Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-10
STOCK MARKET
WAS IRREGULAR.
Uncertainty on Account Of Payment
Of s20,0OO,0O to Spain.
NO RIPPLE NOW VISIBLE.
The trop outlook 4. sui Uncertain 81
Large Failing On from Last
Year. Weld.


Special Correspondence.
New York. May e-DuHnn the past
week. the course II the stock market
hna been somewhat Irregular A. the
opening. rome uncertainty was fclt as
10 the possible effect ~ the payment of
the t20.O0o.0o0 indemnity o. spain. 10
nothing was certainly known about the
method In which that operation was 10
be effected. and this circumstance was
turned TO account by the bear" opera
tors. with the result u a fat " to ?
points In prices. on Tuesday the plan
OF settlement became better under
stood. aud. ~ u was seen TO be- free
from all Injurious bearing on the money
from tho previous days decline. but
have since cyinccd a weak front and
been comparatively Inactive for these
Tho payment " the indemnity has
now been conaummntcd IN "a perfectly
easy way and without producing a flp.
pie Of disturbance In the loan market
Under other circumstances, u might
have called for u considerable export ~
gold, and sumo doubt has been felt
whether We should wholly escape that
result. The balance 81 trade IN our Ia
Nur during the last two Year, has. hove
ever. been attended with the accumu-
iation Of an extraordinary amount Of
AMERICAN FUNDS IN EUROPE
on temporary loan. Those FUNDS have
during late months been drawn upon
10 considerable extent In payment tor
securities returned from abroad, and
apmu miaRiyinHs have been felt Whcth.
90 the amount remaining TO our credit
might suffice TO cover this operation.
HHl ..aN. M
supply OF bills drawn chleny against
theses funds was procurahle Tor wholly
covering this settlement, and therefore
no gold has been exported. The payment
has been made wholly through an ga
change % International GREATS, With
out tho transfer OF "a dollar IN cash.
A. the result ~ these operations, the
treasury accounts show an Increase In
Outstanding drafts ami chrcKs" from
t6,i4s.st, on April 2ath to t.p,i1i,sil ON
May lrd. the Increase ~ fs4oil,iii hay.
Ina gone into tho banks. white within
the same time the treasury deposits In
tho banks have been diminished by
only Nsiis. with the UNDERSTANDING
however that those deposits shall be
drawn down at the fste 81 N.0un,0QO
per week 10 compensate Tor the rciuc.
ilon Of tho actual cash balance In the
treasury proper. Therefore the banks
were about - millions stronger In cash
resources at the end Of the indemnity
settlement than they We're before, while
the treasury was about In the same cx-
tent weaker.
Whatever actual cash may reach
Spain In this settlement Will probably
BE- contributed largely by Germany. for
that country has been more than any
other "a debtor 20 tho United states In
the form ~ The temporary loans which
We have turned 10 account ~ a means
Of
PAYING THE INDEMNITY.
u h not likely. however. that Der.
many may be- able 60 make nrrtnge-
menia indirectly with Spain that viii
mitigate tho Inconvenience ~ this sud.
den demand fur large POPULATIONS In
cash. The i,othHchiidH are understood
a. be- connected with the European end
~ the settlement and that might
easily mean arrangements between the
Hank uf Spain ana tho German bank
that would De- convenient 10 both par
tics.
Thus. another boFy that has haunted
the money market and made some prl.
pie ON the stock exchange uneasy. has
been removed nom tho hnuntf Of spec
ulnilon. one of the effects ~ the com-
plction 81 mi. operation viii be, as
above Indicated 10 inrrrnHH materially
for some time the cash rrsnurceH ~ tho
banks, u II truo the secretary ~ the
treasury has expressed purpose 10
gradually Withdraw hi. deposits from
the national banks, ~ an Offset for the
money lost In the Indemnity settlement.
hut those Withdrawals viii probably be-
more than offset by the excess ~ tho
governments ordinary disbursements
over It's receipts. which for last month
showed difference % 81 ,a01.0n0i IN
other words. the present drift 81 fiscal
affairs II In the direction 81 depicting
the treasury and hllinH the banks. ID
therefore seems safe 10 calculate upon
a more piethoflc condition Of tho bank
reserves. from this time on until the
fFll, than We have experienced within
the last four months,
The main factor bearing upon Tho
stock market Il the crpp outlook. which
stlli remains uncertain. Winter wheat
estimates are rtlll IN suspense. and
though
4 LARGE FALLING OFF
from last years uncaualled output r.
accepted no u matter ~ course. yet no