The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-18

posted rates, 97.cO12Q4.ol anu %1.o1A1-of72,
commercial bills, s4.79M4.79la.
Silver certificates, 5574@555sc; bar silver.
55Mc; Mexican dollars, 45Ac. At London
bar silver closed steady at 257sd an ounce.
Exports of specie from the port of New
York for the week were $S19,7SO in silver
bars and coin and $5e0,602 in gold. The i'm
ports Of specie were s5.562s50 in gold and
s45.2S2 in silver. The imports of dry goods
and general merchandise for the week were
$s.734,1O1.
The New York weekly bank statement
shows the following changes:
Surplus reserve. increased. Sc, 5O9, 500
Loans, decreased ..-...-....-...-.-.- 69.' yv ~
Specie increased observation-disclosures. 4,504, 400
Legal tenders decreased ........... 1924 600
Deposits decreased ......,...,........ 6,317 600
Circulation. Increased ...s.......... $3.50
The banks now hold sS7374, GOODS in excess
OF the requirement of the Is per cent. rule
The New York Financier says: Despite
the heavy and continued demand for funds
from the intel or the clearinghouse banks.
according to their statement for the current
week, were able not only to hold their own
in the way of cash, but added over 100000
to the surplus reserve, making the latter
item the largest reported since Jan. /. In
the light o.. present events the statement
must be regarded as favorable. since it re-
veals the wonderfully strong position of
the banks. Ordinarily 1t would mean lower
money rates this week. but unless pacific
solution OF the Spanish crisis presents itself
no such result may he anticipated.
Tine operations of theweek brought about
a shrinkage of $,697,SG in loans, due to con-
tinued liquidation and the entire absence of
new business. the banks combining them
selves to the needs of their own customers.
out-of- town banks it is worthy of note.
arc doing some buying in this market,
tempted by the stringent rates. Deposits
were reduced ss,al7sOo. owing largely to
IS shown Daa n the loss Of sISo
in legal tenders. Specie imports account for
tSe gain of 1854. 400 in gold, and the net re-
The loss in deposits lowered the reserve re-
quireInents $1,579,4Oo This, added to the
cash gain, swelled the surplus as above.
THE GOLD IMPORTS.
The country has now imported or en-
gagged over s6o00O.OOO of gold, hut the New
York banks to-day hold only 100000 more
cash than when the movement started. The
specie received has merely replaced the
Withdrawals by interior banks. and it is
problem whether the future demand on New
York will be as heavy as anticipated.
Domestic exchange is at heavy discount
at interior cities and from all that can be
learned the cash withdrawn is not being
employed at home. The fact that outside
institutions are loaning money here is not
continued imports of gold and these, with
the heavy disbursements being made by the
treasury, may operate to produce, an easier
state of affairs. 1t would not be surprising
II present rates proved to be the maximum
for the year. The country has so much
money that It is prepared to meet expendi-
lures of an extraordinary magnitude with
out embarrassment The trouble now is
that this. is being boarded rather than put
Total sales of stocks 1850 shares, in
cluding Chicago. Burlington & Quincy,
s'295: St. Paul, $3.50; Union Pacific preferred,
The tone of Saturdays New York stock
dealings, while. dull and depressed, gave
no very active indications of apprehension
Il i,, was rather e waiting market, as for some
cant Selling BY traders found no seekers
and prices consequently yielded very read
lily On the other hand. when the profess
stocks Offering; and prices. consequently,
easily recovered. Naturally, the net result
the other and then back again was vas not
large. though the days price movement was
pretty wide The opening decline was due
to sympathy with London. where Americans
all showed a heavy tone. and where Span
ish fours relapsed after fridays recovery.
closing within = Of the lowest price made
last Wednesday in the bear raid. European
operators had apparently lost their conf
dence in the efficiency of the reported prof.
ect for concerted mediation by the powers
The extensive preparations being made by
the United States admonished observers
That the congressional differences over tech
nicllities of Cuban resolutions were not ex-
peesed to interfere with the substance of
their action, which involved armed inter-
vention. Some slight recoveries i'm the sec
ond hour were due to covering by the
shorts. but they were not held and the list
showed net declines in nearly all cases. for
the most part confined to fractions. Tobac-
co absorbed. 4 large part of the dealings.
and suffered loss of 93sc on very heavy
offerings brought out by the recent jump
IN prices sugar, the grangers and Union
Pacific preferred were the other most active
features, but the market was very narrow.
stronger position for the banks than the
week before The increase in the surplus
Of s2-S9S'ee0 is, however, attained mostly.
requirements by the continued drawing
down of iesposits, which were $6.317 900 less
than the week before. The actual increase
in cash holdings is only $500, 400.
DRAIN ON THE BANKS.
The condition of the New York clearing
house banks now. compared with the period
just previous 10 the Maine explosion, throws
interesting light on the prices that have
been going on in the money market during
that period. The immense strengthening -
the reserves doubtless accounts for the
nardy resistance to the fall in values. in the'
lace OF growing apprehension of war. The
cash reserves of the New York banks them
selves are now over 50 per cent of deposits
as az, about % per cent. on Feb. II, the
But this Improvement in their own condi-
ton Is OF small significance compared with
the evidence of what has been done for in
terror banks. According to the statement
OF the condition of New York banks IN
FEB H. deposits Were $7sS 6sS, 500, BY. Sat
urdays statement they were $3.50, SIG 500,
decrease Of liza 500 This represents
pretty accurately the extent of demand
from interior banks for purposes of
strengthening their reserves which has
been met in that time. The New York
banks have met the demand by contrac-
ton of loans during the period named of
nearly s60VO0.OO0, and have suffered a net
loss in cash OF nearly s14000,CO0. If the cash
items are examined separately ii is found
that legal tenders have decreased $40, AS 800
while the specie has increased $32 5f3 700 the
gold from Europe coming while legal tend
erS TO the interior were going out AS n re-
suit OF the heavy exports of gold from Eu-
rope the specie holdings of New York banks
now constitute about ~ per cent of the
cash reserve, against 53 per cent. on Feb
II. The gold reserve in the United States
treasury in the meantime has Increased si4 :
100000 clearinghouse balances in New
York and most of the payments IL the New
York custom house have been made in gold
for several weeks, and New York banks
have this week commenced to shin gold
to interior banks, which still continue
TO fortify their reserves, the availa BILE
supply of legal tenders having become
about exhausted. The drain of gold from
London has raised the discount rate there
and stifened exchange on London at CONT
mental centerss but the. gold movement to
New York continues without signs of abata-
ment The conditions thus disclosed, COM
blned with the large liquidation OF indebt-
edness known TO have occurred In the coun-