The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-24

were were International stocks which are favor
TIES W.T. operators on foreign bourses The
slouhYs Tor the confidence and improve
the m the stock market will be found in
snc money condition. Saturdays bank
SssdIement shows the surplus reserve to have
increased to $43, 625 100 and for the first time
S 49, war threatened the weeks increase is
que que 10 an actual increase in cash rather
man TO the lessened reserve re-
dd enosits rra through drawing down
mand for cash from the interior to O. fortify
reserves there has almost ceased. Interior
banks. IN fact find themselves so we'll sup
p pnvs WIN Idle money that they are buying
commercial paper in the New York mar
ket, though their bidding has not yet re-
ouced rates below 6 per cent. for the best
names At New York banks have replen-
lshed their reserves with imported gold to
meet this drain from the interior and the
cessatlon OF the drain promises easier money
change have. in fact fallen to IA per cent
curing the week. OF the total of nearly
w, 100000 Of gold ordered from Europe on
tnls movement over 81 .000. 600 remains to be
accounted for in the bank statement being
III transit or received after Saturdays state
NEW was completed. In view of these con-
oltlons II Is not strange that the movement
or gold to New York has come to stop, no
engagements having been announced for
TWO days The relief afforded to London
ana Europe by the cessation of this demand
was rejected Saturday in a recovery OF 6-16
IN British consols and 32lR centimes In
French rentes. The strain of this demand on
foreign money centers was becoming severe
and was large factor in inducing the SELL
ing OF foreign holdings of American securi-
Ties during the week. This selling was part
~ with a view to making exchange against
the United States and partly because Amer
lean securities offered the readiest market
70 recoup the severe losses of French capt.
tai by reason of the panic in Spanish tours
and the contraction in values of all Spanish
securities. French inveStn. entS in Spain are
estimated at $500 900, 600. Financial institu-
tons in the United States have ceased to
draw on the credits abroad, because they
feel amply secured against the money needs
OF the war. They feel prepared to meet a
demand for government loan, which it is
seen would be speedily expended again.
They also feel prepared to meet the spring
needs for money for the business of the
country, which are expected to be earlier
and more urgent than usual The money
requirements of the United States having
become satisfied and the pressure for gold
upon London relieved, the markets of the
world have responded with a recovery in
prices on the very Threshold of war.
The prices of bonds during the week did
not move so widely as stocks, either in the
early downward movement or in the later
recovery. Transactions were small for the
week. Net declines in government bonds
for the week in the bid prices are "a in the
new tours, registered; ia in the new fourS,
coupon; III for the old tours; ~ for the
fives, coupon, and u for the fives, regis
tered.
The following table, prepared by L. W.
Louis, Room il, Board of Trade, shows the
range of quotations: