The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-28

55Ac. Mexican dollars, 45i4c. AT London
bar silver closed quiet at 255sd per ounce.
The imports at the port of New York for
the week are: Gold, $l35 362; silver, $52,951;
dry goods and general merchandise, $685.
124. The exports Of specie were: Gold, $751;
210: silver, $S00,5i7.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ...........$ 81, 729 125
Loans, decreased ....................s. 5,O36,SO0
Legal tenders decreased. ............. AS 400
Deposits, decreased NORTHUMBERLAND. 9,3463O0
Circulation, decreased ................ $1,000
The banks now hold 22,959,325 in excess of
the requirements of the 25-per-cent. rule.
The New York Financier says: 1.-The
statement of the associated banks of New
York city for the week ending Feb. % is not
as disappointing in it's showing as had been
anticipated. The events of the week made
it plain that heavy decreases were inevita-
bic, and yet a result of all the changes
the banks have reduced their surplus cash
Only 125, an amount hardly as large
as current engagements OF gold from Eu-
rope The actual loss in specie and legal
tenders was ST. 400, but this was pa~ially
offset by an increase of 81, S52.7 ZOO in specie.
making the net loss for the week $5,O6o, IOo
The specie apparently went into half
dozen Of the larger banks. 1t is interesting
to note that of the entire cash reserve or
the New York banks at least 5S per cent Is
held in the form of specie. The loss IN
cash was brought about by the heavy ship
ments to the interior and payments INTO
the treasury, but the full extent or the ,, IoTo
mer is not shown in the statement. Wnlle
the larger part of the money now being
withdrawn from New York is doubtless IN
response to increased demands due TO bet
ter trade conditions some of it reflects the
unsettled state of mind prevailing Win re-
gard to the future. But the New York
banks generally lose portion or their eX-
cess balances at this season of the year. In
1897, between the latter part of FEBRUARY
and the end of March, the excess reserve
fell off 81, 100000. The loss during FEBRUARY
this year has been twelve and three-quarter
millions The reserve, however, is now
about one-half what it was twelve mon ,.as
ago, so that the loss anectS the marhel
rather more acutely.
GOLD IMPORTS STARTED.
"Still, the sensitiveness of the situation
and our strong position as regards interna-
tional balances are well shown in the fact
that even the slight increases in rates last
week have started gold imports. A con-
tinued firm market will only emphasize this
factor For the moment the decentralization
of the stock market, tho heavy liquidation
and realizations have contracted the loan
item There is nothing, however, indlcat-
ing that money is going to be excessively
dear, even should complications. arise;
trates perfectly the direction in Whlch re-
lief can be looked for. In other words, our
money loaned abroad can be made instantly
Total sales of stocks Saturday were 17S,-
400 shares, including: c., b. d a., 1900 l..
& N, $3.50; Manhattan, 1919; o MetropolVltaIii,
Central, 4O45; Northern PACIFIC preferred,
1880; Rock Island, 5.405; St; Paul, 1880;
Sugar. 1925; Leather preferred, 5,SS2; West
ern Union, 5,SA 49,,
The stock market was listless and with
out decided tone Saturday. Inc net changes
were trivial in most cases, and the market
moved up and down within narrow range.
London buying gave slight upward I'M
petus at the opening, and then proht taxing
nv fridays buyers drove prices below Fri
day nights level The close was ABOVE the
lowest but net changes were much mixed.
The course of prices was unsettled ana con-
dicting in the final dealings, some stocks
moving upward and others DOWNWARD SIM
ultaneously and apparently without manip- -
ulation The whole of the trading was by
small room traders, and large operators
were apparently content to STAND Dy Tor
the present and watch the course ol Iiii lt,,
Some few stocks were notably nrm all DAY,
such as Reading and Erie issues, Northern
Pacific preferred and some OF the southern
and Southwestern roads. Canada racine
also ruled higher The bank statement was
without particular effect, as the condltlons
disclosed had made themselves feit during
the week The heavy decrease III loans IN
dcate Humiliation on the Stock Exchange,
but probably does not fully measure IT. as
the loans which have Deen calleu nave peen
in mart replaced in time loans ana CONNER
Prices of standard stocks are to points
lower than a week ago. Decnnes III the
speculative bond issues are 1 to 3 per cent,
government bonds being II to 312 per cent.
lower Call money rates have risen from
III to 8 per cent, and exchange has fallen
To th. gold import point, with $2,2OOON en-
gagged for shipment or on passage. rms in
brief represents the changes IN the imam
cial situation from last Saturday. Prices
of stocks are considerably above the low
point of Thursday morning, when the down.
ward plunge took on panic conditions for
''''''' HEAVY LIQUIDATION.
THE weeks drastic liquidation in the
stock market was forced by the marking up
of call loans. Coming on a market poorly
supported because of the threatening out
look of the Cuban question and with many
orders to sell out long stocks, these Offer
ings precipitated a decline that wiped out
ali margins and brought torrent OF stock
meal standpoint, the stlffemng OF money
rates precipitated the decline Inc nlgner
money. rates were In turn que TO VIII VIII
drawals of currency from New YORK banks
for shipment to the interior. competent
expert authorities differ as to whether TINS
movement of money to the interior Is TO be
attributed to the preparation for the regu-
lar spring settlement and is thus 10 meet
regular business demands or whether IL IS
a cautious safeguarding by interior banks
against a possible need growing out of pres
ent complications over cuba. AS against
the latter view it is to be considered that
interior banks are permitted by law to
count as in their legal reserve q certain
proportion of money which is on deposit in
New York banks designated as deposit
tories, the same though it were in their
own Vaults. 1t is also true that there is an
increasing amount of commercial paper CT
fering at interior financial centers, reflect
ing a growing demand for money for bust
ness purposes and domestic exchange at in
terror points has been against New York.
The Cuban question was, of course, the di-
rect incentive for very large offerings of
stocks and bonds. but the forced liquida-
ing uses for money in fields other than
speculation. The hardening of money
has been promptly followed by a fall
in exchange and an important move
ment of gold, the stock of exchange
available to be thus drawn on being esti-
mated all the way from $40000,0lO to $780,
coo 600 The London market has steadily re-
fused TO take alarm az our Cuban compli-
cations. and has persisted in buying Amer
lean securities in face of the violent decline
in their prices This buying had added ma
the gold movement to New York has not
put a stop TO London buying of American
securities, a result which usually follows
almost Immediately. Large capitalists and
corporate interests the lookout for bar
gains are credited with having absorbed
large lines of stocks in New York as well
as in London at the low prices reached.
As for the sharp fail in government bonds,
q rise in tho money rate is naturally COIN
cident with a fall IN governments. For an
other thing. the banks which became depos-
the government had TO give government
bonds a. GacnrifV and fbn. demand fins