The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-23


yer movement ct New York for the week
was: Exports of gold, $4,000; silver, $685.,
72l; imports of gold, 81 6O0.217; silver, $4,000
The New York weekly bank statement
shows the following changes:
Surplus, reserve, increase SIS, us, OPS
Loans, increase 'oe5' e0V
Legal tenders, increase .............. l. 321 500
Deposits, increase IA, 257 800
Circulat ton, increase .................. 81, 900
The banks now hold $50, 715,25O in excess of
the requirements of the 25-per-cent. rule.
The New York Financier says: I'm 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, 15,250, 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,
a constant liquida tion OF loans and sales of
accumulated sterling bills. The result has
banks. Fortunately, the situation has so
much improved that the banks are finding
use for part Of this money, and the expan-
sion of S,S57,SOO in loans for the week is a
cheering sign. What proportion of this in
crease represents mercantile demands cam
not be estimated, but it is true that some
being INDUCED in. The expansion of aver
ages for the week can be traced to several
large banks, notably those which con-
cerned in international movements. but on
the other hand the institutions making
speciality of country accounts report in
creased deposits. showing the return tide
from the interior.
A PLETHORA OF FUNDS.
Under normal circumstances, 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
seek Investment in deferred foreign ex-
changes. Forty millions were thus placed
during the first two months of this year,
and the opportunity is now as favorable
at that time. The deposit increase of over
$14, 600 900 for the week is logical, counting
the $7,2S50 600 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, 10000 shares, includ-
ing: $500 c. B. & c.. 4,224 l.. n, 4.SS9
Manhattan, Eli Metropolitan, 1920 Rock
Island $3.50 St. Paul preferred, 500 Wheel
ing & Lake Erie preferred 6,524 American
Spirits, $3.50 Tobacco, 6,l55 Sugar, l,54O
Leather preferred.
Dealings were not large nor important on
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 itself.
The report that the Spanish fleet had come
into Santiago and had succeeded in getting
away again was not generally credited.
coming as ii did from Spanish sources, but
it exercised some depressing effect, never
theless. 1t was probably the cause of the
decline in prices after the opening rise. The
rise in Spanish fours in London and Paris
showed that it was not without its effect
also. in foreign markets There was selling
for London which kept up depressed tone
IN some of the nternationals, 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
ket was due to the strong bank statement
Prices rose fraction above Friday nights
close and in some cases point or more
A feature OF the trading again was the iso-
lated lated mo I,.I1 of obscure and dormant
ferred, each with a handsome surplus to be
some time divided among stockholders.
Erie and the Rio Grande Western stocks
were quite conspicuously active and all
moved strongly upward Tobacco. Sugar
were all in demand. The closing was strong
at top prices Pittsburg, c.. C. & St. Louis
was conspicuous for a break of nearly two
points on light transactions.
THE WEEK ON CHANGE.
The stock market has not moved widely
during the week. and II has become evident
that operators regard the present level of
prices as fixing q fair equilibrium between
the conflicting factors in the outlook. On
the one side is the chance of naval re-
verse. This is considered remote. But 1t
must be conceded that in Wall street more
weight attaches to this possibility than was
the case week ago. AS it is prices are
substantially higher, the grangers naturally
leading. owing to the extraordinary move
ment of grain. There were numerous indi-
cauons OF a strong Industrial and financial
outlook, which are coming to have more and
more influence, in spite of the incubus of the
war. Railroad earnings show striking in
creases not only over last year but over
previous years, and in some cases all rec
ords are broken for this season of the year.
There is an increase. also. in the bank clear
lnss OF the country. which showed a nota-
Msins ~ tIaS AFTER the sinking of the
again risen we'll over the average of 1892
the previous high level The wholly unpre-
cedented condition of our foreign trade hal
ance has also received renewed attention.
the more so as the heavy excess of EXPORTS
sun cohtlnues now in the season when the
favorable trade balance of $514 900 for
ten months of the fiscal year. against the
pest previous record of less than $500 900 600
Tor a run year, there is no room left for
timld apprehension about the country's fu-
ture money resources. The recent withhold
ing OF accommodations in the money mar
ket mas given place completely to extreme
!loerahty In making of leans and there
Is something like a plethora of money Of
1erlng. The low rates for money are en-
coufaging as indicating a cessation of strin-
Bency. But little more active demand for
money would be satisfactory as Indicating
Tue resumption Of many projects which were
interrupted by the rise of money after war
became inevitable. The weekly bank state
ment does not indicate that money is being
very largely diverted into active channels OF
usefulness Deposits have been piled M of
Sl426tO0O, in spite of large Withdrawals
from the market for government account.
while loans have only been expanded a little
more than half as much. A large allowance
also must be made for loans made on ster-
ing exchange as collateral which repre-
eents, ~ effect. loans made In foreign mar
keta. This operation has been carried on to
q iafge extent during the week. Notwith-
stanuing an increase IN reserve require
tnents OF over $3.5 900, the. surplus is there
fore increased by $3.71s025
Increased activity early in the week in the
Dona market resulted from the large release