The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-04
DIRECTORS.
BIG RESERVE In BANKS
little DEMAND FOR THE PILES OF
MONEY LYING IN NEW YORK.
Active and Sensational week on the
stock Exchange. with Heavy Loss
es-Better Local Markets.

SlOtA WIN
es-Better Local
At New York. Saturday. money on call
was easy at 11z@1%4 per cent.
Prime mercantile paper. 3l2Q4 per cent.
Sterling exchange was steady. with ac-
tual business in bankers bills at $4S1A for
demand and $4.S5a@4.S6 for sixty days:
posted rates. $4.s61a and $f-Ss15; commercial
bills. $AS4AdAS5.
Bar silver. 615sc: Mexican dollars. 4s1sc.
At London bar silver closed at 2Sssd per
ounce.
The exports of specie from the port of
New York for the week were: Gold. $l5,SO0;
silver. S1.O2S. 19S. Imports: Cold. $4S,621: sill
YER. ST.. 900: dry goods. $2.654,347; general
merchandise. 81. f13.0i1.
The New York weekly bank statement
shows the following changes:
Reserve. decrease z5yl19
Leans, decrease -.....--.-.-----.. l. i49.9yo
Legal tender. 1.SA. 200
Deposits. decrease -....-..--....-.. 2,496.9U
Circulation. decrease ..-.............- l2o,OD
Banks now hold $47. $50. 575 in excess of
the requirements of the % per cent. rule.
The New York Financier says: The
steady liquidation in loans which has been
q feature of the statement for several
weeks past appears rather strange. in view
OF the demand for money needed to pay
customs duties and for purely mercantile
purposes The decrease in loans reported
Tor the week Just ended may be explained
on the ground that the operations during
the first few days were OF a nature TO en-
courage heavy liquidation, but the state
ment evidently does not show the actual
condition of the banks at the close of
business April > The customs payments
have been a confusing factor in this partic-
Mar During the mast six DAYS for aXamnlQ
the banks must have lost something like
100000 to the treasury on customs &C
count. They lost at least this amount two
weeks ago. and the result was, shown at
once in an actual decrease in cash holdings.
Now. with the same heavy disbursements.
the loss Tor the week in cash IL only $l,S93.-
So0. As the net interior receipts during the
same period We're probably less than three
quarters OF "A million dollars. there is a dis
Crepancy for which it is difficult TO account.
. The reduction in deposits IS s.. 495, 800. and
IN excess reserve Si.2291T5. These figures
Will be changed considerably within the
next few days as a result of the heavy divi-
dend disbursements the greater part of
which came too late in the current week to
affect the statements. Domestic exchange
at interior centers has shown a marked
tendency TO advance of late. and reports
SHOW a broadening tendency in the money
market. The furry in Boston, which sent
call money 10 4 per cent. was an incident
between banks alone, but Philadelphia and
other cities are beginning 10 feel the first
effects of a better feeling in an increased
demand on the banks. The uncertainty
49, $500 $500 "
some extent. but aside from this feature
the situation from a banking standpoint
might be a great deal worse than il is"
SMALL DAYS TRADE.
Total sales of stocks were 1884 shares,
including the following: Delaware & Hud-
son. 5000; American Sugar. 800: New York
Central, $500; Northern Pacific preferred.
$500: Reading. 5000: St. Paul. 400; Western
Union. 10000: New Jersey Central. $500.
There was little of interest in Saturdays
short session of the Stock Exchange be-
yond the movement TO cover over Sunday
at the close, which was especially marked
IN the coaIers. indicating the large short
selling during the week in those stocks in
the hours of the raids by the bears to break
the market. The opening was weak in re-
Spouse To the declines in American Securi-
ties on the London Stock Exchange. The
statement of ST. Paul earnings for the
fourth week in March. showing a decrease
80 Sll3.451. with one more working day
than in the week compared with, had a
further weakening effect on the market.
There was some selling to realize, also.
New Jersey Central, American Spirits pre-
terred, Leather and Leather preferred.
which declined from l to rs The covering
movement in the cOdlers set in after the
first hour. and the Vanderbilt stocks were
also IN demand. the Improvement extending
through the list. Delaware x Hudson.
Michigan Central and American Spirits
preferred rose over a point and the gen.
ttaA isl Important lIdCAloIS- ~ dui anu
burlington sold of in the final dealings. but
the general market closed firm with slight
net losses.
The week in Wall street was marked by
the passing Of the extreme point in the
Ialieky condition of investors minds
NOT be said that the incubus of apprehen-
sion over the decision has been removed
i entirely. but there was a marked gain IN
I confidence during the week. Monday
marked the extreme point OF the depres-
SIGN caused by the incident. There
/ NETa rannrf2 nn Ihnr H2N ma
the Missouri Pacific had cut rates
on eggs. and reports quickly fol-
lowed OF cuts by other roads in the traf-
nc assOciatiOns in the West. Holders OF
securities saw before their a~nrighted eyes
the specter OF a disastrous war of rates
q rate To cause serious apprehension OF
the maintenance OF values. The fall did
4 not need the Encouragement of any manlp-
ulation by the professional bears This ell
ement. however, was encouraged TO great
~ extend their short lines. confident that
ilnued fall In prices. The efforts or the
large contingent thus left short of stocks
were a heavy drag On the upward tendency
/ OF the market which subsequently set In.
There were heavy elements I'm the market
that served AZ effective Instruments in the
IN the general market may be said 10 have
been largely effected by bear manipulation.
EFFECT OF THE DECISION.
The immediate fears aroused by the
transmissouri decision largely abated after
Monday The buying movement which set
In after that day scattered CONSERVATION
among the bears. The main cause OF the