The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-16

$4.s0lk@4SL
Silver certificates, 562465714c; bar silver,
b6Bc; Mexican dollars 45c. At London bar
silver closed steady al 26l4d an ounce
Exports Of specie from the port of New
York for the week ending Saturday aggre-
gate $S52,576 silver bars and coin, and 5000
gold. The imports of specie were $2,O79O67 in
gold and $l9,267 in silver. The imports of
dry goods and general merchandise at New
York for the week were valued at 50 1853. AIS.
Tho New York weekly bank statement
shows the following changes:
Surplus reserve, increase. ...........$30S 0. $50
Loans, increase ..........--............ 2o6zOVU
Legal tenders, increase. 23SS, 700
deposits, increase ..................... 100000
circulation, increase .................. "a, 400
The banks now hold $45, ,225 in excess
of the requirements of the 25 per cent.
The New York Financier says: 1.-The
New York banks according to their state
ment for the week ending May Ia, hold a
surplus reserve of nearly $47,OO0,0Oo, the
laI gest reported since last July. The down.
ward tendency of the money market which
vas manifested earlier in the week finds
logical explanation in the statement with
its reported heavy gains of cash. The
amount actually added to the reserve was
not so important in determining the i'm
mediate course of the market the cause
underlying the changes for the week. Thus
1t is known that the movement to the in
terror which has been a constant factor in
the situation for weeks past, is almost if
not quite, wholly at end. and the dimin-
ishing probability of an early pond issue
has brought banks to the point where they
prefer to put their money to use rather
than allow it to lie idle. The government
continues its heavy disbursements, and gold
imports, are. also adding to the stock of
money in sight. The whole outlook, there
10Tc taySPs an easy market not only here
favorable indication of better business con-
ditions, and while some of the increase re-
ported for the week is due to Stock Ex-
change activity there is more doing in mer-
camille paper, and the banks have not been
slow to increase their investments in this
line at ra ties considerably under those quoted
for some time past. The national bank re-
ports now being made are expected to show
unusually heavy reserves held by the in
terror banks, and this will be important in
determining the course of money for the
rest of the season. In New York the banks
have fallen off heavy III principal items. but
in Chicago and other cities gains seem to
be the rule, A reflex movement to this
center would, of course, demoralZe the
market but once 1t is known that bond
issue Is not to be made for some time to
come, such a movement Is bound to follow.
The business conditions throughout the
West are so favorable. however, that use
may may be found found for great deal of money
capital here. That money can maintain
Its present level is doubtful. The gains in
part by four or five of the leading banks,
and the loan increase is also traceable to
them Will soon be reflected in earnest, with
results not at all difficult to foresee.''
Total sales Of stock were 1890 shares.
lGcluding; Atchtsou preferred. 7,435; Chicago.
Nashville. 4,72O; Manhattan 5.ss5; Northern
Pacific preferred, $500: Rock Island S6S5;
Union Pacific. 16 407; Tobacco, 1887; Chicago
Great Western 1920; Sugar, Is, 277.
There was very obvious disposition Sat
Srday in New York speculative circles to
leave the stock market alone. pending the
development of the next moves of the Span
interest in the market was small. Coming
In such a market, the depression on the
London Stock Exchange and the selling in
New York for foreign account resulted very
Quiet feeling was due to the plain speaking
OF the British secretary of state for the
colonies, Mr. Chamberlain. as to the likeli-
hoot&of European coalition against Great
BritN.n. Apparently no account was taken
by dealers in securities of the speakers as
surance that intervention in favor of Spain
would not be assented to by Great Britain.
IN TACT, ali consideration turned on. the ex-
pected news from Admiral Sampson and
the depression in London would probably
not have been effective in Wall street in a
purely sympathetic way but American Sc
curities offer a particularly good market
Just now. so that foreign holders were glad
TO realize on them. The consequent losses
In the interna tional stocks decided the tone
of the market. The offerings for London
account were well absorbed. in spite of the
prevailing dullness and prices were lifted
above the London parity. The strength of
Sugar on the advance OF prices of the prod
uct and the favorable bank statement har-
dened prices in the second hour and
wrought few net gains Fractional net
losses were the rule at the close
THE REACTION CAME
The latter part of the week has seen a re-
action in the stock market but last prices
are still substantially above those of the
previous Saturday except in some of the
Epecialties. Net gains range from a frac-
ton up to four points. The action of the
market on the eve of the engagement with
the Cape Verde squadron is in contrast to
the advance in prices on the three days be-
fore news was heard from Commodore
Dewey. But to justly estimate the action
OF the market in the last three days it is
necessary to consider the motive of the
great activity and the large advance in the
early part OF the week There was in the
nrst place the violent advance in wheat,
Whlch Drought a large amount Of Specula-
tive profits into the stock market for
turn. For the same reason the collapse in
wheat areeted stocks quite acutely because
tneh hquldauon or profits induced by the
efforts TO cover margins in wheat. There
vas; in the second place the apparently re-
nable and generally accepted report that
the Spanish Cape Verde fleet had returned
TO Cadiz. This seemed to argue an entire
abandonment of SPANS West indian possess
sions This was coupled by the report in
explanation OF the rally in Spanish tours
that the money to pay the July coupons
bankers on the condition that Spain should
sue for peace When the Spanish fleet was
al
Spanish government showed a disposition
TO make further aggressive move even
then the game seemed a desperate one it
was natural that the upward course of
prices due 10 those considerations should
halt, and speculation pause to await a more
definite development of the new conditions
The market has had to absorb continued
offerings of American securities for
Foreign account due to the more
stringent money conditions abroad and
TO the EFFORT TO mitigate the demand for
gold TO settle exchange balances These
offerings were well absorbed early in the
week, but in the duller markets since
Wednesday they have had more marked
effect. A more reliable indication of the
financial outlook is found in the money mar
ket. The weekly statement of the New
York banks supplies the key. Last week
the demand for funds from the interior had
market easier, and there was an expan-
sion OF loans, the first since the Maine de-
struction- The past week the demand for
ceased, and some bankers report that they
have received shipments of currency from
their out-of-town correspondents Deposits
cash reserve have expanded so as to more
than keep pace. Rates for time money coll
lapsed from 70 per cent. for periods as
long six months. Call loans are made
ct III per cent, and there is active bid
ding for commercial paper at to 6is per
cent. II is evident that financial instItu-
tons all over the country feel themselves