The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-11


silver bars. The imports of specie at New
York for the week were $3SO5,5O5, of which
$3,731 O4e was of gold and $74.559 in silver.
The imports of dry goods and general mer-
chandise for the week were $lO,12O,969.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. ........... $64S, $50
Loans, decrease ..................... S,Vod ,SVV
Legal tenders. decrease. ............. 5,205. 100
Deposits, decrease .................l2,5y9 ,9J9
Circulation, increase ....-..........,. lS,oVO
The banks now hold S35, O36 AS in excess
of the requirement of the % per cent. rule.
The New York Financier says 1.-THE
changes in the statement of the associated
banks of New York city for the week end
ing April were heavier than usual, but,
despite the fact that the operations which
brought them about were Ola nature TO de-
crease the cash in banks, the excess re-
serve at the end Of the week stood only
S6S4. 32J lower than at the close of the pre-
yious week The largest decrease was in
the deposit item, which fell off So, $780, 800.
The loss in deposits was due to the con-
tinued interior movement and to liquidation
in loans, although the shrinkage of $S,067,9O0
in this item was undoubtedly connected in
part with sterling exchange transactions,
by which the gold import movement is sus-
tanned. The higher rates for money have
also operated to reduce the loan account
and every decrease counts, since the banks
are doing very little business in mercantile
channels. The move ment towards the in
terror assumed heavier proportions during
the week. ard the banks also lost through
the subtre;tsury The decrease of $S,7S4.S0O
in cash was even less than expected, but,
while the receipts of gold for the current
week were nearly s5.OOO.o00 the increase was
but 81. 400 800. The bank which is the largest
supporter of specie appears to have reduced
it's gold holdings over $4,0O0,00O and it's de-
posts about s6,tOOOOO, the latter being one
half the total loss reported by the sixty
five clearing -house institutions
FUTURE MONEY RATES.
THE coming week will decide to a great
extent the future rates for money. Under
present conditions the movement to the in
terror will continue and as the banks have
been called upon for another 10 per cent. of
Union Pacific money deposit the
immediate outlook is for firmer money. On
the other hand. a pacific solution of the Gu
ban crisis means an abnormally cheap
money market"
Total sales of stocks. $4,000 shares, in
Guiding: Chicago, Burlington & Quincy,
1l,52O; Northern Pacific, S,115; Rock Island
1905; st. Paul, 12375; Union Pacific, 12,111
24,275.
strictly waiting attitude Saturday. The ex-
IRENE variation in prices reached a point or
over In a good many stocks, and the market
took on some show of animation in the first
hour on the upward movement, but the
purely fictitious character of this advance
was demonstrated by the relapse in the sec
ond hour. The days net changes are hardly
percepuble in many cases and show an in
discriminate mixture of gains and losses.
The market was without any more signifi-
1s4r,AA hon TEvf1 No.
stocks We're less than 100000 shares The
fact that the London Exchange was closed
left New York without an initiative from
that quarter. London operators We're APP
parentfy not eager to avail themselves of
the opportunity of trading on the New York
Exchange, and orders by cable were of
small amount though they were sufficient
to aid the first hours advance. The bank
statement was regarded as unfavorable the
movement of currency To the interior hav-
ing apparently beer heavier than expected.
1t was expected that the imports of gold
would about offset the movement to the in
terror Apparently some of the gold has
also been absorbed to meet indirectly the
demand of interior banks-that is to say
1t has been deposited at the subtreasury in
exchange for currency transferred from
washington. Gold received by SATURDAYS
steamers does not figure in the statement
Although the reserve requirement has been
reduced ever 100000 by the heavy decrease
of 800 in the deposits, the surplus re-
net loss in cash is So, 1874 300, and loans have
been contracted $S,0679O0. In spite Of the
inactivity of the markets further gold, to
the amount of $4,000. was engaged for i'm
port Saturday.
ALL PRICES HIGHER
Prices of securities are generally higher
than they were a week ago. The high
prices of the week were made on Wednes-
day afternoon when the announcement was
made that President McKinley's message
to Congress would be delayed until Monday
The first Interpretation of this action was
that it BODIED further negotiations looking
10 peaceful solution. Although the fur
Their negotiations have not developed part
OF Wednesdays gains has been held. There
has been much puzzled effort to account
Tor the frmnesS of the market in face of
the weeks threatening developments and
there has been disposition to ascribe
some secret motive to the buying popularity
supposed to be on inside information from
hlgh hn5nciai sources in Europe that Spain
would be forced to recede at the eleventh
Nailing conviction in Wall street has come
10 be that war with Spain is now inevitable
ana still prices do not go materially lower
commission houses are authority for the
statement that they have orders to buy
a 1eesee nIding scale This condition stops the
PROFESSIONAL bears from operations on the
short side. On the other hand Wednesdays
bulge demonstrated that there is a supply
of stocks ready to offer on any notable adj
vance, The market is thus hello in a sort
OF stable equilibrium by orders to buy be-
low tne present level and orders TO sell
winch IS invited is very small. The con-
Nictlon Is unavoidable that prices are near
the level OF values for existing conditions
stree those who hold stocks are not anxious
to sell and those who seek them are not
willing to offer more for them than pre-
va;Lng prices Prices fell contin-
Ially previous TO the Maine report
in the effort to find the true
lever and 10 discount that event and it's
probable result 1t is the. invariable rule
that prolonged price movement over
shoots the mark, resulting i'm reaction
There can be no more convincing demon
stration Of a true level of values Than stag
nation IN the market. There are VARYING
opinions regarding the effect of the actual
presentation OF the Presidents message on
Monday, both as to the amount OF Hollida-
flon which will be brought out and the
volume OF short contracts which will he
covered. The prevailing belief in war has
been accurately reflected In the money mar
kets. The continued stiffness OF time money
rates and the dissemination 10 make time
loans u called sentimental. as there is no
lack OF money in supply. Notwithstanding
the large demands OF interior institutions
FOR the purpose Of strengthening their re-
SERVES Money for loans on call is compare