The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-13

circulation, increase ................. 10000
The banks now hold So. 72f3 in excess of
the requirements of the % per cent. rule.
The New York Financier says: 80 far
as relative strength is concerned, the New
York clearing house banks are in a stronger
position now than at the close of business
enc week ago. The policy of retrenchment
seems to have been rather generally fol-
lowed by the larger institutions, and the
loss of $10,S92, 400 in. loans, as shown by the
statement of March -, corresponds closely
with the reduction of s1O,5SS,5 500 in deposits
Early in the week the liquidation in loans
was marked feature dis a number of the
banks were below their reserve require
ments. and desired, naturally, to increase
their cash holdings. The unsettled Stock
Exchange conditions have also contributed
toward the falling off shown in the aver
ages The banks appear to have lost 81, 49,
400 in legal tenders, but the receipts of the
first gold imports swelled the specie item
S3,93S. 100 so that the actual loss in cash for
the week was only $780, The reserve re-
quirements, owing to the decrease in de-
posits, were reduced s., 634625, and taking
from this the actual loss in cash, the result
shows that the banks have added 81, 1897 ,925
to the excess reserve reported one week
ago. There is now engaged or en- rote to
America over 1900 900 in gold. and as this
will find its way into New York banks, ex-
cepting, of course, the $4,000 ordered for
Chicago, the outlook must be regarded as
can stand a heavy drain without weakening
the position of the local banks, although
why there should be continued movement
of FUNDS 10 the interior, with bank reserves
at nearly every principal center heavier
than usual, is a matter that cannot be OK
planned easily. The local money rates dur
ipsr
ing, falling off somewhat at the close. Many
OF the larger banks seem 10 be out OF the
market on commercial paper, but out-oI-
town institutions, which are not affected by
the withdrawal of money, have been doing
considerable business at this point.
THE FUTURE UNCERTAIN.
ut is, of course, impossible, in view Of
foreign complications, 20 predict how
money will turn within two weeks, but 1t
will require a severe crisis, indeed, TO bring
the market TO an acute stage. A continu-
arce of gold imports would operate against
its existence for more than brief period
of time" .....s-
Total sales of stocks. S2S 900 shares, in
GLIDING: Atehison preferred. 6560; Chesa-
peake & Ohio. 1885, Chicago, Burlington &
Quincy. 2OOOS; Louisville G. Nashville. H.
10. Manhattan. 1880: Metropolitan. 5000;
Reading preferred, $500; missouri Paclnc,
5917; New Jersey Central, $500; New YORK
Central, 11620 Northern Pacific, o,4zU;
Northern Pacific preferred, 1920; Ontario
& Western, 1916: Reading, 4,l4O; Rock
Island, 1O.s2e: st. Paul, 2.342. Southern pre-
ferred 3270: Union Pacific, 5,420; Tobacco,
1850; Peoples Gas, 1886; General Electric,
Also; Sugar. 1890: Tennessee Coal and iron,
400; Western Union. 1870.
The professional traders were somewhat
astonisned at the effects they achieved IN
prices on New York Change Saturday. Ine
bears. who attacked the market at the
opening, had buying orders at the prices
to which they desired to drive stocks. The
market showed itself so weak when these
prices were reached that the buying orders
were quickly Withdrawn. This covering
movement accounted for thu sharp rally in
the first hour. and there were some recoV-
cries at the close Otherwise there was
nothing to relieve the unvarieG depression
which prevailed through the whole list OF
stocks and bonds The elosely-held staac-