The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-29

closed at Z6sd per ounce.
Exports of silver from New York for the
week ending Saturday aggregate S73S, 723
The imports of specie at New York for the
week were $1,S36,S55 in gold and SIS, 224 in
silver. The imports of dry goods and general
merchandise for the week were valued at
klS27,2lO
The weekly bank statement shows the fol-
lowing changes:
Surplus reserve, increase ..... 50 9S9 $50
Loans Increase ....................... S,202 400
Specle' increase ACKNOWLEDGEMENTS. 4,459,200
Legal tenders, increase. ............. 2.2S4 800
1SgepoSIts, increase ................ 15,018, 900
Circulation, decrease ................. $500
The banks now hold $50. TO-, 900 in excess
OF the requirements Of the 25-per-cent. rule
The Financier says: 1.-THE statement of the
associated banks of New York city for
the week ending May Is reflects continued
accumulation of idle funds at''this center.
although the expansion of 1902, 400 in the
loan account is a certain indication that
business is improving. The banks gained S.
$4,000 in cash, which, added to the loan in
crease, accounted for the unusually heavy
growth of $15,MS.6O0 in deposits within the
last seven days The statement in view
OF the known movements of money for
the week, is just about as expected The
interior banks are increasing their bal
ances here; 50, 00.0O0 of imported gold came
into New York last week and the heavy
penses, show no signs of diminution.
Against this the only losses have been in
the shape of remittances to Southern banks,
ana these are not nearly as large as re-
ceipts. The rediscount movement from the
South was heavy at this time last year,
but up to the present there has been little
call from that section. The movement from
the interior is only normal at this season,
nut. showing the changes that have oc-
CURED within twelve months, it is interest
lng 10 recall that at this time last year
the banks were paying out three or four
millions weekly to be used for gold export
purposes. The heaviest changes in the cur
rent statement seems to have been made
py few of the larger banks. OF the total
increase in loans over seven millions
National Bank of the Republic, the West
ern National and the National Union
Banks, while six banks have gained nearly
half the total deposits reported by sixty-tive
clearing house Institutions Perhaps the
loan expansions represent purchases or
sterling exchange not included in the prev
abroad have fallen, this form of investment
viii not be as conspicuous as in the early
part of the year. The month of May has
been marked by some noteworthy changes
in the bank totals Loans have increased
over $19000,0O0 deposits $37 &C., 600. cash $751;
6I.O00 and surplus reserves $1,000, 900"
The total sales of stocks at New York
Saturday were 126, 400 shares, including: At
Gibson preferred $3.50; Chicago. Burlington
d Quincy 5'So5; Manhattan an $3.50; Rock Isl
iO67O.
The fact that Saturday was a holiday
in London and Monday would be a holiday
both in New York and London had the
effect of curtailing speculative operations in
stocks at New York. There were two con-
ficting reports in circulation, both coming
by different routes from the same point in
the West Indies, one alleging that the
United States fleet had been sunk and the
admiral killed and another that Commo.
0ore Schley had penetrated the harhor or
Santiago and sunk the Spanish fleet. the
on the second. But the dealings were not
large, nor the Improvement wide
IN IN any case Prices We're slug slug
changes were small. Rock Island and Peo-
pies Gas were pushed up again after a
preliminary reaction apparently TO snake
on some weak following. Their price was
sustained with some difficulty at the close
and was manipulated with the evident pur-
pose of making the last prices the best.
The same thing was manifest in other
stocks. Great Northern continued its up
ward course and added nearly fve points to
It's recent remarkable advance. Illinois steel
rose points additional but reacted points.
New York Air-brake rose points. but lost
nearly all of It, There was a reaction after
me recovery coincident with the puolicati;o on
OF the bank statement which was on It's
lace favorable But the expansion or over
Ss,oC0 400 in loans, while suggesting activity
IN business, goes with the knowledge that
supplies of commercial paper has not been
large in the market nor has the demand
lor time loans been eager. The inference
mand for speculative uses in the stock mar
ket is TO be accounted for largely by loans
made on sterling exchange as collateral, an
operation involved in lending abroad money
Which is due on exchange bills, but not
drawn. The close for the stocks was. how
sver, near top prices under the manipulation
and generally a fraction above Friday
nights closing price.
Prices of stocks show some substantial
gains over those of a week ago, though
The latter part of the week has seen a
railing off in activity and somewhat SET
ued tendency. The advance early In the
week was largely based on the unfounded
report that the Spanish fleet in West In
dian waters had been already annihilated
snd the later tendency Is not surprising.
Inc latter resistance to decline is encour-
aging to the bull element ard the belief is
general in Wall street that the powerless-
ness OF Cervera's fleet TO do mischief has
been demonstrated and its ultimate defeat
oy the United States forces is confidently
expected. The financial world looks forward
20 this defeat TO bring into play many
factors Of strength IN the speculative out
look. Most potent Of these is the conul-
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