The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-10

At London bar silver closed at 27%d per
ounce.
The exports of specie from the port OF
New York for the week amounted to $751;
29 in gold and $9Tz, 500 in silver The i'm
ports were: Gold, $91, SAL; silver. $50, S67; dry
goods, $5,34O.3n; general merchandise, $13,-
041, 648.
The weekly bank statement shows the
following changes:
Reserve, decrease 81, S21 $50
Loans, decrease ................. 9l1,6OO
Speeie' increase ...."....'".'. e90'9 y
Legal tenders, decrease .............- 6,6SO, 20
Deposits, decrease ................. 6,502,6V0
Circulation, decrease ................. 3Z9,9OO
The New York Financier says: The
heavy decreases shown in the statement of
the New York banks for the week ending
May 8 reflect in a belated manner the move
ment of gold to Europe during the last ten
days. The withdrawal of legal tenders for
gold export purposes'is shown in the con-
traction of Sc. 6S8, 200 in the legal-tender item.
The difference between the $4,000 ,000 actually
Withdrawn and the reported decrease has
been made up, apparently, through the re-
ceipts of money from the interior. The to-
tai loss in cash during the week was
$6,447, 300, but it is noteworthy that the
banks, while they have been losing legal
tenders, are gaining gold, the increase since
the export movement began aggregating
$4,000. The detailed statement shows that
the legal tenders withdrawn by gold eX-
porters We're furnished principally by the
Hanover National, the National Bank of
the Republic, the Park National and one or
two others of the larger clearing house in
stitutlonS. Inc gain IN specie is dlstrlp-
uted well throughout the list, but, as usual,
u very small percentage OF the banks hold
the greater part OF the sold now in
the clearing house vaults. The decrease
of 1911 ,o00 in loans is a disappointing feat
ure of the statement. 1t was brought about
probably through liquidation in special ac-
counts as the demand from mercantile
sources is stronger than one week ago.
The operations noted resulted in a decrease
of So, 502, 600 in net deposits and the reserve
was reduced ASH 500, bringing the total TO
$44, 095,975, which is lower than has been
reported since January. While the present
rates for money continue low ana have
been scarcely affected by the recent gold
Withdrawals, 1t Is worthy OF mention that
the loans of New York banks are now
thirty millions larger than for the CORE
ever, are seventy-five miAions larger than
at that time and the excess reserve is
s24, 000,00 larger. The enormous volume of
imports now pouring into this center will
without doubt, exercise an influence on the
market sooner or later. For the week end
ing May 8 the total for dry goods and mer-
chandise was nearly eighteen ana one-half
million dollars, an increase of three and
one-half millions over the previous week
and the largest, with the exception Of 1872,
in the history OF the country"
The banks now hold $44, O95,975 in excess
of the requirement of the % pey cent. rule.
The eccentricitieS of the exchange market
and the gold movement continue a puzzle
to traders. The sales of the bills against
the weeks shipments, which aggregated
&, 5OO,000, We're made at a price of $4.8l4 or
under. which is considerably below where
any profit can be figured in the transaction.
Saturdays shipment came as a total sur
prise, ard opinions differ widely as to
whether further shipments will be made
this week. The low price of sterling ex-
change. the rise in the Paris rate on Lon
don, the reduction in the price of bar gold
and American eagles in London and the
continued low rate of discount for money
there all indicate the contrary. The out
going gold movement has a deterrent effect
on advance in prices, but the effect is large
ly sentimental and no serious apprehen-
sions are felt for the Nations supply of
gold or for the effect on its currency.
Total sales of stocks were O,S47 shares,
including the following: American Sugar,
Gas Trust receipts, q, 1900; Omaha, 1900; St.
Paul, 5,l0J; Western Union, 100.
Considerably over a fourth of the deal
ings at Saturdays short session of the New
York Stock Exchange was in Chicago Gas,
and when the sales of Sugar were added
about half of the total sales were account
ed for. The dealings in Chicago Gas con-
sisted for the most part in quite heavy
realizing sales. and the price suffered ac-
cordingly, although there was some re-
Operative power in the stock. The loss
amounted TO ia, and an accompanying
stituted a pretty heavy drag on the market,
which was well resisted in the case of the
railways. New Jersey Central was sub
jected to special pressure and lost rs.
Sugar also sold off = and Western Union
q. The losses were restricted to less i'm
portant fractions in other stocks. A light
demand for the granger shares developed
after the first hour, and this, coupled with
the demand from the shorts. was sufficient
TO check the downward course of prices
and bring about a slight rally in the mar
row market. The resulting gains. however,
did not extend beyond fractions, and the
net changes in all cases were quite unim-
portant. of outside securities, Standard
OIL lquidating certificates were sold at 3l2,
an advance of . points over yesterday.
The advance is accompanied by rumors as
10 the formation of a new company, with
resulting advantages from the ownership
OF the certificates. Standard Oil stock is
now at a figure away beyond all previous
records. Yesterdays closing price was 307
fiat, but when the market opened to-day it
ihlnedlately shot up a point. In another
half hour it had gone two points higher,
ana at IL O'Clock was selling at 81. with
3li32 openly bid. The price rose to 80 be-
fore the close. London was a small seller
IN the New York market on arbitration.
local prices remaining a fraction above
London quotations for American securities.
me history of the week as it refers TO
oeallngs IN securities has been unusually
pdffen OF incidents The unexpected re-
porting of the tariff bill to the Senate and
the waving of its consideration by the full
ami on Tuesday was accepted as n
bull factor in the market. One or two Sc
curlues showed loss of value on account of
ADVERSE provisions in the amended bill, and
others, notably Sugar, showed notable
strength on account Of advantageous pro-
lus through the market. But aside from
this, the avoidance of the expected delay
oANA ttN biAi III lHc committee and the IN
f%erential deduction that the final enact
ment Of the bill into law was nearer at
hand than had been supposed. encouraged
professional traders to buy, reasoning from
the Wall-Street standpoint that business
Improvement is waiting on the DISPOSAL by
Congress of the tariff question. Dealings
OH Tuesday, therefore. were animated and
the general trend Of prices upward. Re
ports of the influential character of the
opposition TO some of the provisions of the
bill caused a reaction next day. the mer-
curial traders rushing TO the opposite con-
clusion that there would probably be no
tariff BIZ enacted at all. The bears were
very pathetic about the distressing conse-
quences that were going TO ensue and they
saw additional danger to prosperity in the
foreshadoWed determination of the Senate
or OF a sufficient minority of 1t. to defeat
the arbitration treaty. thinking of the
manner In which the English owners Of
American securities sold them at the time
OF the Venezuelan war scare, the bears
thought II wise to anticipate the action
which London holders would probably take
Inc next day and sell stock 70 be bought
then at London's sacrifice. But London did
not sacrince, and, indeed. has paid little
attention 70 American securities one way
or the other all week. except some light
arbitrage operations. The price OF Sugar.
Whlch touched lis on the announcement Of
the senate committees sugar schedule. re-
acted next day on the reports of opposition
10 that schedule.
The formal offer of intervention by the
powers IA the Graeco-Turkish war has been
accepted IN Wall street as a beneficial fac