The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-10

demand and $fS71.G4sS for sixty days;
posted rates. $4.syaG4.s9 and si.S91zai.9O;
commercial bills. s4.S7.
Bar silver. ssssc; Mexican dollars. 5Slkc-
AT London bar silver closed at 31l4d per
ounce.
The exports of specie from the port OF
New York for the week amounted to szo'ooo
in gold and sll55.3S7 in silver. The imports
were: Gold. So. $50; silver. sl08,2"; dry
goods, s2,2O4.OH; general mercnahuiSe'
s. 0o2 40.
The weekly bank statement shows the
following changes:
Reserve. decrease as o6S
Loans. decrease ..............'''''' a15 20
Specie. increase -. ,..- 1s6 500
Deposits. decrease ............'.' 1890 e9 ooS
Circulation, increase .............-.. loo'NS
The hanks now hold sl3.s15.s25 in excess
of the requirements Of the % per cent. rule
The New York Financier says: The
abatement of the clearing house banks OF
New York city for the week ending Aug. 8
shows a continued decrease In the princi-
pal items contraction In loans was 10
have been expected, in view of the infiu-
ences which have prevailed during the
week. but the amount OF the contraction
was graitfyingly small when the circum-
stances are taken into consideration. The
principal loss of the week was in deposits,
and at first sight this appears out of pro-
portion to the other changes. but great
deal of cash has gone out of the New York
banks to the West during the week-a
greater amount, in fact. than would have
been the case under more normal condi-
tions- Chicago called for large balances.
and the demand from Southern and other
eash ne
heavy, and greatly overbalanced the in
terror receipts. The exact loss on this
movement cannot be determined definitely
but enough Is known TO show that the
Withdrawals represented legitimate busi-
ness Demands rather than Withdrawals
hv al of
the New York banks now down to
$6S037,6O0. a loss OF sS,OUO00O since Jan. g.
than at this time last year. and it is
worthy of mention that. while loans We're
ss So pa ra last year at the rate of about
steadily. The New York banks total hold
,ngs or cash are now $1,000. 900 under the
excess cash stands 500, 600 higher than at
that time As a whole. the statement was
better than had been expected"
Inc total sales OF stocks Saturday were
1so.so4 shares, including the following:
American Tobacco. $500; Atchison 1900
american Sugar. 300; Burlington & ouin-
Nashville, 800: Manhattan consolidated
42oo; Rock Island. 1000; st; Paul. 171OO:
preferred, 5000; silver certificates, 5000.
ACTIVE AND WEAK
The stock market Saturday was active
and irregulariy weak, with feverish tone
prevailing throughout. Covering of shorts
was practically the sole element of support.
The only new development bearing on
prices was the bank statement showing
decrease OF 1913. 025 in surplus and a falling
off of $7.s49.500 In deposits. The exhibit ex-
erted an unfavorable influence. although in
the judgment of conservatives a less favor
able showing had been discounted The
The opening was weak and fractionally
lower. the more noteworthy losses being in
he int ffnro
mentioned were affected by London quota
lions and selling for foreign account into
this market There was. as on yesterday
q remarkable lack of open excitement and
the uninitiated observer might have been
unaware that the street was passing through
sharp crisis. except for the shrinkage in
values. Extensive covering purchases
caused an improving tendency soon after
the initial dealings. prices moving to a
Sugar gained "a; Chicago Gas IA; the
grangers, 1M1%; New Jersey Central and
western Union IA; Louisville & Nashville.
Us and ManhattaR per cent. RealizatiOns
and renewal Of raiding by the bears re-
suited in a reaction which was accelerated
the bank statement. The list as a rule
eagged TO the lowest point yet recorded
With Manhattan making an extreme break
from the highest. 3$s TO 76i7. Sugar fell
Sls. Sugar preferred. 3. and among the in
active stocks. Susquehanna & Western pre-
ferred lost 3i2 and Lake Shore. per cent
The selling pressure was uninterrupted to
the close, which was weak, with general
losses
The Developments of the week will not be
cnronlcled as among the least striking in
the history OF Wall street. The speculation
was marked by a steady melting away in
the value of stocks and bonds. includinp
those or sterling investment character
The depression grew largely out of pre-
vlouSiy prevailing and still existing con-
ditions. rather than TO any special new
happenings. with the important single ex-
cept1on OF a gradual increasing stringency
In the money and commercial paper mar.
kets- While panic prices were recorded
there was not an open sign of embarrass-
ment or or exceptional excitement
Liquidation at times was so violent that
apparently only the fnterposition OF the
hear leaders prevented the market from
going 10 pieces. London, with unmportant
monetary exceptions. was depressing
factor, selling comparatively large blocks
OF our internationally listed securities
THE WEEKS DISTURBANCES
The current disturbances in rates, I'M
favorable cotton and other crop reports.
unsatisfactory railroad returns the pre-
vailing commercial depression and the fall
ure OF Moore Brothers. of Chicago, all fur
nished texts for the bears against the gem
eral list. while some stocks notably Man
haitian, were hammered on specific con-
siderations. Early In the week the trading
was almost entirely professional but the
closing days were marked by an outpour-
ing of long holdings. The first impetus to
the reactionary movement came from the
Moore failure and attending sensational
closing OF the Chicago Stock Exchange
The hquidating operations reached an
acute stage on an advance in call money
rates TO an extreme of : per cent coinci-
dent with frequent disturbances of loans
by the banks, especially In cases where
tndustrials and SDeciaities as collateral
were considered too great. Large sums OF
money were shipped 10 the interior and
especially TO Chicago. In some instances
Wall-st-eet loans were Cancelled in order
TO furnish much-needed accommodations
10 mercantile clients. Time funds ruled at
sharp per cent on all periods up 10 IL
months and even choice mercantile paper
was slow OF sale at per cent. and higher
the average OF the exchange syndicate and
sterling loans TO large amounts were made
The increased drafts OF bills against fu-
lures together with a marked falling off
OF demand caused n sagging tendency in
the exchange market with demand reced-
ing ID $4-Ss4. An incident which exerted
decidud unfavorable influence was a sug-
gestiDn OF the propristy OF issuing the
clearinghouse certificates for which pro-
vision made in the December panic.
The report elected denials OF the present
necessity OF such action the part or
well-informed financiers. Among the I'M
usually neglected stocks Illinois Steel and
Morris and Essex head the concessions
with loses OF "a and Is per cent. respec-
lively special unfavorable influence on
Manhattan was the termination CT nego-
tiations with the company by the rapid
transit commissioners The aggregate
sales were 1.137 563.