The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-12


bar silver closed at 2s 7-16d per ounce.
Exports Of specie from the port OF New
York for the week amounted to 81 900 in
gold and 1915. 731 in silver The imports for
the week were: Gold, sls.661; silver, s35 353:
dry goods, 50, S75,1s4; general merchandise
$3.50, 339.
The New York weekly bank statement
shows the following changes:
reserve, decrease ....................Sl.i9 6,52o
soscs. ddecrease 7 10 ooo
Legal tenders decrease. .............. 2,204, 100
Deposits. decrease ACKNOWLEDGEMENTS 8. 309, 800
Circulation, decrease -.----.-.--...--- IL. 900
The banks now hold s46.1lOO5O in excess
of the requirement. OF the % per cent. rule.
The New York Financier says: Despite
She fact that the banks gained largely from
the interior during the week. the statement
Of the associated banks for the week end
ing April 10 shows actual decrease of
s2.s24,0oo in cash. But it is altogether like
ly that the statement owing to the system
of averages used in computing the totals.
Is reflection of the previous weeks trans
actions. There Is certainly nothing to bear
out the changes reported for the six days
ending April 10: thus within two weeks the
New York banks have apparently lost
A,l1.3O0 cash. and while this represents
approximately the payments into the treas
ury or customs duties no account seems
10 have been made of the cash which has
come into the banks during that time. the
deposits of the banks during the last
month amounting to over s12.275OO0. In the
same time loans have decreased about
S5oO.00O, while the excess reserve fell off
over $6.5O0.0O0 The actual cash holdings of
the banks are almost AO.000.00O less than
they were one month ago. so that, while
the successive changes from week to week
appear small, the operations for the month
IN the aggregate have considerably reduced
tne free cash in banks. The payments by
importers into the treasury are responsible
f tor Tue greater part OF the loss in cash
holdings. and the fact that the treasury
mas been gaining largely from the banks is
an additional evidence In this particular
market is disappointing. the Operations OF
the past week having resulted In a de-
crease of s22O.iO0 This. however coming
erai weeks, is. small. and leads to the
nope that the turning point may have been
Total sales OF stocks were 4aH shares.
including: American Sugar $500: Burling.
ton, $500; Chicago Gas. 1860: Reading.
$50 sSS' St. Paul. $500; New Jersey Central
nr Tnere was va ,S quite marked nnertone of
Saturday. but the market felt the reflected
depression OF the London market on ac-
GeSunt OF the outbreak of hostiiitfes the
1raeco-Iurkish frontier. The opening was
al somewhat higher range than the cur
lent zen prices In London and there were sales
Tor Tor foreign account of the international
Gown 10 the London level soon after the
oIening Both the grangers and the coal
Central and Delaware & Hudson lost .
point each Chicago Gas was the leader of
s,ack ma wsr though the total sales of
iyWo shares were of Chicago Gas The
nuylng was good and the price rose to S3Isc.
the best OF the week, and, in fact. in MANY
weeks. The rise in this stock stiffened the.
general market. Sugar rising to ia. and
Del & Hudson and New Jersey Cen
a
nss generally shared in the rally, but not
SSunicientIy TO overcome the early decline.
the first week in April of St Paul WAS a
factor In the early decline of the grangers
me closing was flrm at the rally. but most
OF the STOCKS showed slight net loss
BACK TO THE Low LEVEL.
The condition OF business in the stoct
market is closely parallel to that which
prevailed previous to the announcement of
the Lake Shore refunding operation early in
marcn, and the notable buying of railroad
STOCKS which followed. Prices except for
some of the Vanderbilt properties and a
Few or the specialties which are affected nv
peculiar circumstances. are quite materi-
ally lower than then. But the situation
presents the same narrow market and the
same persistent industry of the bears in
manipulating special stocks for their effect
on the general list. In the same wav es
then. also. the success of the bears in
achlevIng success is Immediately followed
Dy a railing OF in the volume OF transac
IONS ana an urdercurrent of Resistance 70
tEe decline indicated by an unwiIi;nenesS
10 part with holdings at the decline 1rIsS
bear element is still "A powerful factor in
me market. as IL has been ever since the
supreme courts decision in the transmis
SUIT case, put large proportion of the
snort sales made at that time have bean
covered. and the fears of the unfayorabla
laid So on ralroad values of the conditions
idiu uoWn I'm that decision have larpeIy
snosided Further confidence i'm the Taii
road situation has been engendered also bv
me manifest anxiety of the railroad an
thorities themselves to avoid any confi;ct
oe business interests and by the industrious
short making To provide means for preseIv
Ing rates which will NOT conflict xtith ~
law. Ihere Is a disposition TO reIv ON The
a ,ts.;o, OF the interstate-commerce Com
MISSION as an aid TO the efforts of the rail-
road authorities i'm keeping the recaicitrant
ISliroadS IN line The mutual agreement OF
the roaus 10 Keep the commission Informed
of any deviation from schedule rates seems
To be salient feature of the new device of
Western railroads. as a substitute for the
Cd associations. The members of the Joint
Traffic Association seem TO feel reassrIred
rather than uneasy over the call from their
commission Tor statement of existing
rates. contracts and agreements NOT re-
ouced TO writing. as means to aid them
i'm discovering any determinations i'm rates
maintaining these rates. which are the Gre
alton of the traffic associations constitute
condemnation of the associations by the
law as construed BIZ the Supreme Court
IOunudt1On Improvement
market on recovery from the effects of the
rate war scare thus seems TO be we'll laid
and the situation gains further promise
from the strength shown by some of the
individual stocks In the market and by the
general average Improvement in railroad
earnings shown by reports fer the last Week
In March The tendency toward recovery
was marked on Thursday OF the week
when prices tended upward nearly all the
day on the exchange ard the demand broad
ened through the comparatively inactive
Held. But some of the general features OF
the business outlook are felt TO be still I'M
satisfactory 10 a degree, and there are ten
der spots in the list OF stocks. through
which harm is rendered 10 the whole mar
ket
Thus business and prices on the Stock
exchange Were directly affected by the fall
IN wheat on Wednesday. the lack OF good
regarded prime requisite for stability
and growth I'm values The apparent halt
IN the Improvement OF the iron and steel
lacking I'm encouragement.
COALERS WERE WEAK
II Was felt that the outlook in other lines
OF business also was not entirely satsfac-
tory The damage TO railroad properties by
the storms in the West and South was
taken serious account OF. Quite the most
notably weak spot In the market continues
TO be, as for some time past, the anthracite