The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-21

Exports OF the precious metals from New
York aggregate s3.23 464 in gold for the
week and 81. 30. 205 in silver bars and coin.
Imports of specie were s24.375 in gold and
$s5.2S2 in silver.
Merchandise imports for the week were
$l0.262.9 so at the port of New York
The weekly statement of the associated
New York banks issued Saturday shows
the following changes:
Surplus reserves, increase. Dds. 500
Loans, Increase ACKNOWLEDGEMENTS. 743. 800
specie increase --.-----...-.-.-.-..-. ,13S. 400
Legal RENDERS. increase. 427, 800
OepOsltS. increase ..................... l,3f4.WU
Circulation, increase -..-.......... 30S, 800
Tie banks NEW hold SIG 500, 20 in excess
of the requirements of the . per cent. rule.
The Financier says: 1.-The changes I'm the
totals of the clearing house banks for the
week ended May 10. unimportant- The
principal feature is gain OF 81, $4,000 in
cash, due principally to the movement of
interior funds to the center. Pension pay
ments by the treasury Offset the gold with
drawn for export, and the banks really
ended the week as creditors in this respect.
The rapid rise in the loan total noted over
the last two months is seemingly at an
end Following a small decrease for the
week ending May II. the banks have made
a slight expansion of $743,3O0 during the
last six days. but this is due to local
causes. The deposit item is 81, 374 900 higher
and the week closed with a reserve of ST.
$500 in excess of the previous statement
making the total surplus sic, 556, 225. There is
reason for believing that the gold export
movement is at an end, and as Western
banks are reporting a remarkably easy
condition Of the money market, the infer
ence is that New York will receive some
heavy currency shipments before the crop
season opens The redemption of the out
standing per cent. extension bonds by
the treasury will also operate in the direc-
ton Of easing the market. so that the
future appears TO favor low rates 1t is not
10 be forgotten, however, that the presi-
Dental campaign is nearly at hand, and as
this Will create more less disturbance
prudent borrowers are taking advanta ge
against a possible hard market later on
OF course IL Is impossible to estimate how
much money Will be needed I'm the fall for
crop purposes, but with the strengthened
position of the Western banks and the pos
sbiltty OF adding TO present supplies of
funds through the issue of new bank notes
anything approaching strfngency even
with a presidential election impending. is
out or the question. AT any rate, conceding
that domestic supplies of currency should
be absorbed In various ways IL will be an
easy matter to recall some of the Immense
sums now being loaned to Europe or due
on current trade balances The very fact
imports In three years by nearly 81 500 OO0 :
600 shows that gold imports can be forced
at any time"
wALL-sTREET REVIEW.
The New York stock market maintained
fairly good speculative tone Saturday in
spite OF the continued encouragement re-
ported by the mercantile agencies over the
course OF commodity prices. Railroad
stocks generally are higher on the day to
the extent Of fraction, ard some of the
specialties show larger changes. Sugar was
the leader or the market. but there was
nothing to account for its strength beyond
the suggestive parallel that might be dra WV,
between Its case and that of the New York
gas companies. whose costly conflict seems
to be ended With the principal season "a n
preaching In the sugar trade ii is natural
90 suppose that the incentive to settling
a contest that takes away the profits of
the business Is augmented. Consolidated
Gas reflected the pressure of speculative
realizing and the Tobacco stocks showed
renewed signs of weakness. The local trac-
tion stocks continued strong The market
was largely one of specialties. There was
some demand for the Vanderbilt stocks an
larently on the score of the reported re-
tdrn from Europe of VIM. K Vanderbilt
which was denied after the close. Union
Pacif1c gained large fraction. Burlington
and Norfolk & Western halted I'm the adj
vance which was the feature of fridays
market while traders took their profits
Ine weekly statements OF railroad earn
1ngs, so FAR as received were favorable
The bank statement favorable i'm the
doubtful item OF loans, which showed q
very small increase, thus relieving appre-
hensions that banking resources might be
encroached upon faster than they were re-
plenished. The item of cash increase
showed a slightly larger movement from
the interior than had been estimated
The bond market showed a decided i'm
provement. both in the volume of the de-
mand and the prices brought. The sharp
advance In government bonds was of
course. I'm response to the announcement
from Washington Of the calling of the ex-
tended per cents.
Prices Of railroad stocks have partly re-
covered this week the losses incurred last
week In the industrial department of the
stock list. on the contrary, there have been
some formidable inroads on prices Bust
ness was largely I'm professional hands and
the volume of dealings has been less than
half million shares a day. on an aver
cge- A large part OF the demand was evil
IDENTIFY from the bears. who had oversold
the market I'm the previous decline. Profess
slonal manipulation against the shorts was
FACTOR IN the advance, as was evident
from the character of the stories set afioat
OF proposed vast consultations of rail-
roads and far-reaching plans for extending
control which either met with prompt Of
ncial denials or lost their force after a
day by reason OF inherent improbability
such a course of events I'm itself would
have led to some rally in prices from pure
~ technical conditions But a number of
incidents converged to effect some relief
frorn the previous speculative depression.
and TO help the campaign against the
shorts, though there was no renewal OF
substantial demand for stocks of invest
ment or reimbursement character. After
the middle OF the week the market showed
renewed tendency 10 sag. with the satisfac-
ton OF the demand from the short inter-
est and with the efforts making 10 realize
by professional traders who had turned
bulls for turn.
CAUSE OF THE RELIEF.
AN important factor in the partial re-
lief from recent speculative dependency
Is the improved condition of the foreign
money markets. Last week London was
looking 10 this weeks Stock Exchange set
Element with considerable apprehension.
owing 10 the wide declines since the last
settlement. especially I'm Americans. and
the prevailing stringency in money. But the
London money market has found unex-
pectsd relief by the receipt of 5000. 900 in
Russian gold. This has resulted In some
buying for London account I'm New York
which has been a sustaining influence each
day In the New York market. liz also has
resulted in alieviating the fears OF heavy
drain OF gold 10