The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-25


bOSc; Mexican dollars, 45c. At London bar
silver closed steady at 25s4d an ounce.
Exports for the week: Gold, $500; silver,
1857 ,1O5 The imports were: Cold O0S3 ,lO6;
silver, 1884; general merchandise, S9,77S,243.
The New York weekly bank statement
shows the following changes:
Surplus, reserve, increase. Sc 179, OBS
Loans, decrease .....-............... 49, ITO
Legal tenders. decrease. .............. 22S2, 300
deposits, decrease .................... 2302, 100
circulation, increase .................. 10000
The banks now hold $4S. 500 in excess of
the requirements OF the 25 per cent. rule.
The New York Financier says: Accord
ing to the statement Of the New York
clearing house banks for the week ending
April % the institutions hold surplus re-
serve of $aS,525,1 100. which is larger than has
been reported since the fourth week of July,
1887. This result has been brought about by
the conservative action of the banks in pre-
pairing for the crisis which is now at hand
Their cash holdings. depleted by demands
rom rom the interior, have been replenished by
imports OF gold and by the continued con-
traction of outstanding obligations. To-day
they are in an exceedingly strong position,
may be made on them. The statement in
detail does not differ much from those Of
ne ~ Goo last aa several weeks. The decrease of
$I,4Sy,lOO IN loans represents the turning of
accumulated sterling into specie imports,
ana also the liquidation of current accounts.
. But little new business is being done, as
the rates demanded preclude any borrowing
other than that which Is absolutely neces-
ssary Inc banks, however, are looking out
4or the needs or their customers. The gain
In cash for the week was s. 603, 500, gold re-
ceplts having been nearly $8,oO00O0 and le-
gal tender decreases only s., 300 600. The in
crease in gold was larger than the weeks
receipts from abroad, and it is quite likely
mat the heavy expansion reflects some of
the previous imports. Deposits fell off only
9z,J02OO, which just about equals the legal
tender decrease and is less than the known
loss s to, 10 the interior The statement, judged
the changes are logical, since the gold i'm
ports and their relation to accumulated ster-
ing carried as loans must be taken into
account. summarized, the only conclusion
Us that the banks have performed a diff
cut operation with rare skill. They have
retrenched where necessary supplied their
correspondents with funds while strength
enlng their own holdings, they have put their
business In first-class condition, and to-day
when a call for funds by the government is
imminent, they have more money available
Ior the purpose than at any time during
800 In circulation, after a long period
or decrease. indicates clearly that no chan
lei to expand the volume of money is be-
Total sales of stocks, s122 400 shares, in
SSludfng: Chicago, Burlington & Quincy,
az;;g g6 manhattan. $40: Northern Pacific,
Island. S,915; St. Paul, II. ms; Union Pacific,
Denver & Gulf $500 American Spirits,
r., NJ
Saturdays stock market was s'discounting
peace in the language of the brokers' This
Was done by lifting prices notch higher.
The advance hesitated at the opening, ow-
Ing to a. reactionary tendency in the Lon
don market, following the receipt of the re-
port there, that the Paris had been cap
fured by the Spanish fleet and the cruiser
Topeka sunk la collision. Wall street
Pas ln lt as to the capture of the
exchange, at noon, and, the identity of the
1oundered vessel having been established
ket was relieved from that cause of depres-
sion. On the other hand much was made
OF OF the capture Of another Spanish prize by
an active demand for securities in London.
put the buying here for London account
London parity There we're mere neri rdeo Of apoVe
ton, but the publication of the bank state
prices to the highest. They were shaded
on by renewed apprehension as TO the safe
~ Of the Paris, the closing being easy be-
reachlng point in some cases. The volume
or the dealings was not large, the industrial
especially Sugar and Tobacco. The Spirifs
stocks were also quite prominent. The gem
eral feeling in financial circles is that the
some unexpected accidSnt or disaster could
ei1ect the conviction that Spain must
speedily succumb to superior resources A
feature of the day was the hardening in ex
Shange, demand sterling bills rising to s4S4
tba ls rate; It is CALCULATED, precludes fur
THE WEEK ON CHANGE
Last Saturday the belief was held in Wall
street that deadlock in Congress over
the Cuban Intervention resolutions was
likely to cause delay in the elimination of
the crisis and in the meantime the media
ton by the Pope with Spain was likely to
induce peaceable settlement The stock
market has had to contend during the week
with the dissipation of that belief, through
the adoption by Congress of the joint reso-
luton, the dismissal of General Woodford
the United States minister, by Spain before
delivering the Presidents ultimatum the
blockade of Cuba by the fleet and the prac-
tical outbreak of the war 1t has felt re-
Elected effect of the panic in Spanish fours
on European bourses, and the resulting
torced liquidation of American securities
Het the week closed with a great part of
the extreme losses in prices recovered net
declines not exceeding two points in any of
the prominent leading stocks. 1t is note
worthy also. that the low prices of the
week We're not as low; except in few
cases, as those ON March %, which marked
the lowest point Of the decline after the
blowing up OF the Maine. The exceptions
were international stocks which are favor
ties with operators on foreign bourses. The
grounds for the confidence and improve
ment In the stock market will be found in
the money condition, Saturdays bank
statement shows the surplus reserve to have
increased TO $43, 623, 100, and for the first time
since war threatened. the weeks increase is
due to an actual Increase in cash rather
IMAM TO the leSSSneQ reserve re-
9uirements IN through drawing down
mand for cash from the interior TO fortify
reserves there has almost ceased. Interior
banks. in fact, find themselves so well sup
Piled with idle money that they are buying
commercial paper in the New York mar
ket, though their bidding has not yet re-
duced rates below 6 per cent. for the best
names. AT New York banks have replen-
ished their reserves with imported gold to
meet this drain from the interior and the
cessation OF the drain promises easier money
conditions. Call loans the Stock Ex-
change have, in fact, fallen to Ia per cent.
during the week. OF the total OF nearly
S60.0O00l0 of gold ordered from Europe on
this movement over $l7 600 600 remains to be
accounted for in the bank statement, being
in transit or received after Saturdays state
ment was completed. In view of these con-
dttions 1t is not strange that the movement
or gold TO New York has come 10 stop, no
engagements having been announced for
Two days The relief afforded TO London
and Europe by the cessation of this demand
was reflected Saturday in recovery of 5-16
IN British eonsols and 22la centimes in
foreign money centers was becoming sewers
and was a large factor In inducing the sell
Ing OF foreign holdings OF American securi-
ties Curing the week. This selling was part
~ with q view to making exchange against
the United States and partly because Amer
ican securities offered the readiest market
20 recoup the severe losses Of French capi-
tai by reason Of the panic in Spanish fours