The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-24

Circulation, increase .................. 140,SD0
The banks nov hold $4S, 325.5OO in excess of
the requirements of the % per cent. rule.
The New YORK Financier says: Accord
ing to the statement of the New York
clearing house hanks for the week ending
April % the institutions hold surplus re-
serve of $43.525,10 which is larger than has
been reported since the fourth week of July,
1897 This result has been brought about by
the conservative action of the banks in pre-
pairing for the crisis which is now at hand.
Their cash holdings, depleted by demands
from the interior, have been repleniShed by
imports of gold and by the continued con-
they are in an exceedingly strong position,
and are ready to meet any demands which
may be made on them. The statement in
detail does not differ much from those of
the last several weeks. The decrease of
SLf5s.IOO IN loans represents the turning of
accumulated sterling into specie imports,
and also the liquidation of current accounts.
But little new business is being done, as
the rates demanded preclude any borrowing
other than that which is absolutely neces-
6ary. The banks, however, are looking out
for the needs Of their customers. The gain
IN cash for the week was S. sos, 500, gold re-
cepits having been nearly SIS, 600 600 and le-
gal tender decreases only $2,3OO.OOO. The in
crease in gold was larger than the weeks
receipts from abroad, and it is quite likely
mat the heavy expansion reflects some of
the previous imports. Deposits fell off only
$2.502,0OO which just about equals the legal
tender decrease and is less than the known
loss to the interior The statement Judged
by usual calculations, does not balance, but
the changes are logical, since the gold i'm
ports and their relation to accumulated ster-
ing carried as loans must be taken into
account. Summarized, the only conclusion
is that the banks have performed a diff
cult operation with rare skill. They have
fetrenched where necessary, supplied their
correspondents with funds while strength
ening their own holdings, they have put their
business in frSt-clasS condition, and to-day,
when a call for funds by the government is
imminent. thew have T1iOHQV QVailah HE
Tor the purpose than, at any stfrne during
the past nine months. = Thea9fncrease OF
of decrease, indicates clearly that no chan
mel to expand the volume of money is be-
Total sales of stocks, 1872 400 shares. in
Guiding; Chicago. Burlington & Quincy.
12.049; Manhattan. 3.27O; Northern Pacific,
Island S,si5 St. Paul. Paul. HIS; Union Pac Che
Denver & Gulf. 300; American Spirits,
Abs; Tobacco, 1885; Sugar. e, AS.
Saturdays stock market was .'discounting
peace, in the language of the brokers This
T Tas done by b lifting prices "a notch higher
ing to a reactionary tendency in the Lon
don market, following the receipt of the re-
tured by the Spanish fleet and the cruiser
Topeka sunk in collision Wall street
vas incredulous as to the capture of the
Paris up to the time of the closing of the
exchange. at noon, and, the identity OF the
fCundered vessel having been established
as other than that of the Topeka, the mar
ket was relieved from that cause of depres-
sion on tho other hand much was made
of the capture of another Spanish prize by
the cruiser New York. There was reported
an active demand for securities in London.
but the buying here for London account
London parity. There I We're periods s of reac
ton, but the publication of the bank state
ment caused renewed buying and lifted
off By renewed apprehension as TO the safe
~ OF the Paris, the closing being easy be-
low the best, but at net gains throughout,
a IN NHCa Ia
OF the dealings was not large. the industrial
specialities being favorites in the trading.
especially Sugar and Tobacco. The Spirits
stocks were also quite prominent: The gem
eral feeling in financial circles is that the
war is not likely to be protracted, and only
some unexpected accident or disaster could
effect the conviction that Spain must
specify succumb to superior resources. A
feature of the day was the hardening in ex-
change demand sterling bills rising to $4S4.
This rate it is calculated, precludes fur
Their gold imports under present conditions.
THE WEEK ON CHANGE.
Last Saturday the belief was held in Wall
street that a deadlock IN Congress over
the Cuban Intervention resolutions was
likely to cause delay in the elimination of
the crisis and in the meantime the media
tion by the Pope with Spain was likely to
induce a peaceable settlement. The stock
market has had to contend during the week
with the dissipation of that belief, through
the adoption by Congress OF the joint reso-
luton, the dismissal Of General Woodford,
the United States minister. by Spain before
delivering the Presidents ultimatum, the
blockade of Cuba by the fleet and the prac-
teal outbreak Of the war II has felt re-
nected effect Of the panic In Spanish tours
on European bourses, and the resulting
forced liquidation of American securities:
Yet the week closed with g great part or
the extreme losses in prices recovered. net
declines not exceeding two points in any or
the prominent leading stocks. IT is note
worthy, also. that the low prices of the
week were not as low, except in a few
cases, as those on March % which marked
the lowest point Of the decline after the
blowing up Of the Marie. The exceptions