reading. II Read
Iron, l; American Spirits, !; American
Spirits preferred. 2hs.
III ANTI-PooL DECISION.
The decision of the Supreme Court on
Monday, that the old Transmissouri
Freight Association was illegal. under the
Sherman antitrust law. has occupied the
attention of Wall street all week TO the
PA6NNSoA tANAdSAOh VI ever luinS else. Inc
decision was announced too late on Mon
day to have any appreciable effect on that
days trading. but prices broke all around
on Tuesday and the general tendency
downward was not effectually checked all
through the week. This was the mere re-
markable as the market had already with
stood some severe shocks in the last few
weeks, such as the recent severe slump in
Missouri Pacific ami New Jersey Central.
with nothing more than "A momentaTy pause
In the rading. But the fear in the minds
OF all owners of railroad shares that the
tranSmissouri decision meant the dissoIu-
ton or all existing rate and ira fife aSsocia-
tons and an outbreak of destructive war
between railroad lines all over the coun-
Try, broke the market. which had held firm
through other vicissitudes. The Wander
bilt stocks. which had been the sustaining
force or the market ever since the Lake
Shore ~refunding plan was made known.
succumbed quite as readily and completely
as any OF the others. The industrials did
not entirely escape the effect OF the judicial
decision. the Sherman antitrust law hav-
Ing been somewhat discredited as an in
strumen OF aggression against CORPORA
tions before IL was thus sweepingly con-
hrmed by the highest court.
The fears occasioned I'm Wall street have
been diligently fed all week by the alarm
list views expressed on the decision by prac-
tfcally all the railroad men who have
talked on IT. The immediate disintegration
or the associations of which the grangers
and the South estern railroads are mem