The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-14

Silver certificates, 5454@55c; bar silver,
54Ac; Mexican dollars, 44s4c. At London bar
silver closed quiet Ut 25 S-16c an ounce.
The imports at the port of New York
during the week were: Gold, S3,5 ,479; sill
yer. $685. 1Os; DRY goods and general mer-
chandise, $11,7&,9SO. The exports of specie
Were: Cold $10,250; silver, s576,O15.
The New York weekly bank statement
shows the following:
Surplus reserve increase 81, S97 925
loans decrease .................... ~, Sy2 4O0
specie, increase Observation-Disclosures. 1888, 700
Legal tenders, decrease ............ 4,675, 400
Reposlts, decrease ................... 800
Circulation, increase ................. 10000
The banks now hold $22, 721, 325 in excess of
the requirements of the 25 per cent. rule.
The New York Financier says: $50 far
as relative strength is concerned, the New
York clearing house banks are in a stronger
position now than at the close of business
one week ago. The policy of retrenchment
seems to have been rather generally fol-
lowed by the larger institutions, and the
loss of 1882, 400 in loans, as shown by the
statement of March 12 corresponds closely
with the reduction of $1O5SS. 800 in deposits.
Early in the week the liquidation in loans
was a marked feature. as a number of the
banks were below their reserve require
ments, and desired, naturally, to increase
Exchange conditions have also contributed
toward the falling off shown in the aver
ages. The banks appear to have lost "a, 1885,
400 in legal tenders, but the receipts of the
first gold imports swelled the specie item
s. 200, so that the actual loss in cash for
the week was only $736. 200. The reserve re-
quirenlents, owing to the decrease in de-
posits, were reduced $2,6S4,625 and taking
from this the actual loss in cash, the result
shows that the banks have added 1887 925
to the excess reserve reported one week
ago. There is now engaged or en- rote to
America over $4,000 600 in gold and as this
will find its way into New York banks ex-
cepting, of course, the $50000O ordered for
Chicago the outlook must be regarded as
reassurilss. 1t will be seen that this center
can stand a heavy drain without weakening
t 1ae P{bare bould he contined movement
OF FUNDS to the interior, with bank reserves
at nearly every principal center heavier
than usual, is a matter that cannot be ex-
planned easily The local money rates dur
ing the week have reflected an easier feel
ing, falling off somewhat at the close. Many
Of the larger banks seem to be out of the
market on commercial paper, but out-of-
town institutions, which are not affected by
the withdrawal of money, have been doing
considerable business at this point.
THE FUTURE UNCERTAIN.
cit is, of course, impossible, in view of
foreign complications, to predict how
money will turn within two weeks, but it
will require a severe crisis, indeed, to bring
the market to an acute stage. continu-
arce of gold imports would operate against
its existence for more than a brief period
of time
Total sales of stocks, $3.50 shares, In
GLIDING: Atchison preferred. $3.50; Chesa-
peake Sc Ohio, 3.945; Chicago. Burlington &
Quincy, 2O.OOS Louisville & Nashville, H.
hof MpfrOnnlifQn
Reading preferred, $500; Missouri Pacific,
5,917; New Jersey Central 1890; New York
Northern Pacific preferred, 1890; Ontario
Western e c1S aole Read aI9g a4O Rock
1850; Peoples Gas, 1896: General Electric,
also; Sugar, 1890; Tennessee Coal and Iron,
4,010; Western Union, 1920.
The professional traders were somewhat
astonished at the effects they achieved in
prices on New York Change Saturday. The
opening, had buying orders at the prices
to which they desired to drive stocks. The
market showed Itself f SO weak when these
were quickly withdrawn. This covering
movement accounted for the sharp rally in
the first hour, and there were some recov-
nothing to relieve the UNMARRIED depression
which prevailed through the whole list of
stocks and bonds. The closely-held stand
ard stocks suffered with the purely specu-
lative issues, and in some cases more
NtISlys LAKE 0UOIG Is an example. 1t SOlQ
at 1855, decline of three points, and closed
with the bidding at only $50. Pennsylvania
dropped three full point st. Paul suffered
very acutely, probably on the uncovering
of margins on recent speculative buying
and was OFF at one time 4ss per cent. North
western dropped AZ and Burlington points.
The local New York traction stocks were
equally weak. The number of prominent
stocks which showed losses Of between 2
and points is very large The total sales
in the two hours OF trading, S23, 300 was well
up to the average of full days business
blocks of several thousand shares We're fire.
quently reported. Part of these offerings
were speculative holdings dislodged by ex-
hausted margins. but there can be no doubt
that sales of investment holdings. such as
are not usually influenced at all by the
speculative movement of prices, are begin
ming TO absorb an increased proportion of
the business on the Stock Exchange. There
was no specific item of Saturday news that
cation Of the market. IT was caused rather
by the general conviction that the reports
OF the Maine board of inquiry and state
ment OF the further policy of the govern
ment towards Cuba are imminent and the
unwtllingness of operators TO carry open
contracts over Sunday. The weekly bank
statement shows that the gold imports re-
ceived for the week have not been suffi-
Client to Offset the continued Withdrawals
to the interior. SO that the cash holdings
show net decrease of 200. But as the
heavy drawing down of deposits has re-
duced the % per cent requirements by ST.
6S4 go. the surplus reserve is enlarged by
N,S9I925.
WEEK ON CHANGE.
The stock market ended the week as 1t
began 1t, in demoralized condition The
partial recovery of Tuesday and Wednes-
day. and the diminished activity between
Monday and Saturday probably represented
nothing but natural reaction, which al
ways follows sudden decline, the recovery
being in proportion to the violence of the
fall. The New York Stock Exchange on
Monday shared the depression existing on
every exchange Tor securities in the world
On the London and European exchanges
the new demands of Russia upon China and
ain over the West Africa situation were
almost much causes of alarm the
lations between the United states and
Spain. So acute was the resulting depres-
sion that important an incident as the
Supreme Court decision in the Nebraska
maximum rate case IN favor of the rail-
roads almost entirely disregarded, al
though X has been eagerly looked for each
Monday since the last year. SPANS prompt
even request General Lees recall, the sat
isfact0ry adjustment OF the difficulty over
eending provisions to Cuba In war ships
and the voting by Congress OF the S50.O00 00o
defense fund.- We're all cited as evidence OF
improved conditions in our relations with
Spain. But that none OF these had Any
deep seated effect was shown by the coufee
OF prices later IN tsis week.
The course Of the exchange market and
the continued influx Of sold must be act