The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-28

$l6S,626 were of gold and $77S,7 1852 were silver.
The imports of specie for the week were
$S,l6992S, of which So 070 54S were of gold and
$o9,sSO were of silver. The imports of dry
goods and general merchandise for the week
were 81, 1883.
Total sales of stocks, 274, 400 shares, in
Guiding: Atchison preferred, 300: Chicago.
Burlington Quincy, q, 935; Louisville &,
Nashville 6515; Manhattan, 1860; Metro
poiitan 500; New York Central. 5,O75:
Northern Pacific preferred, $3.50; Rock ISL
and, $3.50; st. Paul, 1859; Southern pre-
ferred S,s4O; Union Pacific, 6,42O; Tobacco,
ESQ., Peoples Gas, 6,Os5; Sugar. ss615.
The New York weekly bank statement
shows the following changes:
Loans decrease s741o =oo
Surplus reserve, Increase < on SSS
Specie increase ..................... lob zoo
Legal tenders, increase ........... i .S54 900
deposits, decrease Northumberland. 2526 800
,rI"iat loIl' decrease ................ 3400
The banks now hold $39, S51, ATS in excess
OF the requirement of the 25 per cent. rule.
The New York Financier saws: ."rhe
statement of the clearinghouse banks of
New York city for the week ending March
20 SHOWS continued decrease in loans and
deposits and an increase in cash. The result
OF the weeks changes was to increase the
reserve $5,79l, 425, the total idle cash in bank
now footing up $33, S51 ATS. The banks there
Tore are in stronger position in this re-
spect than since the beginning of February
out IL cannot be said that the operations by
Whlcn this increase was brought about have
pceh prohtable to them. Their loans have
fallen off over SAG, 900 in five weeks. and
their deposits have decreased more than
S0VuVV'OCO. The cash in banks at the close
OF the current week, however, was lust
ABOUT equal to the total reserve reported
one month ago. The heavy changes in loans
and deposits have been due in large part
to continued liquidation and the semi
paralysis which mas been creeping over the
business and speculative world since the
Maine incident Unless some definite dis
position OF the Cuban matter is made within
a few days one OF the finest prospective
seasons in the history of the country will
nave been partially ruined. 1t is only nat
ural that the New York banks should put
themselves on the strongest possible footing
since sudden demand Tor currency Will faI
nrst OF all on them, and it must be said
mat they have risen to the emergency
Their money is under strict control and
the continued gold imports are adding to
Lnelr cash reserves from week to week One
Dank with thirty million-dolar reserve,
reports over $2S, 600 of the total in specie
The weeks changes have no especial signi-
ncance other than what has been pointed
out in this analysis for nearly a month
past, The decrease of S7,11O,5O0 in loans
shows that liquidation still continues. and
the loss of $1,S54, eco legal tenders reflects
pretty accurately the movement toward
RESULT OF GOLD IMPORTS.
THE gain of $7,OlSOOO in specie was
brought about by the receipt of imported
gold. The gold holdings of the banks have
expanded several dollars in the last thirty
days, but in the same time legal tenders
have decreased almost exactly the same
amount. In oLher words, the legal tenders
have gone to the interior. while imports of
specie have filed the vacuum. 1t stands to
reason that the money supply is larger
than ever, and were it not for the uncertain
~ of the present outlook rates would be
lower than for months past As it is gold
uennite is known regarding the future, and
The profitable employment of this mass of
money six months from now presages an
interesting state of affairs"
The authoritative statement that the
Maine board of inquiry's report would be
fully as grave as predicted brought out a
1ull attendance in the New York Stock Ex-
change Saturday. There were animated
groups about all the active stocks when the
market opened. The. feverishness of the
foreign markets and the fairy tale that
Spain had declared war, which was circu-
lated about the exchange, gave momentum
10 the downhill movement Fairly large
margins were swept away and large con-
cesslons on values ensued on every consid-
erable Offering. sugar, Manhattan and
mered and slumped about two points. Other
stocks were sharply depressed. Gradually
the market hardened on support given the
ties.
A quarter of an hour after the opening
the manifest intention of large interests to
sustain the list led traders to cover enor-
NOUS short lines and prices bounded up
ward, the shorts frantically bidding against
Sacn other. 1t seems likely that houses
having vast interests at stake had come to
an agreement over night to buy. On the
bulge in New York London was a large
selier. After an hours trading prices Were
We'll above Fridays close. business in
creased on the advance and shares were
ouoyant TO the close, which was generally
Al the best prices The net improvements
approximate two points I'm the grangers and
exceed l per cent. in the leading interna-
t,onel favorltes. The specialties gained from
1is To points. with the maximum improve
ment IN Third-avenue The trading was on
an enormous scale for Saturday. the
oea.in ss1, Tor the short session exceeding re-
The week just ended witnessed a vigorous
resumption o. bear aggression owing TO the
uSNeiopment or various influential factors.
Mhlch We're utilized to their fullest extent
by the advocates of lower. values That
.neir enorts were signally successful can
De pest Illustrated by resume of the final
prices of a week ago the comparison re-
necting losses in the dividend-pa stocks
OF from Pa to points. and the specialties
suffering 10 the extent of from six to
eleVen. The latter group was the objective
point OF attack. and the extreme weakness
list win the grangers and the principal in
tcrnauonal stocks received marked atten-
ton. The Cuban question continued the
oyershadowing feature, and the various
phases of the situation. as Indicated bv the
ttaor OF Washington advices. furnished
tie lever to alternately advance and de-
rress prices. This condition of affairs was
en,SInsnted l, by The outcropping of numerous
other considerations. which also exerted n
marked bearing on the financial and com
mercias situation. The market throughnIit
va. highly feverish: and the ready response
10 the slightest efforts I'm favor of either
account afforded some of the active inter
ests an opportunity to make frequent turns.
SEMI-PANICKY MARKET
The speculation at times bordered on .he
semi-panicky. owing TO the apparent an
preach OF crisis in international affairg
The outpouring OF long stock on these oc
casions was striking evidence of the apathy
OF the leading interests, the market hating
only In the downward plunge on the cessa-
ton OF traders offerings and a disposition
TO cover at Inviting prices by the shorts.
The market then worked gradually upward,
but the returning level was Invariably Sc
iected as a new basis Of operations by the