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

for demand and at $4.S0%G4S1 for sixty
days; posted rates, S4.S115@4S2 and $4S41h@
Ass; commercial bills, $3.50.
Silver certificates, 555s056Ac; bar silver, So
@5512c; Mexican dollars, 45c. At London
bar silver closed quiet at % 11-16d an ounce.
Exports of specie from the port of New
York for the week ending Saturday were
$949, 442 of which $13S 464 were of gold and
SS15,97S were silver bars. Imports of specie
at New York for the week were $7,165, $50,
of which $7.OS7 494 were of gold and SIS, 2S6
were Of silver. The imports of dry goods
and general merchandise at this port for
the week were s., 1920
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase 81 .6S9, 325
loans, decrease ...................... BIT 200
Specle' increase ...................... 5,266,600
Legal tenders, decrease .............. $50, 700
Deposits, increase Observation-Disclosures. ,413, 700
Circulation, increase ................-. 400
The banks now hold s35, us, 500 in excess of
requirement Of the 25-per-cent rule.
The New York Financier says: 1.-THE
statement of the associated banks of New
York city for the week ending April 3
shows an increase of s., S69, 1926 in excess re-
serve, but it is evident that the gold i'm
ported to date does not show in the totals
Since the present movement began there has
been received in New York over $29, O00, 900 in
specie, but the specie increases, as re-
ported by the banks since the first receipts,
are less than so, OOO,O O0 This it should be
stated is inclusive of domestic receipts
The operations of the week were not widely
different from what had been anticipated
Loans show further shrinkage of 81, 81, 200,
due to general liquidation in Stock Exchange
circles and the sales of sterling exchange
collateral while deposits decreased So, Ala, 100
The shrinkage in deposits probably repre-
sents, in part, Withdrawals by interior
banks, since the movement of currency is
once more against this center, but the loss
of $3.50. 700 in legal tenders appears to be in
excess of the known shipments to country
banks
The decrease of $S,41S. 700 in deposits low
cred the reserve requirements 1856, AIS, and
this, added to the gain of 81 O15,900 in cash,
makes the expansion in excess reserve as
solid footing. Their business has been mar
roWed to close limits and their cash re-
serves have increased in proportion. Count
ing the gold now in shipment and the larger
amounts which be obtained without
trouble, they are prepared to meet emer-
gencies. Future money quotations depend
on this weeks development in Congress,
but it is assuring to know that the chances
of a squeeze in rates have been mininized
to a large extent by the preparations all
ready made. Any rapid advances are bound
TO bring additional and heavier gold imports
and as the interior banks have taken at
least $40, 900 coo from New York institutions
their reserves should be heavier than ever.
INCREASED RESERVES.
ut is interesting to note that the lawful
reserve of national banks, according to the
controller Feb. Is, were $50 900 heavier
than on Dec. Is, and that the percentage
of reserve of the country banks was no less
than 342S per cent. The average cash re-
serve Of the entire national system was 80 %
per cent, but this has increased in the last
six weeks. The banks, in brief. are unusu-
ally well supplied with money"
Total sales of stocks We're 277,SO0 shares,
including: Atchison preferred 4,205; Chi
cago, Burlington & Quincy, 80 14O; Louisville
&o MaghVls oS e Mammalian Yar aT7e Met a
Northern Pacific. 1920; Northern Pacific
preferred, s765; Rock Island, 5.42O; St. Paul.
Denver & Gulf, $50; Tobacco, 7,015; Peo-
Pies Gas. $3.50; Sugar, S0.S10
News having an important bearing on the
al-abSorbing question of this country's re-
lations with Spain was exceedingly scarce
on Change Saturday. as Congress was not
left the situation much as it was VIII IN
trading ceased Friday afternoon, and when
Tor sale on the presumption that war with
Spain was inevitable. Yet prices showed
net gains yesterday, extending over point
in many cases and extreme recoveries
from the lowest variations, which compare
favorably with the violent changes of last
Monday and Wednesday. The market was
exceeding feverish and cratic during all
of the two hours session, in spite of the
paucity of news, varying sentiments being
fed by SurmiSes rather than news. Most
of the activity was based on the SUPPOSE
ton that the absence of all symptoms
might itself be a symptom" This uncer-
tain state of mind would naturally beget a
disinclnation to leave contract obligations
outstanding. AS most of the existing con-
tracts on the exchange are based on short
sales Of stocks, the uncertainty found eX-
preston IN buying to cover. The timidity
OF shorts was founded on their very severe
experience last Monday. They saw power
full support offered to stem the downward
tendency at the opening. The analogy was
so close to the course of things last Satur-
day that it had am unsettling effect. I'm
portant commission houses with Washing
ton connections were the instruments used
for much of the buying. This gave the APP
pearanCe, whether we'll founded or only de-
signed to seem SO, of orders to buy stocks
possibly on information obtained in Wash
ington of some favorable turn in the pros
poet of affairs This development or ma
neuVer was not lost on the bears 1t is not
improbable also that some of the buying
was due to that class of investors who come
into the market to buy stocks at a low
range of prices for the actual return in
yearly income. London, furthermore, was
a buyer to some extent in New York in spite
Of the significant weakness of Spanish
fours on foreign exchanges. 1t is evident
that foreign exchanges look to New York
for an initiative for the present. as the ar
bitTament for peace or war is to come from
SHARE LIST IS HIGHER.
Boldly stated, it seems remarkable that
there should be a sharp net advance in the
prices of securities on the Stock Exchange
in the week which witnessed the publication
OF the report of the Maine board of inquiry
and the apparent abandonment of diplomatic
negotiations looking to the conservation OF
peace with Spain. The fact is that prices
are from 1 to 4 points higher in all of the
principal stocks that make up the bulk of
the business on the Stock Exchange. This
was due in part to technical conditions in
the market. When the bears at smpted 10
take their profits on Monday by buying
stocks at the low level induced by the pres
entation Of the Maine board of inquiry re-
port, they found themselves forestalled by
a powerful bull clique, who had secured a
large part of the available floating supply
or stocks. Not for years has there been seen
so violent an advance in prices as in Mon
days bear panic. The bulge in prices seemed
10 have been designed originally by some
or the large bear operators themselves with
the purpose of shaking off some of their
undesirable following by forcing them 10
cover their contracts. and thus leave the
way open for a further decline. The big
bears We're supposed TO have been caught In
their own trap. and II was generally be-
lieved Monday night that the short interest
had been practically eliminated from the
ms az .f.,Ffs