The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-24

oHFrI Nt4 lAN1tC VV4JJ12Cs a
5s12c; Mexican dollars. 47%c. At London bar
silver was steady at 271zd an ounce.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. ......... s4,W0, 375
Loans, decrease 7,730, go
Specie, increase 1.511,5 so
Legal tenders, increase....."....... LOB. 200
deposits, decrease ---.-....-.....-.. 4,vIS.l 40
Circulation, increase ................. 1890
The banks now hold S4, 175.9 800 in excess
of the requirements of the . per cent. rule.
TIL New York Financier says: The New
York banks added $ 1864, 700 to their cash
holdings last week, making a gain of about
$6.5o0,0C0 since April s. Within the same
period reserve requirements. owing TO the
~shrinkage of SIC. 565. 100 in deposits. decreased
about $2,650,O00, so that the excess reserve
has expanded SIS, 900, 900 in the comparative
ly short space mentioned. This change.
which, Of course, tends to an easier condi-
ton of the money market, has been brought
about in the resumption of the interior
movement in this direction and by the liqui-
dation in loans which has been a character
istic feature of the statement for several
weeks past. The loan item discloses the
fact that, since the opening Of April, a con-
traction of between $19 .0Oo,0 100 and $40, 0O
has taken place. Obviously, in the face Of a
showing like this, the outlook as regards
money rates becomes very much more
settled, and, as the factors which make for
an expansion OF excess reserves are still
prominent, the future holds out the promise
of still easier conditions. The current state
ment, however, when studied in detail, pre-
Sented some anomalous features. Thus, one
Institution. which has strong foreign con-
nections, has decreased its loans no
less thar 10000. and Its deposits
changes. This may nave occurred in the
usual course of business, but the sterling
a aEah5 the @i imm in rn!S of asf the settlement e. ien1enfn of d the
Philippine indemnity may not have been
without influence. The financing Of indus.
heavy railroad deals are responsible for
some Of the unlocked for changes in the
individual institutions from week TO week.
but as these are now generally provided for
the weekly exhibit of totals may be more
easy of interpretation. Taking the state
ment in a broad sense, 1t means, If any
thing, that the banks are recuperating the
losses sustained during the crop movement
early in the spring and also since they have
concluded the operations incident TO the
financing Of various large deals. that from
this time on they will have loanable funds
in excess of the demand This may tend TO
revive sagging speculation or 1t may inspire
a m of trust formations, checked
several weeks ago, but the latter is i'm
probable owing both to exhaustion of suit
courage the trust habit. AS for speculation,
there are too many conflicting features from
foreign money markets to domestic crop
much value"
Total sales Of stocks were sos IA shares
iaR1lgdiiHg; A snsat Is Steel sdet a and Wi5e' SsSS:
Atchison preferred, 500: Brooklyn Rapid
Transit: 16. 800; Brooklyn Rapid Transit,
Western, $500; Colorado Coal and Iron 500;
To oiSpsa q. 400; Denver Dem ero Z Rio Grande.. 1900:
16. 900: Manhattan Consolidated. II. 800; Man.
haitian Beach, %. 800; Mexican Central, 10. 200:
Missouri Pacific. 400; NatiSnal Steel, $500;
ern. $500; Norfolk & Western preferred,
$500; ST. Louis & Southwestern, 1900; st.
Paul. 1920; Southern Railway. 800; South
ern Railway preferred. 1890; Tennessee
Coal and Iron. L, 800; Wheeling & Lake Erie.
Saturday in New York the market was
almost wholly professional and the net
changes were trivial. although in the way
lized attention except for activity in some
Of the internationals. In the early trading
an expected favorable bank statement was
discounted and on its appearance general
realizing followed. the appearance OF a
supply Of stock from large holders giving
encouragement TO the bears to put out short
lines and the market closed with a raid
in progress. The bank statement showed a
large increase in loans and deposits and a
consequent heavy gain in surplus reserve.
London sold freely of Louisville. Southern
preferred and Denver & Rio Grande, but
those stocks were very well taken and all
closed at good advances. Norfolk & West
ern shares were the only other particularly
strong railways. Sugar was strong through
out and gained 2%; Brooklyn Transit moved
figures. Among other specialties Continental
Tobacco was pressed for sale early on the
increased capitalization, but rallied on sup
porting orders and closed with a gain OF 2
points. Tennessee Coal and Iron was weak.
losing a point. New Jersey Central was
helped by the announcement that certain
hIO rofn nnd r-Aa1A bA rnfrn1a1 49, H.
issuance of bonds 10 be subscribed for by
present stockholders. The market closed
weak. The level of prices for the week was
not much changed. declines only slightly
exceeding in number the advances. The
dealings were of a highly professional char
acter, the public being rather indlsposed TO
let go their present holdings or to take on
new lines and prices OF individual stocks
as a rule rose or fell only at the will of
manipulators. The trade reports for the
week showed no marked abatement of pros
perity in various lines of industrial activ-
ity. The imports for March were the larg-
est in nearly two years, nevertheless the
excess or exports reached nearly SS,UU,Oo,
largely due to a gain in manufactured
products. as the exports OF cereals, cattle
and raw material fell off about Sls,ooo,o0o.
Sterling exchange was strong, with an in
sufficiency OF commercial bills. 1t was
thought that preparations for the payment
OF the Spanish indemnity figured in the ex-
change market. Money on call showed a
variable tendency. alternately easy and
trm With ease generally prevailing. Loan
able FUNDS were increased by receipts or
money from Baltimore and Philadelphia.
The bank %clearings OF the United States
rejecting the comparative apathy in spec
ulatiOn. decreased for the week over $4,uOO.-
600, but were still greatly in excess OF
those of last year.
TIL grain markets strength, supposedly
rejecting an expectation of a shrinkage in
the cereal yield, was watched narrowly for
its effect on the grangers. This group of
stocks moved within compressed limits,
while Burlington advanced about 2 points
on the subscription privilege extended 10
showed a frequent disposition TO be bearish.
while real holders OF stock generally clung
tenaciously 10 their tavorites. but the liq-
uidation OF speculative holders was not
lacking. The dullness of the week seemed
conducive 10 an increase in the short in
on concessions. Frequently, after a long
period or inactivity, business suddenly in
creased as though IL had been prearranged.
The more notable changes in prices for the
Brooklyn Transit, 4; Manhattan, SAs: Peo-
pies Gas, SIS: New York Central, 2, and
Lackawanna and Northwest. y each. The
advances include: New York Air-brake. IL;
Colorado Fuel, 1O7s: Colorado Fuel pre-
ferred, and New Haven, 7L5 each; Anaconda
Central. Delaware s. Hudson and Louisville.
over 3 each. and Southern preferred, 2[.
There was talk at one time Of q recur-
rency OF discrimination in loans against the
industrials, but less was heard OF this with
the easing OF money. There were sales for
which We're taken TO be connected with in
formation on crop prospects. Railway earn
ings that appeared during the week were
generally favorable.
aroused by the investment inquiry for
bonds. which included middle class as well