The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-14

business in bankers bills at $4SA di.S for
demand and at s4.s419a4.S6 and s4.S71sq4.Ss;
commercial bills. S4.s3le.
| Bar silver, 64s4c; Mexican dollars, 5OAc;
silver certificates closed at 64a4@647sc. At
London bar silver closed at 2S2.d per
| ounce.
| The imports of dry goods and general
merchandise at the port of New York were
valued at s1O771. $50. The imports of specie
were $50, 633, of which s4O,150 was gold. The
| exports of specie at this port for the week
aggregate s67S, O6O of which $4,000 was gold.
| The New York weekly bank statement
| shows the following changes:
Reserve decrease........ s., 9O1. S25
Loans, increase. 2ooi, lOO
Specie, increase. 633,OUO
| Legal tenders decrease. 3. 1880
Deposits, decrease. ACKNOWLEDGEMENTS. oo6, ~
Circulation, decrease. NEUTRALITY-SUSPICIOUS.. b4,UUU
The banks now hold ISL ,63S, 225 in excess
| of the requirements Of the 20 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 sS,5O9,s2 In the same time the de-
| crease in cash was 1924, 200. This is favor
| able from a banking point of view, es-
pecially since loans have expanded during
| the same time nearly $11,o000O0. but the
excess reserve of the banks is still S51, $685.,
225, 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 TO the present time
counting October, has been about Si,W0.Ooo
and the normal average OF the New
York banks is slightly under Sl4, 100000 a
further reduction is TO be looked for. The
movement will be slower from now on, for
| the reason that the $3.O0O,0OO monthly limit
| 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 OF currency
| to this center. The falling off is probably
| not much on account of 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 verifieS The forecast made some time
ago in this analysis that the banks could
not 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
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 were 1O6,257
SHARES, lnCluulilS the lOliOWlUS. AIneIlCdH
| Tobacco, 1900; American Sugar Refinery
| %, 100; Burlington & Quincy 800; Chicago
| Gas, $500; General Electric, 5000; Louis
Vile G. Nashville, 300; Manhattan, 1900;
| Northern Pacific preferred, 300; ST. Paul.
| 400; Tennessee Coal and Iron. $500.
Saturdays New York stock market was
| close to a week that has shown an almost
| uninterrupted fall of prices of stock. The
| shares of the iron and steel companies We're
rather more conspicuous than any others
| and fell Off materially, though on rather
| light dealings, through apprehensions
| caused by the depression in the steel-rail
| industry. Tennessee Coal and Iron fell off
| 22s under this influence, Illinois Steel show
ing PA 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 TO fall away. A 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 a 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
| mttee, though ii was not yet in progress
| when the market closed, had a notable eff
| feet, as usual, or the industrials In which
| little support was forthcoming to withstand
| the bears. Thus Sugar declined. 7s, Tobacco
| Il, Leather preferred l12 and Chicago Gas
IA per cent Some material losses also oc-
Laclede Gas preferred losing 3l5. Cleve-
| land, Lorain & Wheeling preferred sold
at 40. agsinst 40 on the last preceding sale.
a long time since. Hooking Valley dis
| played exceptional weakness and reacted
| IA. the general per cent. bonds also losing
per cent. Manhattan fell Ia on the un-
| fnN h 10 fnr.1x-
gers and Southwesterns led the decline in
the railways, which were. however, frac-
tional. Kansas d Texas lest rs.
| The week just closed has belonged prac-
| tcally to the bears, the course of prices
being almost uninterruptedly downward.
The railway list gave way stubbornly,
| downward tendency, but being compelled to
yield in the closing of the week. The out
| break of disorders in Crete, touching as it
does the Eastern question and carrying a
| threat of embroiling all the European pow
| ers, has caused widespread uneasiness in
Elected here. The bears in the New York
market have an ever-ready resource for de-
| pressing prices as long as the legislative in
| vestigation of trusts is pending rumors
as TO the possible action of which and its
consequences are never lacking. The in
| fiuence without intermission during the
whole week the result being shown in a
decline in Sugar eO of $2s points to 1los4 in
6612; Tobacco preferred, 2 to 100, and
| Leather preferred, IA to 5515. The over
| whelming preponderance of the total deal
| ings was in the stock of these three com
| panies, and their influence on the rest of
the list was most marked at all times.
| though, as already pointed out. the rail-
| ways showed good resistance. The compi-
| 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 to 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 a freer movement of money
| eagerly scan all indica lions of A revival of
| trade as the thing most surely calculated TO
| put an 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 at Fall
| River of $50 600 pieces of print CLOTH said to
| be for $l,00O001 is regarded of the
| most hopeful signs of a revival of business
| that has occurred for long time. The de-
| VelopmentS following on the disruption of
| the combination of steel rail manufacturers
| or which expected 10 follow. are re-
| garded as of almost equal Importance in
| their influence on the general outlook for
| ruption of the pool has depressed values of
| the DrODertieS involved certain extent