The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-22

the requirements or the 2o-per-cent. rule.
The New York Financier says:N'In the
face of the showing made by the New York
banks for the week ending May q it is diff
ficult to see how the money market it is
be sustained, even on the present lower
level, for any length of time The banks
now hold an excess reserve of $50, 715, $50, the
highest reported in fourteen months. and
the total cash in bank has rarely exceeded
the present volume The circumstances
which have brought about the remarkable
changes in the statement are not difficult
TO understand. The steady demand for in
terror remittances has given way to de-
cided movement to this center. The ship
ments to the interior have not equaled gold
imports for some time. Added to this the
treasury is disbursing large sums of money,
and until two weeks ago high rates forced
a constant liquidation of loans and sales of
accumulated sterling bills. The result has
been to throw mass OF idle money into the
banks. Fortunately, the. situation has so
much improved that the banks are finding
use for part of this money, and the expan-
6iC2 of $7.S57, 500 in loans for the week is a
cheering sign: What proportion OF this sin in
not be estimated but it is true that some
very active buying Of sterling bills Is again
being INDUCED in. The expansion of aver
ages for the week can be traced to several
large banks, notably those which are con-
cerned in international movements, but on
the other hand the institutions making a
speciality of country accounts report in
creased deposits, showing the return tide
3rS'u the interior.
A PLETHORA OF FUNDS.
"Under normal circumstances, a move
ment in favor of New York is only natural
at this season. and now that the proposed
government bond issue has been delayed,
New York will probably continue to gain
heavily. The export figures issued by the
treasury indicate that until the government
calls for funds the surplus cash will again
i,,xya in dsfa
changes. Forty millions We're thus placed
during the first two months of this year,
and the opportunity is now as favorable as
at that time. The deposit increase of over
S14, 900 600 for the week is logical, counting
the $7,2S5 eco gain in cash and the increase
of that amount and over in loans. AS is
usually the case, circulation continues to
expand after the crisis which called 1t forth
has ceased to exist
Total sales of stocks 109, 400 shares, includ-
ing: $500 c., B. & O., 4.224 l.. q n, 1859
Manhattan, ALL metropolitan, l0,d20 ROCK
Island $3.50 st. Paul preferred, $40 Wheel
ing & Lake Erie preferred, 6,54 American
Spirits, $3.50 Tobacco, 6,l55 Sugar, I,54O
Leather preferred.
the New York Stock Exchange Saturday.
Operators. almost without exception main
tain their attitude or waiting for the situa-
ton in West Indian waters to clear itselI.
The report that the Spanish fleet had come
into Santiago and had succeeded in getting
away again was not generally credited,
coming as it did from Spanish sources, but
it exercised some depressing effect, never
theless. II was probably the cause of the
decline in prices after the opening rise. The
rise in Spanish tours in London and Paris
showed that 1t was not without its effect
also, in foreign markets. There was selling
for London which kept up a depressed tone
in some of the internationals, New York
Central and Louisville being conspicuous
sufferers. Rock Island also showed the alb
sence of inside support, but was bid up
quickly on the final sales to a level above
Friday nights close. The rally in the mar
bat HroG n
Prices rose a fraction above Friday nights
close and in some cases a point or more.
A feature of the trading again the iso-
lated movement of obscure and dormant
stocks. Pullman and Great Northern pre-
ferred, each with a handsome surplus to be
moved upward The Wheeling & Lake
Erie and the Rio Grande Western stocks
were quite conspicuously active and all
moved strongly upward. Tobacco. Sugar
and Leather preferred among the industrals
were all in demand. The closing was strong
at top prices Pittsburg. c.. c. & st. Louis
was conspicuous for break of nearly two
points on light transactions.
THE WEEK ON CHANGE.
The stock market has not moved widely
during the week, and it has become evident
that operators regard the present level of
prices as fixing a fair equilibrium between
the conflicting factors in the outlook. On
the one side is the chance of a naval re-
verse This is considered remote. But it
must be conceded that in Wall street more
weight attaches TO this possibility than was
the case week ago. AS 1t is. prices are
substantially higher, the grangers naturally
leading, owing to the extraordinary move
ment Of grain. There were numerous indi-
cations of strong industrial and financial
outlook, which are coming 10 have more and
more influence. in spite of the incubus of the
war Railroad earnings show striking in
eyeases rot only over last year. but over