The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03

OuDct.
The exports of specie from the port of
New York for the week amounted TO $4,000
in gold and s1.1sl. $50 in silver. The imports
were: Gold, Sl21. I37; silver, $25.6o4; dry
goods. s. ,3s0.s 5s: general merchandise.
Sc. 215. OO6.
The New York weekly bank statement
shows the following changes:
Reserve, decrease ................'.... S..VSSo
Loans. decrease !, ags' ~
Legal tenders, I,1l9.6O
Deposits. decrease ......-.......-..-.. o,5tf,5VU
p Circulation, increase ----------------- l25.SOo
Banks now hold ST.. I2S, 500 in excess OF the
requirements of the IS per cent. rule.
The New York Financier says: The
cash reserve of the New York clearing
house banks for the week ending Aug. 1
was slSS. 9S2, 100. The banks, therefore. have
lost since July Is SO. 2sS. 200 cash. In the
same length of time their loans have de-
creased s10.0 900. 900. and deposits have fallen
off so. ga 100. This will serve to show the
effect of the heavy changes which nave
been reported since the middle or July.
The current statement ought not to be in
terpreted, however, in its continued heaVy
decreases, especially in deposits, as reflect
ing causes which are incident to a panic
or a season of gloomy uncertainty. Loans
contracted 81. 14. 900. which is of itself not a
fsflen n , i s. aa Soo ana d dGissrr nepoS of bee
tween 81. 900 and $4.O00.000 thus appears.
for which no explanation Is afforded. But,
on the other hand. IL is known that with
drawals of deposits for payments into the
treasury. as is usually the case at the end
of a month like July, have been heavy.
and part of the discrepancy, at least. is
thus accounted for. Estimating withdraw
ais for these purposes at 5000, 900. it will
be seen that the contraction in loans and
the amount named make a total which al
most equals the loss of deposits. The de-
crease In specie was due to the payments
OF gold into the treasury. and this is offset
by a gain in legal tenders. The difference
IN amounts may seem strange, since the
exchange of gold for legal tenders was an
even transaction, but this is due to the OPP
erations which have been described in ex-
planning the loss of deposits. The interior
movement did not net the banks more than
$1.J00. 000J at the very outside; i'm fact. the
actual amount must have been less. but.
accepting the larger figure as a basis of
calculation. and adding ii into the total
gain OF legals. 1t will be seen that the net
gain after deducting the losses would not
vary much from the published figures in
the statement"
STOCK BUSINESS LIGHT.
Total sales OF stocks were 6s.51s shares,
Including: American Tobacco. 3.lOO: Ameri-
can Sugar. 25.1oO; Burlington & Quincy, o.
100; Chicago Gas, $500: St. Paul. 9.1OO.
saturdays New York Stock market was
duii and professional, the only stock that
reached even comparative activity being
sugar. That stock also displayed the
widest huctrtation- Early London prices
came slightly above Fridays local closing
and London vas also a moderate buyer OF
Louisville * Nashville and st. Paul in this
market The only Developments that could
be considered to exert a legitimate inhu-
ence on prices were reports of a spread In
and the bank statement. The last-men-
TONED exhibit was unfavorably regarded by
the room traders. it being claimed to show
evidence OF boarding money. Well-in-
formed bankers declared that the conten-
ton was not justified. The opening prices
were generally higher on purchases fol
outset, but the other gains did not reach
a fuil figure. The, market soon became ir-
liquidation in the low-priced shares receded
all along the line. The downward move
ment was accelerated by offerings OF
heavy blocks of Sugar. depressing its price
rs per cent. from the early point. Chicago
Gas scored an equal extreme loss. Bur
lington and Manhattan dropped ~. New
Jersey Central IA. Louisville & Nashville
rs and Tobacco and st. Paul ! per cent
each. The closing was at the owesi
points at general fractional losses.
Conditions affecting the value of Stock
Exchange securities have not materially
attaches peculiar interest to the tone of the
limited market for American securities in
London and at least on one occasion the
prices at that center were generally be.
lfeved to have been manipulated on orders
from this side. European and domestic i'm.
vestors and SPECTATORS have had their at
ten1on distracted from topics OF recent
paramount interest 60 consideration OF a
wide increase in the area of railroad rate
cutting. sharp reductions having been made
In both passenger and freight rates. Th
more savage cutting had previously beer
connned TO the West and South. leaving the
southwest comparatively undisturbed. buI
In. the past day or two the roads in that
section have also become embroiled.
EFFECT ON RAILWAYS.
The result has been to offset the good
effect produced by the interference Of the
courts in the Southern disputes. Saturday
the Seaboard Airline gave notice, in ac-
cordance with the order of the United
States Circuit Court. of it's withdrawal
on Aug. $ of its 30 1-3 per cent. reduction
in freight and passenger rates TO Southern
points. The dealings have continued chief
~ under the control of the professionals,
and at times the operations I'm Sugar have
entirely dwarfed the trading i'm the general
list. The market during the early part OF
the week displayed acute weakness under
persistent bear ATTACKS. assisted by vari-
Gus untoward developments. The continued
offerings for foreign accounts. the rate
disturbances referred to. less satisfactory
crop advices and discouraging traffic re-
ports were effective in depressing the rail
way shares. Considerable stress was laid
upon the failure TO float the New York
city and Brooklyn bonds and the increasing
rrrpnesS OF the money market. Time ac,
commodations ruled high and the reaction
airy tendency OF general trade was re.
&AAAA EA-
per and a lessened inquiry. The treasury
received less attention owing TO n clearer
appreciation OF the magnitude OF the prep
arations made by capitalists TO maintain
the financial equilibrium. In the indus
trials. Sugar was depressed momentariiy
TO par. Inside support appeared TO be lack
Ing in the more prominent shares gener-
ally. and the bears improved their oppor.
tunities. Manhattan was hammered on re.
iterated unfaVorable rumors regarding the
forthcoming quarterly statement and tho
division prospects. Liquidation was on an
extensive scale in some OF the low-priceC
stocks and FREE offerings of our speculative
bonds By London was a feature. The losses
at the low level ranged from 3 TO 8 pei
cent in the general list. with the heavfcs.
concessions in the high-priced stock. Trad
ers changed front in the last day or two
and. although considerable irregularity
was evident. covering OF shorts caused j
rallying movement. Manipulation OF the
industrials was very pronounced. sugar he.
Ing marked up 6 per cent. Notable gains
were made by the coalers- Finally realiz-
ing orders resulted In sharp reactions ans
left the list. as a rule. showing substantial
losses as a result OF the weeks operations
The sales were Sqs. ala shares.
The bond market ruled dull. but gen,
orally higher. The feature OF the weel
was continued foreign selling and decide
heaviness in the h~igh-priced issues. TIL.
sales were $.08l. 900. - more noteworthy
declines extended 10 5 per cent. i'm ST. Paul
H & y. seyens. Kansas Pacific consoh