The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-21


Silver certificates. 555s95614c; bar silver
55Ae; Mexican dollars, 45c At London bar
silver closed steady at % 9-16d an ounce.
The imports at the port of New York for
the week were: Gold, $S,21403a; silver, $31, 1872;
dry goods and general merchandise, $9,127.
2H. The exports of specie were: Gold,
$40. 404; silver $730.S95.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. s., S3S, 625
Loans, increase IL, 558, IOU
specie, increase ACKNOWLEDGEMENTS. 5,2l1,5O0
Legal tenders, decrease .............. .6sS, SOO
Deposits, decrease .................. 1904, 500
Circulation, increase ................. 69,lO0
The banks now hold $2S.O6OO50 in excess
of the requirements of the % per cent. rule.
The New York Finarcier says Judging
from the statement of the associated banks
of New York city for the week ending
March 10. it will require a larger war scare
than has yet appeared to put money at
higher rates than have ruled for few
weeks past. Even with less than six mil
lions of the imported gold showing in the
totals. the banks have gained $4,512,5OO in
cash, the specie increase of $5,211 300 having
been offset by a loss of $1,69SSOO in legal
tenders, the latter representing in large
part the shipments to the interior. The
position of the New York banks at present
is very strong They hold an excess reserve
of $2S, 900 $50, IS compared with NOS23,5OO
two weeks ago. The policy of contraction,
however, has brought about heavy reduc-
tons in several items. Thus the loans OF
the banks are now $5S oVV,oOO less IMAM one
month ago. Deposits in the same time have
fallen off more than 100000 900. The loss in
cash. however, has been only $1,000 900, all
of which has gone to interior institutions,
and the excess reserve is nearly $4,000, 900
larger than at the close of business Feb. 10.
The interior demand has been rather well
co fGH hrnf TFlCr IN hn n mo- n
transfer rates the domestic exchange quo
tatfons are moving almost independently OF
usual factors As showing the calmness
which prevails, it may be noted that in
terror banks are again in this market as
purchasers of commercial paper. The
changes in the totals for the week are less
than expected. The loan item decreased
$l0,5S5 100, due to the continued liquidation.
1t is worth mentioning that the decreases
| of one bank, which is the largest lender OF
| call funds and also the largest importer OF
| specie accounts for 100000 of the total
| reduction. Deposits have decreased 81, 3O4,5OO
! but the bank which reduces it's loan item
| so heavily figures but slightly in this. There
seems to be no doubt that the. sales Of ster-
| ling bills have some connection with the
| loan decrease. 1t is estimated that at least
| 49,, 900 600 of accumulated sterling bills are
| held in this city, and rapid advance in mon
ey must of necessity lead to continued large
| imports of gold. This amount of deferred
credits will increase rather than diminish
| trade balances in favor of the United States
are growing, exports showing an expansion
and imports contraction. Snort or actual
| war there seems to be no reason for mon
| ey market higher than prevails at present
| Total sales of stocks, 1890 shares, IN
e1diHg Gseago NogEtSerS Pacc pre-
| ferred, 6974; st. Paul. 1000; Union Pacific,
| GIG; Peoples Gas, 47S0; General Electric,
The action. or lack of action, of Satur-
| days stock market can only be interpreted
| as the accurate reflection of the oVerShad-
| owing uncertainty of the Cuban question:
Last Saturday the threatening aspect OF
the situation, coupled. with the recollection
of the developments of the preceding sun
day in the suggestion for the recall of Gen
eraI Lee, led to reckless short selling by
| the traders, driving the market to a point
eeedine 1T the Lee incident The pinching
administered to the reckless bears in the re-
| bound of last Monday made them extreme
| ly cautions about putting out short lines IN
| Yesterdays market Even the shorts, who
| were driven to cover in the late furry over
| unwarranted rumors of compromise with
| Spain. did not venture to renew their SELL
| ing. The consequence was an almost life
| less market, as no one is ready to take the
long side of the market at this time. Prices
| drifted aimlessly up and down over mar
| row range. Only little over 100000 shares
| changed hands during the days short ses-
sion. The bond market was equally dull.
| The bank statement showed an unexpected
| increase in the surplus reserve, but the IN
| crease in specie by no means fully reflected
| the receipts of imported gold during the
week, and the stock of legal tenders was
materially reduced. The lowering of the le-
gal reserve level by 81, 2S6, 12O through the re-
duction in deposits accounted for that much
of the increased surplus. The $40, $50, 100
contraction in loans is clear enough evil
dence that the heavy receipts of gold from
abroad are insufficient to maintain the bal
ance of the money market, in spite of the
distinctly easier tone of the money market
in the last days of the week.
STOCK FUTURE UNCERTAIN.
The Cuban problem has remained the
dominant factor in the stock market during
bo evi
ties are still felt to be so great that no
one in the speculative world feels compe-
tent to form fixed opinion as to the out
come. The result is small and narrow
market. The heavy liquidations of specula-
tive holdings of long stocks induced by the
first stage of the threatening developments
has about been concluded and probably no
further heavy offerings will be induced ex-
cept by some development threatening seri-
Gus consequences to security values. That
there has been, an extensive restriction of
credits has been obvious from the develop
ments in the money market But this re-
strIction has apparently affected nothing
yet beyond speculative enterprises and par
ticularly trading in securities.
the completion of the first liquidation and
the passing of the securities to stronger
hands leaves the floating supply of stocks
much reduced. Prices. moved easily and
ness, which is wholly in the hands of pro-
| fessional room traders. This makes the
market sensitive, and extreme caution is
requisite on the part of the bears as they
nave learned to their cost at least twice
during the past week Nevertheless the
bear side of the market is the favorite side
The underlying sentiment in Wall street is
that hostile attitude towards Spain will
ultimately be forced on the government by
the deplorable conditions in Cuba, whatever
may be the outcome of the Maine inquiry
For this reason traders persist in selling
the market short On the other hand there
situation the large increases in bank clear
ings all over the country rejecting awak-
ened commercial activity Railroad earnings
show gains over previous years. Prices for
agricultural products are mostly high and
the foreign demand for them is active The
current of gold flowing towards this coun-
try is uninterrupted at this period of the
year, when exchanges are usually going
against us owing to the turning of the trade
balance. Though our imports are increas-
ing, the still greater increase in exports
keeps them largely in excess of the imports
All these favorable business and financial
tremely sensitive. Prices rebound with as
tonishing resilliency on any provocation
and force the shorts to scramble to cover
1t is largely the covering of shorts that has
raised the level of prices substantially
above last Saturdays extreme depression.
The bond market has been duh during the
week. but prices are somewhat better.
United States new fours advanced a, the
old fours coupon and the twos declined y
and the old fours regular declined Il in the
bid price
FofI