The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-09

2.ercial bills, $.o0A.
Silver certificates, 56Gt564c; bar silver.
56lsc Mexican dollars, 45c.
At London bar silver closed steady at
y l5-16d an ounce.
Exports Of specie for the week aggregated
$791047 in silver bars and coin. and 1905 in
gold. The imports of specie were 81, 916, $40
in gold and S29, 30 in silver The imports of
dry goods and general merchandise at New
York for the week ending Saturday were
81, 795, 4S7
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease .. $57S, 200
Loans, increase ...s................... eS7 100
Specie, increase ACKNOWLEDGEMENTS. /, 39S, 700
Legal tenders, decrease ............. 170S,500
Deposits increase Observation-Disclosures. 1,113, 600
Circulation. increase ................. 344 400
The banks now hold $43,916.475 in excess of
the requirements of the 25 per cent. rule
The New York Financier says: For the
first time since the destruction of the battle
ship Maine the loans of the New York
clearing house banks show an increase. 1t
became evident the week progressed that
dealings in mercantile paper were
more liberal seal, but the increase in the
lean item probably represents for the most
part borrowings incident to the revival on
the Stock Exchange. While the increase
was less than one million, it must be inter
preted as q favorable sign. At this time
when the turning point seems to have been
reached, it is interesting to note that the
falling off in the loans OF other New York
banks since Feb. 10. last, have been no less
than 900. A considerable part of this
sum, however, represents the liquidation of
accumulated sterling bills incident to the
loan item, deposits have been stopped in
their downward tendency and show ar ex-
pansion for the week of $l,1l3600 after q
continuous shrinkage running over twelve
weeks and amounting to $4,000 GOO. The
changes in cash were not heavy, but the re-
suit has been a decrease of 5000 800. New
York lost heavily to the interior, and as
the shipments were largely in the form of
gold, the banks do not report the usual
gains in this Item The losses In legals are
still iii evidence, and the clearing house in
stitutions now hold IS per cent. of their
cash in form of specie. The statement does
not seem to cover the full operations of the
week. The gains from the subtreasury con-
tinue. owing to heavy disbursements by the
government, and ii was thought that the re-
ceipts of gold from abroad would more
than counterbalance shipments to interior
banks. 1t is very probable that the position
of the various institutions is stronger than
is indicated by aggregate showing. Not the
least interesting pa. of the statement is
the expanding tender y of circulation, the
gain for the week havi.:g been 1914 400. De-
banks have an ample amount of cash on
hand and nothing but circumstances of an
untoward character can operate against
maintaining the market on even the present
basis"
IN ACTIVE MARKET.
Teta; sales Of stocks on Change Saturday
wer3 o22 800. including: Atchisop preferred
1896 Chesapeake & Ohio. 3,720: Chicago,
Burlington & Quincy, 1886; Louisville &
Nashville, 1885; Manhattan, Ais; Metropol :
itan, 1855; Reading preferred, $40; Missouri
PACING, 1850; New York Central. 4,970;
Northern Pacific $40; Northern Pacific pre-
ferree 1O4S5: Ontario & Western. $3.50;
Rock Island % sos; st. Paul. 31,965; Southern
Pacific preferred, 3.120; Union Pacific. 2S.O2O;
Wabash preferred. 1850; Tobacco, "a $50;
Chicago Great Western. 49o5: People $ Gas,
$3.50, Sugar, sc, 720; Tennessee Coal ana Iron,
$780,, Western Union 4,495.
New York stock brokers had busy two
hours during the short session OF the ex-
change Saturday. and there were no in
terVals of idleness. The market was furi-
ously active throughout and the keenness
for the stocks gathered force as the session
progressed until it had become very like
scramble towards the close. Occasional Of
ferings by operators content to take their
with almost no effect on prices. The ele-
ment of apprehension which had caused the
reaction at the close Friday were cleared
up. The release of the Lafayette eliminated
the fear of complication with France over
her seizure. The reported announcement OF
the arrival of the McCulloch al Hong-kong
leve6 the natural uneaSinesS that was be-
ginning 20 be fei over the prolonged de-
lay in receiving official advices from him.
There was Sono heSitancy in the trading
until an official confirmation had been re-
ceived from Washington of the good news
from Manila. The completeness of the vic
tory and the almost entire exemption from
damage of the United States forces emrha-
sized anew the important bearing of the
event on the prospects for a speedy termi-
nation OF the war The depression of some
American securities in London before the
opening on this side was ignored, and the
advance in prices was inaugurated from
the opening. The strong limitations COM
ing from official circles in Washington that
important news is expected from Admiral
Sampson by Sunday and reports that the
Spanish fleet had been sighted off the
French West Indies aroused an expectation
that the first step towards the destruction
OF SPANS naval force in the Atlantic was
near at hand and could safely be dis
counted III the market. The continued ex-
element and advancing price in wheat gave
running through the wheat belt The bank
statemen. was also interpreted as distinctly
favorable Inc decrease IT. surplus was due
IN large part to the decrease in reserve re-
quirements through the additions to de-
Rosfts. and only partly to decrease in cash.
me net decrease in cash for the week
amounted in fact. 10 only $500, SOe The force
OF the upward tendency of prices was re-
markab'c in the second hour. and the days
net gar : ranged between and and points
Tor most of the leading stocks.
A LIVELY CONTRAST.
The animation and strength of the stock
market during the past week has been a
strong contrast to the lethargy of the early
part of the previous week Professional
operators laid in a large supply of leading
speculative stocks on Friday and Saturday
OF the week before in anticipation of good
news from Commodore Dewey in the early
part of last week. 1t is not unusual to see
prices Of stocks react on the actual occur
renee OF an event which has thus been dis
counted, due to the selling to realize profits.
but the professional operators who took
their profits on Monday and Tuesday on the
news of Deweys victory failed entirely to
estimate the force and far-reaciiing results
OF that event. Their heavy realizing sales
were easily absorbed by the large upward
PUSHES OF prices, and the week has closed
with the Juror TO buy at the boiling point
and with prices at the top level of the week
with from to IL points of net gains in the
active railroad stocks. Some of the special
ties exceed ever that. 1t is an old estab-
lished maxim OF markets that O. naval or
lnodore Dewey's victory l.. it's completeness
and the thcroughness with which the work
was done, would naturally be particularly
1orceful. The demonstration Il gives of the
incapacity OF the Spanish naval resources
and the demoralzed conditions of Spanish
financial governmental conditions at home
which have followed make an early termi-
Ii Is IN the favorable conditions at home
which will be. given full play by the ending
OF war that the stock market has found its