The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-23

est, and decline of 7-16d since yesterday.
The price quoted in New York is 5l1Sc,
which is within 1sc of the lowest, and a fall
OF 3sc since yesterday. Mexican dollars are
quoted at 4Oc. Silver certiacascs we're SIC.
The New York weekly Tank tement
shows the following char ses:
Surplus reserve, increase ........... $S70,725
Loans, increase OBSERVATION-DISCLOSURES. 3,44l $40
Legal tenders, increase ........,.... 1,629, 800
Deposits, increase ................... 5,4U7, 500
Circulation, increase ................. $500
The banks now hold $780, 1853, $50 in excess
of the requirements OF the % per cent. rule.
The exports of specie from the port of New
York during the week amounted to $1.004, 725
in silver There was no gold exported. The
imports of gold for the week were $420,508,
and the imports of silver $43 1875; dry goods
$lOO504S; general merchandise, $4257,54
The New York Financier says: THE
weekly bank statement was not regarded
as entirely favorable from a superficial
standpoint, and seemed to dscredit the
temporary rise in loan quotations. which
was reported for few days recently. The
sudden check in this advance during the lar
Ter part OF last week, judging from the bank
returns, was well founded. There are rea-
uent does not exactly reflect the condi-
lions OF the banks 1t is fact that the
unusual preparations are being made to
meet the heavy demand for money for crop
purposes at the present time. No doubt
place
IN New York and this may have Temporal
rily disturbed the averages from which the
weekly statement is made up
"A more probable theory is that the banks
nave increased their cash in order to be
IN a position to meet all claims upon them,
and IL would not be surprising ii next week
revealed quite a diminution in reserves
me interior movement is already well I'M
der way but the demand has not been nm
TO expectations. The interior banks seem
70 be fairly well supplied with cash. and
there is prevailing disposition among
farmers to hold back grain on a rising
market IN order to take advantage of the
highest price obtainable There seems to
be no question that the loans of the banks
VIII snow continuous expansion in the
face Of prevailing conditions, but deposits
ought to show falling Oft soon. Never in
the history of American banking has there
been an accumulation of deposits in this
center such as reported now, and never, it
should be also said have the banks been
doing the tremendous business that has
marked this season"
LIGHT SATURDAY BUSINESS
Aggregate sales of stock Saturday were
157625 shares, including: Atchison preferred.
4,O1S; Chicago Burlington & Quincy, 1850:
Louisville & Nashville, 4,612; Northern Pa
cihc preferred $3.50; Reading H. 1870; Rock
Island. 4,763 ST. Paul, 10, no; Union Pacific.
6,ll7; Bay State Gas, 1920; Sugar, Alb;
Tennessee Coal and Iron, 1860 United
States Leather $3.50; United States Leather
preferred, 1850; Chicago Great Western,
The dominant tendency of Saturdays
New York stock market was still distinctly
reacttonary, Notwithstanding the fact that
the days trading resulted in a fractionaliy
higher average of prices. There was a large
faning off in the volume of trading and
the rally which brought prices UP at the
close was on comparatively light purchases
by the short interest to cover over Sunday
There was no evidence of any reawakening
of the large speculative interest which has
carried the market for so many weeks For
the first time in considerably over a month
no one STOCK was sold to a total amount
as great as twenty thousand shares, St
Eaul leading the list with sales of II O00
shares burlington, Leather preferred
and Reading were the only other stocks the
sales or which reached ten thousand shares
The total sales for the day We're consid-
erably less than half the total of Saturday
week ago. These conditions left the mar
ket 10 large extent in the hands of Dro-
fessional traders, whose main object was
TO manipulate prices to their own ends. The
crop prospect was the principal Weapon of
the bears, as 1t has been all week and in
the condition presented of the withdrawal
OF the pulls for the time being from the
market, they were able to achieve sharp
declines in a number of the active stocks
the grangers and the internationals being
prominent examples. In none of these ex-
cept New Jersey Central and Rubber did
the fall reach point and the SUBSEQUENT
rally on covering more than wiped our fbe
declines. Only in two or three instances did
the net gain reach as high a point Sus-
quehanna q Western preferred, Leather
preferred ca and Colorado Fuel showing
was Conspicuously strong all day. Sugar
was active ana galheu IA over the low
point, The rally extended to 1ss in Burling-
ton, Us in St Paul, Louisville & Nashville
and And Reading first preferred and point in
Tobacco and New Jersey Central
The reaction in the stock market which
set in late on Monday, continued practically
without abatement all the week. Monday
morning looked like continuation of the
eager buying and continued rise of prices
market during the previous week But it
was only the working off of the orders
IN faYs W.
these had been disposed of the market be-
gan to fall and each succeeding day with
one exception, saw an average net decline
in the level of the market. The nominal
motive for the decline was the alleged dam
yield developed by the threshing of the
spring wheat crop in the Northwest There
are other conditions In the market which
may account for the decline. Some of the
largest interests have realized enormous
pronts on the long sustained advance and
sold out on the belief that a reaction was
normally due in prices. even with all con-
oitlons remaining favorable to values. This
order to enable them to repurchase stocks
at a proht; The professional bears were
ready to aid them with short selling of the
THE CLIQUE IN CONTROL.
There was a feeling prevalent in all cir
cles that speculation was taking reckless
tone that BODIED no good for the future. 1t
was felt that stocks were getting into weak
hands and that such a state of affairs
afforded an unstable basis to values. and
the bull interest retired for the time being
perfectly willing to see a reaction sutti-
Gent TO shake out weakly margined hold
ings and which would improve the tone of
the market and put 1t on a more substan-
tial basis. This state of mind in Wall street
must be taken account of in properly esti-
mating the Importance of the weeks reac-
tion as a barometer of business conditions
IN general Az the same time there is
known to be an enormous speculative in
terest in wheat on the bull side of the mar
ket. For maily weeks past the stock mar
ket has moved in sympathy with the grain
markets. Reduced crop yields are a bun
factor in the grain market and bear fac
tor in the stock market. The fact that
the dominant interest for the time in the
stock market is the bear element and in
the grain market the bull element should
be considered in connection with the ready
credence given TO the reports of reduced
crop yield. Another fact that has aided the
reactionists In the stock market was the
hardening in rates Of exchange which
seemed last week to be fast falling 10 the
gOd-importing point. Last Saturday pre-
dictions were frequent that there would be
engagements Of gold for import within
seems 10 be due 10 maniDuative efforts
on the part of the Bank of England and OF
French and German financial institutions.
The continued low rates for money in New