The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-15


Exports of specie for the week amounted
TO s127.oOO in gold and s1.O3s.7 in silver.
The imports were: Gold, s145.254; silver.
81. 200; dry goods. s2,57S.S 62; general mer-
chandise. IS. SD 5Os-
The New York weekly bank statement
shows the following changes:
Reserve, decrease. - 693,3 SO
Loans. increase. .-..........-........ 5S90' w
Specie increase. ACKNOWLEDGEMENTS. 2l2. 400
Legal tenders. decrease. ............. 259l, 600
Deposits increase l,Z5., aOO
The banks now hold 1858. 800 in excess
of the requirements of the % per cent. rule.
The New York Financier says The
total cash reserves of the New York banks,
according to their statements of March -.
were $197, 900. OF this amount ten banks
out of the sixty-ffve institutions associated
with the clearing house hold S97 900, 900, or
nearly one-half of all the cash in the banks.
The loans of the New York banks are now
S505.9l2.5OO. a record surpassed only in the
fall of 1895. and the deposits are s57S 500. 500.
which Is higher tnan mas ,, Deen ,ou nnl,.,
the strong basis underlying what now
seems like decided revival in business.
THE statement for the week Is favorabe
in nearly every item. The expansion in
loans is due mainly to borrowings by i'm
porterS who are taking goods out or bond
in anticipation of higher tariff duties. Phii-
adeIphia reports the same activity in this
regard, rates for money there having adj
vanced slightly on the strength or the de-
mand. The banks of New York lost over
81 500 900 last week TO the interior. The in
quiry for small bills is becoming larger
every day. which is of itself an indication
of a broadening trade; but il is also true
that New York has offered an excellent
market for interior borrowers. A letter to
this paper from Kansas City says that
some of the best paper there has been go
continued favorable offers have drawn con-
siderable business from that point. Such
transactions probably account for the high
figures OF New York city bank loans. There
are Indications however. that the remark
able ease in money will not continue indeti-
nitely. Funds undoubtedly in better
demand and a further reduction in the re-
serves of the New York banks is not at
all Improbable
duction. which has been going on since Oc-
tober. has resulted up 10 the present time
in a shrtnkage of nearly s5,OooeSo In bank
notes taken out by the New YORK
banks The movement has probably
reached its elimination. although the con-
tinued high prices maintained on govern
ment bonds make the profit on circulation
smaller than ever
Total sales of stocks yesterday were HOOPS
Chicago Gas Trust receipts, 300; Manhat-
tan, 1000: Omaha. 1880; st. Paul. 1890.
STOCKS MORE ACTIVE.
The New York stock market developed
lively activity Saturday from the OPEN
ing of trading and dealers made the most
OF the TWO hours dllOWeQ on SATURDAY.
The activity extended through all depart
ments of business. The bond markets
showed notable strength and advance in
prices, along with that for stocks. The
Vanderbilts took the leading place in the
dealings, as was the case in the activity
early the week before. The high-priced in
dustrials were also in good request. There
seemed 10 be evidences of a powerful buy
ing interest in the Vanderbilt stocks, which
laax nt.A .I..e.
holdings of capital are re-entering the mar
ket, giving promise OF an impetus to the
activity In trading. There was also a nota-
BILE broadening tendency In the market, so
that the list of stocks traded i'm shows the
Milling In of long gaps with the names of
stocks that have been almost entirely neg
lected of late The volume of trading is
not yet notably large, though the total of
Saturdays sales exceeded that in the five
hours regular trading on each of two sue
cessive days of this week. The transactions
are also largely for professional account
sun, but quite an increase Is shown in the
buying by commission houses. and there IS
large demand for safe dividend-paying
stocks for investment. The special demand
for the Vanderbilt stock. which has been a
factor ever since the announcement
bonded debt Of Lake Shore caused
of that group. New York Central and st.
Louis seconds gaining 2; Omaha IA; Cam
ada southern, Ia. and G., c., e. K St. L., 1.
The rise in the latter was accompanied by
rumors that the company had secured con-
troll of the Chicago & Eastern Illinois. Chi
cago AZ Eastern Illinois also gained on the
strength of this report. The advance i'm the
early dealings also carried up Sugar frac-
ton. though on dealings much smaller than
the average for that stock, which again
Tell 10 sixth place in the market in point of
activity. The price touched III Manhattan
was benefited by good buying TO the extent
OF Us points. reaching s5ss. which WA sub
stantiaily The level at the time of the an
dend 10 the 4-per-cent. basis. The Rubber
shares developed weakness early in the
day and failed to recover the loss, the COM
mon stock declining 19s and the preferred
ID, 10 ~. The stock was affected by re-
ports of a bad outlook in the trade and the
shutting down OF portions of its plant. Ili-
nois Steel likewise. displayed marked de-
preston and yielded 2Is points. to 3Sla. on
open hostilittes on the company in the steel
trade. Aside from these exceptional de-
taking sEortly after IL ocock in the conpse
-oi Which New Jersey Central. Delaware &
hudson, Tobacco. Omaha and New York
gree. The tendency throughout the day
was. however. distinctly bullish and the
Ing fairly firm and slight gains being the
general rule.
RECORD FOR THE WEEK.
Yesterdays activity and sharp rise have
clearly been near the surface OF events all
week. Notwithstanding the condition of
aiathy ard almost stasanton in which the
market lay. The very small volume of
dealings through the week did not Dre-
vent the undercurrent of firmness from
manifesting itself. and prices obstinately
refused 10 yield. but. on the contrary
showed a tendency 10 advance on even the
most trivial buying. This condition Of the
market. usually inviting to the spec
uiator. made /. difficult TO account for the
neglect which seems 10 pervade the market
The street seemed determined To ignore all
favorable factors in the situation and To
sit and wait for some underlined something
10 show the way 10 sure Improvement. The
subsistence OF the European war scare, the
good prospects for awakening of trade. the
continued advantage TO this country in the
balance of trade the secure condition of
the currency and the encouraging reports
OF Increased earnings for railways were all
without effect in awakening an activity in
the dealings in stocks. There ,.as evidence
Of the extreme caution of investors
SchoOled as they have been in long period
OF reverse depression. in the character OF
such demand there was. The gilt-edged
stocks. those paying assured dividends and
the well-secured bonds, showed the desire
OF capital for certainty. security even at a
low rate OF profits. such would result
from the high prices paid for these Sc
curities. Tho low rate OF interest on money
Indicates that there Is much money lying
unprOduetive rather than venture I'm any
thing that does not promise certain Sc
carity. This class of capital docs not sec
yet In the various favorable factors In the
outlook that certainty of general prosperity
which It demands for its safety. The high