The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-05


mess in bankers bills at $4.S6a4G4.Y7 for
demand and at $4.S5%@4.S6 for sixty days;
posted rates, $4.S61a and S4SS12 commercial
bills, $4.S5.
Bar silver, Coo; Mexican dollars, 47c At
London bar silver closed quiet at q 9-16d
per ounce.
The exports of specie from the port of
New York for the week amounted to $7S3-,
OS3 III silver. The imports were: Gold. $685.
AZ; silver, $92 71s; dry goods, s., 1895, 1885, gen.
eral merchandise, 81, $50.
The New York weekly bank statement
shows the following changes:
Reserve, decrease. ................. 81 S5i 275
Loans, increase. ................... II 300
Specie, increase ......,............... 90 4U0
Deposits. increase ................... 1883, 100
Circulad don, decrease. ........... $50, 100
The banks now hold SAL ,S75 in excess
of the requirements of the % per cent. rule.
The New York Financier says: THE
statement of the associated banks of New
York city for the week ending July con-
firms the fact that the prosperity so long
awaited is at length fact The astonish-
ing expansion OF $1O26,3OO in loans has
never been equaled before. except perhaps
once twice, when special causes ac-
counted for the increase, but in the current
statement unusual factors beyond
actual revival in business to be dis
covered. Out of the sixty-fve institutions
now connected with the clearing house
fifty show increased loans, while only If
teen show diminished discounts. This is
larger percentage of increase than has been
reported for months past. The National
City Bank and the National Bank of Com
merce, it is true, are responsible for half
the total increase, but the remainder, which
OF itself is a noteworthy gain, is dfstrib
uted almost uniformly among the other
banks. The prediction made in this analy-
sis last week, that loans would assume
notwithstanding proportions, has been full
nlled mucn sooner than anticipated, To de-
fine in what lines this expansion has run
would be difficult, but July settlements,
heavy customs payments and mercantile
demands, together with rediscounts and
the shifting of investment securities by
large corporations, have been responsible
for a large part of the changes The de-
posits, as might have been expected show
a similar increase. The total deposits for
the first time in the history of the clearing
house exceed the six hundred million mark.
The heavy deposits at present have in
creased the 20 per cent. reserve liability to
$l5l, 2l5,925 and as the actual cash reserve
in banks according to the statement, was
Slsz63O 800 the &c, surplus above legal require
ments is $41, 1884, 897, a decrease of $,S54,215
in week. The banks gaining specie,
despite the heavy demand for cash. and
one bank, the National Park, now has over
$lOOO,O0O, of II per cent. OF It's cash reserve
in gold The loss of the legal tenders for
the week $5,97S, 400. The interior move
ment in this direction continues, but the
- withdrawal of legal tenders for gold export
and the heavy customs payments are cOun-
teractlng IL TO some extent. domestic eX-
change is noticeably easier at interior cen
ters, and this foreshadows a diminishing
of the flood of money which has been pour
ing into New York all season..
Total sales of stocks Saturday were 49,
SS4 shares. including: American Tobacco,
$4,000; American Sugar, 6.4O; Burlington,
$500; St. Paul, 11,6OO; Tennessee Coal and
Iron, 400
Dealings were small on the Stock XIX
change Saturday in the aggregate, and
about one-third OF the small total was alb
sorbed by Tobacco, in which there was
heavy selling and notable decline in price.
A half days session of the Stock Exchange
preceding an interval OF two days suspen-
the dullness in part. Many dealers and
brokers left town and took no part in the
trading at all. But it was expected that
there might be large volume of transac-
tions during the short session when the
change authorities declined to grant a re-
quest by members last week to adjourn
over from Friday, July 2, to Tuesday, July
s. The animation of the market at the
time this request was denied warranted
the assumption that the suspension for the
extra half day might cut off a large volume
of business. The decline in activity Satur-
day cannot all be attributed to the fact
that two days suspension of trade to
follow. The dullness reflects the contin-
ued conviction of dealers in securities that
the present level of the market is as high
as conditions warrant. The prevalence of
this sentiment might be expected to hold
the market without causing actual decline.
But the heavy liquidation in Tobacco,
sharp decline in Tennessee Coal and Iron
and the influence of the lower prices for
American securities in London affected the
tone of the market and were added to- as
far as possible by the efforts of the bear
contingent Manipulation for the decline
and short selling We're quite palpable and
proved effective in the narrow and rather
neglected market. Nevertheless there was
no lacking evidence of a reflex of confidence
in the general outlook for business i'm
provement which must be given due weight
in an estimate of the days results. These
results showed no wide recessions, notwith-
standing the heavy tone of the market out
side of the two special cases mentioned
and Reading preferred the latter stock
closing a point lower TOBACCO sagged at
and closed at 74A which is a rally of q.
Tennessee Coal and Iron fell 29s and recov-
cred only the fraction of that figure the
weakness being due to labor troubles with
the company's employees. Brooklyn Rapid
Transit was a marked exception, gaining
Ia. otherwise fractional net losses were
general and in this grangers and interna-
tional shares were quite marked.
REFLEX OF CONFIDENCE.
The reflex of confidence in the general
outlook for business indicated as being
factor Saturday has been manifest during
the week. and perhaps in a progressive de-
gree as the week advanced. The recog-
nized organs on opinion in the iron and
steel industry have expressed a degree of
dissatisfaction with the progress making
toward Improvement in the business. The
strike of coal miners in the bituminous
coal districts of Pennsylvania Ohio, West
Virginia, Indiana and Illinois has grown
In impressiveness to the minds of security
the railroads which transport its products
nave been recognized as a drag on general
improvement, and the prospect of further
Generalization in the industry is regarded
a serious drawback to industries in the
revival These facts came to reinforce the
argument so constantly harped on by the
beers during the period of the present adj
vance in stocks, that prices of securities
were outstripping the Improvement in bust
ness, and, indeed, discounting an improve
ment that was as yet, only promised. AS
a result the week has witnessed the cul-
mination, for the time being, at least of
the advance in prices of securities and the
first clearly-defined reaction since the
movement set in, over a month ago There
has succeeded a condition of dullness
which has grown more marked as the week
advanced The market has, however re-
tanned a large degree of steadiness and
even of firmness in many leading stocks
The weeks process might be fifty called
one of assimilation and digestion. Monday
and Tuesday saw the heaviest transactions
on the Stock Exchange of any day since
that following the election last fall On
sorbeG and the selling seemed nothing
mere than the professional profit taking
which has been a feature at intervals of
the steady advance in stocks. But Tues
days transactions made IL evident that the
buying which has led the advance had to a
large extent liquidater its holdings and was
not prepared at one to buy for another
upward step in the market. ST Paul has
been the leader of the market all week In
point of activity and enormous speculative
holdings ia Burlington have been sold out
and transferred TO st. Paul. The weekly
statements of gross earnings of st. Paul
ATHrA eEy fAsa