The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-29

1888
bills. s4.s5.
Silver certificates, e19s2c: bar silver. SIC:
Mexican dollars. 4s1zc. At London bar sill
yer closed steady at 2shd an ounce.
Exports Of gold and silver from this port
to all countries for the week aggregated
LOOP. 300 in silver bars and coin, and s5Io.s54
gold Imports of specie were A73,3ls gold
and s152.sA silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve. increase ............ s $780, 300
Loans decrease ."...........'.. l.,i9o,ov
specie increase .."....-.. s.eszyS
deposits, decrease .--.........-...... E,o3,aO.
Circulation, decrease ............ $500
The banks now hold s43, ss3. 725 in excess Of
the requirements of the Is per cent. law.
The New York F1nanciar says: The sur
plus reserve in the New York clearing house
banks is now higher than reported for
eleven months. the gain OF 50. 800. 200 for the
week ending May q having swelled the
total to s4S. sS3. 725. The feature Of the cur
rent exhibit Is the reduction OF seventeen
and a half millions IN loans and the contrac-
ton Of twelve and two-thirds millions in de-
posit- Reserve requirements by reason OF
the heavy deposit change were reduced by
S.00e.OO and over, and this, added to the
six millions in cash. raised the excess funds
In banks to more than s9,000,000. Taking
TIE k0OWU OPERATIONS Oh the week as OASIS
the greater part OF the cash expansion can
be attributed TO interior movements, but
this is essentially misleading. The National
City Bank, for instance, which figures
prominent in the statement, reports a gain
of more than $4,000. 900 in cash, nearly all
gold. Its loans are down TO sixteen millions
and deposits TO nearly seven millions. This
Is probably due in part to operations con-
nected with the financing Of the Amalga-
ma fsa eoppeF d,s sSlo / b9 s;,cb me sna ,hlsseSi Is
that whereas the banks as a whole have
gained enormously the reserves of the ma
from those OF the previous week. In other
words. the gain In cash has been made by
a few banks. 1t is Incorrect. however. to say
that this is actually the case. for the sup
ply of money held by nearly every financial
institution in New York is much in excess
ment indicates a prolonged period of easy
money rates.
TALK OF GOLD EXPORTS.
"One factor which is attracting some at
tention is the condition OF the sterling ex-
change market. There Is a possibility that
with a continued piling up Of money here
and a falling in rates. international cred
its cannot be operated TO advantage, and
actual exports OF gold may follow. The only
thing that can well prevent such an occur
renee is the maintenance OF money here at
something above the level prevailing abroad.
Whether this can be done depends largely
certain. however. that for every dollar of
gold which may be lost this season a
greater number will be gained from Europe
The total sales Of stocks amounted to 241.-
596 shares. including: American Mating, p
and Wire. $500; Sugar, So. 700; American To-
bacco. 3,100; Atchison preferred, 1890;
BROOKLYN Rapid Transit, 2o.sn; c., B. &
dated Gas. 1920: Continental Tobacco. A.
800; Delaware & Hudson, 200; Federal
S Stssi; Siso / tsasIaI s's GEO. pr MeETean s een:
trail. $500; Metropolitan Street-railway, A.
800; New Jersey Central. 5000; New York
tario & Western. 6.1oo; Pennsylvania. 900;
Peoples Gas. OF Chicago, 400; Reading
firsts preferred. II. 100; ST. Paul. 5000: Union
There was a marked disposition on the
New York Stock Exchange dealings Sat-
and In the Industrial speciaIties. The i'm
mobility or the standard railroad stocks in
face of demoralized opening in Sugar and
Metropolitan Street-railway was strikingly
like the midsummer markets Of yore, when
professionals are almost invariably bears
quarters OF the total dealings and when
not yet been conceived. The bears seemed
TO have gathered fresh courage and made
bacco stocks, the New York municipal
stocks, Smelter and Steel and Wire. Losses
in the railway list were insignificant In most
cases. There was a simultaneous decline in
New York Central and Pennsylvania which
was in rather marked contrast TO the later
strength of some of the So-called differen-
tial trunk lines. The first hour had not
expired before an active demand sprang up
for the Reading securities. based on the
strong showing of the April statement or
earnings. A decrease in operating expenses
OF the coal company and an increase in
gross earnings OF the railway company COM
bined TO produce an Increase In net earn
fngs for all the companies of $107, $40. In
connection with the good reports submitted
by New Jersey Central earlier in the week,
and the May gross earnings OF Ontario &
oouyant tone and enjoyed substantial gains
al around. Erie first preferred shared in
the advantage. The rise in these stocks
was carried TO other railroad stocks and
checked the decline in the specialties. short
covering causing. rallies OF between l and
2 points. tn failure OF the market TO
show any marked response 10 the bank
statement induced a fresh raid by the bears,
which carried Sugar down TO las. an ex-
treme decline from Fridays close OF 9k
points. The market yielded In sympathy.
the specialties quite sharply and the rail-
roads only slightly. The market closed I'M
der pressure. but with not gains remaining
for most OF the railroad stocks. Sterling
for a Saturday with a rise OF Lc. due TO
me hardening money rate In London and
the demand en- that center from the conti-
nent for gold. In connection with the pleth-
oric condition here disclosed by the weekly
bank statement. there Is some renewed APP
prehension Of gold exports The demand
Tor railroad bonds continued strong at ad-
vancing prices. Reading fours being most
conspicuous. The exchange Will remain
closed until Wednesday.
THE CAUSE OF DULLNESS.
When the season OF uncertainty regard
ing the fate OF the coming crops comes
around, speculation In stocks by the out