The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-31

IodF SILVER OU1sCs CERTIFICATES, oO144oof4C,
Mexican dollars, 473sc At London bar sill
yer closed at 273sd per ounce.
The exports of specie from the port of
New York for the week amounted to $780,
600 in gold and 1854 5O4 in silver The i'm
ports were: Gold, $44,637; silver, S46,O53; dry
goods, 1904, S39; general merchandise, So,
617947.
The New York weekly bank statement
shows the following changes:
Reserve, increase ..................... $6l7, 10
loans increase .'........'.........''z 99a' 4V0
specie, increase ACKNOWLEDGEMENTS. 6o3, 40
Legal tenders crease................ SO16vO
Deposits, increase ....................3646 , 900
Circulation, decrease .................- $500
The banks now hold $46,606, 100 in excess
of the requirements of the % per cent. rule.
The New York Financier says: 1T is
fact not generally appreciated that the
loans of the clearing house banks of New
York. despite the supposed depression in
business, are far above the average over
a period OF years. The total reported in
the current statement for the week ending
May %, $507, 500, 700, has not been equaled
since October 10, 1895. The inference is that
the banks are in better position than ever
to meet the revival in business which now
seems close at hand.
THE increase in the loans was brought
about to some extent by the admission of
the bank of New Amsterdam TO the clearing
house, it's totals being figured in the state
ment for the first time. So Also the in
crease in cash and the expansion or de-
posits are affected by the same cause.
Eliminating this factor however, it is plain
that the banks are increasing their loans,
while the interior movement is still heavily
in favor of New York. The receipts of
funds for the week were at least $2OOO,OOO,
money is increasing, and rediscounting for
the South and Southwest is reported to be
heavier. The borrowing of nearly $l,000,00O
in the New York call market by Boston
firm last week at l per cent. was an Incl
dent that excited some comment, but the
transaction was a special one, and in no
way established the call loan basis
Total sales of stocks Saturday were 110,7S5
shares including the following American
Sugar, 800: National Lead, $500 c., c., c.
e St L.. 300: Chicago Gas trust receipts,
10000; Baltimore & Ohio, 1880; Pullman,
400; Rock Island, 4,SOO; New Jersey Cen
Those traders on New York Change who
awaited themselves of an opportunity Fri
day to cover short contracts for fear of a
crush of those bent on similar mission
Saturday were wise The rise in prices In
the general list during the week was sutt1-
Gent to have invited more extensive profit
taking at a weeks end than in any week
for months past. But sales TO take prohtS
were at a minimum Saturday, and exercised
no marked effect prices, which held
steady near the highest until the close. the
shorts, on the contrary, showed feellng
of unrest over the indications of strength
in the market, and manifested their un-
willingness under the circumstances, TO
carry over short contracts until next tues
dav at which time trading is to be resumed
ON the Sock Exchange. Several special
factors served to encourage the buying OF
stocks besides the increased confidence felt
in the general outlook for business. Some
OF those who bought gave as their motlVe
the tone of the speech delivered by the sec
retary of the treasury on Friday especially
his expression of confidence that the tarlft
bill would be disposed of at an early day.
and his broad intimation that some meas
IRE of currency reform would then be put
forward. Some renewal or the Duylng Tor
London account which was feature or the
Il, Of Ilo Nypn
10 the market The dealings were remark
ably we'll distributed, the number OF stocks
tban for some time. The more noteworthy
gains at the high point We're: Illinois Cen
fral, 2A; Tobacco, l1a; Lead, rs; Canada
Southern, ia, and Burlington, Northwest
preferred, Pullman and Reading first pre-
ferred a point each. There was some real
izing in New Jersey Senfraii pHt It's net
Sbicago e. ST. Louis continued heavy, and
lost 81. closing at "a Lake Shore advanced
STOCKS AND BONDS FIRM.
The market for stocks and bonds has
been notably firm and strong all week.
though the dealings were good deal de-
messed at times. The dullness came at
times of heaviness in the market, indicating
the disposition of holders to wait for better
nricee. The rise in the majority of stocks
was only interrupted by the influence of
special depressing causes from time to
time such as the unexpected volume of
the gold shipments early in the week, the
break in the Rubber shares on account of
the retirement of President Evans and the
feeling of distrust disseminated by the an
nouncement of the Baltimore & Ohio's de-
fault on the interest payments due June
on some of the companys bonds. These
reactionary influences proved inadequate to
overcome the encouraging Factors at work,
and the result has been bull market for
the week The event to which Wall street
attributes the greater part of the improved
tone of trading is the taking up of the tar
in bill in the Senate, the demonstrated in
tention of all parties to interpoSe no fac
tious opposition to its passage and the re-
suit foreshadowed by the votes on commit
tee amendments that no time is to be lost
in settling the whole matter.
More or less attention is attracted by
various statistical estimates of the present
activity in general business, accompanied
by the argument that the volume of bust
ness is at present equal to that in some of
the most prosperous years in the country's
business, but at such extremely low prices
not 10 be evident in estimates of TRANSACT
tons by valuations. The broadening of
business activity is felt nevertheless to in
dicate an improving tendency in business
conditons. The exceptions to the stocks
which show net gain on the weeks trad
ing are very few and those which have
gained a point over make a long list
Those which have gained points or over
are Sugar, Laclede Gas, Lead common and
preferred). Burlington Northwest Rock
Island. Atchison preferred Western Union
Michigan Central, Minneapolis & ST. Louis
Missouri Pacific, Reading first preferred
shown marked strength since early in the
week and closed 49s higher Illinois Cen
tral gained and Lake Shore 3. Baltimore
q Ohio has recovered somewhat from the
lowest, but has lost points net Cleve-
land. Cincinnati Chicago & St Louis is 32t
lower and Cleveland. Cincinnati, Chicago &
St Louis preferred &
The bond market displayed a fair degree
OF animation during the week, with a
marked tendency towards a higher plane.
Purchases for continental account We're in
considerable in volume, and impaired de
cided strength to the international liens.
The general market pursued an almost
interrupted course upward and closed at
the top. The principal gains were: Detroit
Gas dyes, per cent; St. Louis & San
Francisco trust hYeS. 3l2; Pittsb9rg, Gin
cinnati Chicago & st. Louis fours-and-a-
half Series B. 219; Wisconsin Central flrsts,
pa. OHIO a Mississippi sinking fund seyeus.
2i2 and St Paul firsts, l. & ID. division,
Toledo. St Louis 4 Kansas City trsts
trust receipts. 2 per cent Declines; Balti-
more e. Ohio fves. II per cent; Baltimore
& Ohio fves of 1925 S; Baltimore & Ohio
registered 1917; Lehigh g. Wtlkesbarre hves,
5a Kansas City & Pacific tirsts SA Louis
vile. New Albany & Chicago consol trust
receipts. g.
Government bonds ruled firm throughout
on moderate dealings.
The following table, prepared by l. W. Louis
Room H. Board Of Trade. shows the range OF
open High Low Clos.