The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-15

ounce.
The imports of dry goods and general
merchandise at the port of New York were
valued at S1O.771, $50. The imports of specie
were SEQ, S33 of which s40.150 was gold The
exports of specie at this port for the week
aggregate ss7SO6O. of which $4,000 was gold.
The New York weekly bank statement
shows the following changes:
Reserve. decrease. sol, SO
Loans. increase. zS9i, lvO
Specie, increase. o35,cOO
Legal tenders. decrease. .............. 3,756.500
Deposits, decrease. oSb, iOO
Circulation. decrease. .-....-...--...... 64,VOO
The banks now hold 51.63s. 225 in excess
OF the requirements of the % per cent. rule.
The New York Financier says: "A fur
ther shrinkage in the reserves of the New
York clearinghouse banks, coming after
the previous weeks decrease. makes the
total contraction for the past fourteen
days $500. s25. In the same time the de-
crease in cash was 81. 324 200. This is favor
able from a banking point of view. es-
pecialIy since loans have expanded during
the same time nearly sll.M00O. but the
excess reserve of the banks is still solo3s,-
as, and the outlook for better rates In the
money market Is not visibly brighter. A
factor OF some importance in the situation
at present is the rapid contraction of cir
culatiOn. The decrease 10 the present time,
counting October. has been about 100000
York banks is slightly under Sli,OOO,OW
further reduction is to be looked for The
the reason that the So. 600 900 monthly limit
on circulation decreases by the treasury
has been reached The changes in the
statement for the week are indicative of
better business. While some of these
changes ordinarily would not be important
they are worthy of attention at present as
revealing a lighter movement or currency
TO this center. The falling off is probably
not so much on account or the low interest
rates on balances as because of a renewed
demand for loans in other quarters, and
this OF itself Is rather important. The in
cident yerifies the forecast made some time
ago in this analysis that the banks could
Tot look for relief through gold exports
and as further bond loans were out of the
question "a domestic expansion in business
afforded the only measure of profit. Up
TO this time the commercial activity has not
been marked. but the changes in the
statements show that business is giving
signs of a revival. the extent of which cam
not be judged at present with any degree of
certainty.
SUGAR LEADS THE MARKET.
The total sales of stocks We're 106. 257
shares. including the following: American
Tobacco. 800: American Sugar Refinery
1890: Burlington & Quincy. 500; Chicago
Gas. $500: General Electric, 5000; Louis
Vile & Nashville. 300; Manhattan. 5000;
Northern Pacific preferred. 300; ST. Paul,
400: Tennessee Coal and Iron, $500.
Saturdays New York stock market was
characterized by still further declines as a
close to a week that has shown almost
uninterrupted fall of prices of stock. The
shares of the iron and steel companies were
rather more conspicuous than any others
and fell on materially. though on rather
light dealings. through approximations
caused by the depression in the Steel-rail
industry. Tennessee Coal and Iron fell off
24s under this influence. Illinois Steel show
ing "a decline, with subsequent recovery
of a point, and Colorado Fuel 2 The slump
in these shares had its influence in depress-
ing the whole market, in which a number
of, other discouraging factors united to
cause prices 10 fall away. note OF alarm
ever the threatening situation in Crete per-
vaded the market late in the morning and
lent its aid to the pressure on prices. There
was sympathetic influence exerted on
stocks by the sharp decline in wheat As
usual of late, also the industrials were a
mark for the bears and were subjected to
the usual processes by the traders to con-
tribute their effect TO the general list
Liquidation in some of these properties was
manifest. The resumption of the hearings
by the legislative trust investigation COM
m.ttee. though IL was not yet in progress
when the market closed. had notable eff
feet as usual. OF the industrials. in which
little support was forthcoming 10 withstand
the bears. Thus Sugar declined q, Tobacco
Il. Leather preferred H. and Chicago Gas
IL per cent Some material losses tlso c.
CURED in the usually inactive specialties
Laclede Gas preferred losing 312. Cleve-
land, Lorain * Wheeling preferred sold
at ~. against 40 on the last preceding sale
long time since. Hooking Valley dis
"ldySu eACeptional weakness and reacted
"a. the general per cent. bonds also losing
per cent Manhattan fell Ia on the un-
favorable quarterly statement. The gran
the railways. which We're, however frac-
tionaL Kansas * Texas lost Is.
me week just closed has belonged prac-
tlcaly 10 the bears, the course of prices
being almost uninterruptediy downward
Ihe railway list gave way stubbornIy
downward tendency, but being compelled to
yield In the closing OF the week The out
preak OF disorders in Crete, touching as it
does the Eastern question and carrying a
threat OF embroiling all the European DOW
ers, hes caused widespread uneasiness i'm
financial centers abroad. which has been re-
fected here. The bears i'm the New Yorl,
market have an ever-ready resource for de-
pressing prices as long as the legislative in
VesuSatlOn or trusts is pending rumors
as TO the possible action of which and its
consequences are never lacking. The in
duence without intermisSo4 d hE inns In IN
whole week, the result being shown i'm n
decline IN Sugar OF of g. points to l1Oz.: in
Tobacco preferred. ? TO 100 and
leather preferred. IA 10 55ls The over
ings was in the stock of these three com
panies. and their influence on the rest of
theugh t a was sres most m pnS at al, times
ways showed good resistance. The compli-
cations in the steel-rail industry affected
the iron and steel companies, though the
number OF shares dealt in was small
INVESTORS WAITING.
The general situation in speculation is
still characterized by the waiting attitude
OF the general investing public. which is
still apparently disinclined TO put 10 en-
ployment even idle money except in the
very safest securities. The absorption of
State and municipal issues and the move
ment in railway and government bonds in
dicates the prevailing taste of those who
have large amounts OF money to dispose of
Those who hope for an awakening of spec
ulatiOn and freer movement of money
eagerly sean all indications of a revival OF
trade as the thing most surely calculated TO
put end to the passive waiting of the
investing public The reviving effect on
the dry goods market and on the whole in
dustry OF Mondays great purchase al Fail
River OF 95O,O0 pieces of print cloth. said 10
be for 81 000.009. is regarded as one of the
that has occurred for a long time. Tie de-
velopments following the disruption of
the combination of steel rail manufacturers
or which are expected To follow.
garded as or almost equal importance in
their influence on the general outlook for
revival OF business IL is true that the dis
ruption OF the pool has depressed values OF
the properties involved TO a certain extent
through apprehension OF the effect OF the
war OF rates which seemed to have
been precipitated This depre sion was
reelected in other properties but IL Is
believed that the general effect OF the in
ctdsnt viii be good. The lowered prices