The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-30

for sixty days; posted rates, $4.S5 and $4.871A;
commercial bills. $4S9d4 sS1s
Silver certificates, 5Sd59c Bar silver 577sc
Mexican dollars. 454c. At London bar silver
closed at 267sd per ounce.
Exports of silver from New York for the
week ending Saturday aggregate 1888, 723
The imports of specie at New York for the
week were 81, $50, 355 in gold and $751; 24 in
silver. The imports of dry goods and general
merchandise for the week were valued at
1892, 40
The weekly bank statement shows the fol-
lowing changes:
Surplus reserve, increase. 81 9S9 $50
s ds' Increase ,..'....-.. o'z15 4V0
9pecle, increase ....................., 4,45y zoo
Legal tenders, increase. .........,. 1884 800
Deposits, increase .................. Il, 01S 800
Circulation decrease l................. $500
The banks now hold $53, 7O4, 600 in excess
OF the requirements of the 25-per-cent rule
The Financier says; THE statement of the
associated banks of New York city for
the week ending May Is reflects continued
accumulation of idle funds at this center,
although the expansion of $500, 400 in the
loan account is certain indication that
business is improving. The banks gained S.,
$4,000 in cash. which, added to the loan in
crease, accounted for the unusually heavy
growth of $15,O1s,6 600 in deposits within the
last seven days. The statement, in view
of the known movements of money for
the week. is just about as expected. The
interior banks are increasing their bal
ances here; $4,000, GOO of imported gold came
into New York last week and the heavy
treasury disbursements, due to war ex
penses show no signs of diminution.
Against this the only losses have been in
the shape of remttances to Southern banks,
and these are not nearly as large as re-
ceipts. The rediseount movement from the
South was heavy at this time last year.
but up to the present there has been little
call from that section. The movement from
the interior is only normal at this season,
but, showing the changes that have
Cured within twelve months, it is interest
ing to recall that at this time last year
the banks were paying out three or four
millions weekly to be used for gold export
purposes. The heaviest changes in the cur
rent statement seems to have been made
by few of the larger banks OF the total
increase in loans over seven millions are
accounted for by the National City. the
National Bank of the Republic. the West
Banks, while six banks have gained nearly
half the total deposits reported by sixty-five
clearing house institutions. Perhaps the
loan expansions represent purchases of
sterling exchange not included in the prev
ious statement, but now that money rates
abroad have fallen this form of investment
part of the year The month of May has
been marked by some noteworthy changes
in the bank totals. Loans have increased
over 90C0Go0 deposits $37 900 900, cash SIS
$1,000 ard surplus reserves 50, 10000"
The total sales Ss Of stocks at New York
Gibson preferred, $3.50; Chicago, Burlington
Quincy. 5,505; Manhattan, $780, Rock ISL
preferred, 86SS; Peoples Gas. 1850; Sugar
1860
The fact that Saturday was holiday
in London and Monday would be holiday
both in New York and London had the
effect of curtailing speculative operations in
stocks at New York, There were two con-
fiicting reports in circulation, both coming
by different routes from the same point in
the West Indies, one alleging that the
United States fleet had been sunk and the
admiral killed and another that Commo-
dore Schley had penetrated the harbor of
Santiago and sunk the Spanish fleet The
on the second. But the dealings were not
large, nor the Improvement wide
in any case. Prices were slug,
changes were small. Rock Island and Peo-
pies Gas were pushed up again after a
preliminary reaction apparently to shake
off some weak following Their price was
sustained with some difficulty at the close
and was manipulated with the evident pur-
pose of making the last prices the best.
The same thing was manifest in other
stocks. Great Northern continued it's up
ward course and added nearly five points to
its recent remarkable advance Illinois Steel
rose points additional but reacted points.
New York Air-brake rose points. but lost
nearly all of ii. There was a reaction after
the recovery coincident with the publication
of the bank statement which was its
face favorable. But the expansion of over
in business. goes with the knowledge that
supplies of commercial paper has not been
large in the market nor has the demand
for time loans been eager The inference
that the loan expansion outside of the de-
mand for speculative uses in the stock mar
ket is to be accounted for largely by loans
made on sterling exchange as collateral an
operation involved in lending abroad money
which is due exchange bills. but not
drawn The close for the stocks was, how
ever, near top prices underi the manipulation
and generally a fraction above Friday
nights closing price.
Prices of stocks show some substantial
gains over those of week ago, though
the latter part of the week has seen
falling off in activity and somewhat set
week was largely based on the unfounded
report that the Spanish fleet in West In
dian waters had been already annihilated
and the later tendency Is not surprising.
The latter resistance to decline is encour
aging TO the bull element and the belief is
general in Wall street that the powerless-
ness of Cervera's feet to do mischief has
been demonstrated and its ultimate defeat
by the United States forces is confidently
expected, The financial world looks forward
TO this defeat to bring into play many
factors of strength in the speculative out
look. Most potent of these is the condi-
tion of the money market, which may now
fairly be described as plethoric Although
the volume of bank clearings all over the
country , indicates Gates a larger use of money
York from other domestic centers The
United States treasury continues to feed
out money INTO tne market. New Ofk
banks gained over $4,000 from that source
this week. In spite of the large loan ex-
pansion Of over IS 600 900 the surplus reserve
continues therefore to pile up Under ord-
nary conditions the resulting cheapness of
money would start an export movement of
gold, but the continued heavy excess of
merchandise exports and an active foreign
demand this week for our securities keeps
the international exchange heavily in our
favor.
The country's net gold imports for the
fiscal year will exceed 800 600. 001 which has
never before been approached except in
1881. when 1t was over $97 coo 600. There has
been at the same time a largely increased
output OF gold by the home mines, the
product for the present year being esti-
mated at $780, 900. The idea that the gov
eminent requirements for carrying on the
war would result in any stringency in
money rates has been entirely discarded by
financial authorities. With the heavy ex-
pansion of the gold currency and a con-
added to by the falling on in foreign travel
and in expenditure by travellers abroad in
consequence Of the war, il is natural an
era Of higher prices and of industrial and
speculative activity should develop The
frmneHs of prices OF stocks is undoubtedly
largely based on the expectation of such
development.
The bond market has broadened during
the week and has given evidence of invest
ment buying at home points Prices are
considerably higher all around
United states old tours have advanced "