The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-18
STOCK MARKET STRONG
DEALINGS IN LARGE VOLUME AND A
NUa4BER OF ADVANCES.
Sugar FIuctuated Wildly and Closed
LOwer-The Bank Statement
Local Markets Steady.

At New York Saturday money on call
was dull at 1@1A per cent.
Prime mercantile paper, 3q4 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4S7d4S7A
for demand and &.S6d4.S6A for sixty days;
posted rates. $4S7d4.S71a and $4.SS014. SS1A;
commercial bills, $4S5
Silver certificates, Goo; bar silver 6Ol4c;
Mexican dollars, 1870. At London bar sill
yer closed at 219sd per ounce
The exports of specie from the port of
New York for the week were 81, 800 in gold
and $76S,606 in silver. Imports: Gold $40 175;
silver, $55,S23; dry goods, $2.37651S; general
merchandise. S6,979.127.
The New York weekly bank statement
shows the following changes
HeSerVe increase Observation-Disclosures 675, 525
S,alis' increase ......'............-.. 3Sl, 800
eaf ce.9e '..'.......... lZo,0VO
Legal lenders, increase .............. 5,345, 700
Deposits, increase ................. 5S4 700
Nllct1dlIoh' decrease ................. l41, 100
The banks now hold $46 036, 900 in excess of
the requirements of the 25-per-cent. rule
Inc New York Financier says: The
statement of the associated banks of New
York city for the week ending July II, is
interesting, mainly on account of the re-
markable increases in deposits and cash re-
SVNetA
now stand at the unprecedented figure of
$6l3 20, wv, and the cash reserve exceeds
$l99 $4,000, which, with the exception of the
latter part of 1894 is the heaviest aeon
mutation the banks have ever carried
once before this year the total approached
cicSely the present figure bat the volume
OF loans was then very much less, as was
also the case three years ago. The loan
item is nearing the high figure it attained
several weeks ago, and the increase for
the past seven days was $751; SOO The banks
in the report gained no less than $6071 700 in
cash, and If the deposit item is correct the
money lying absolutely idle in the vaults
since the gain agrees closely with the cash
expansion A comparison of the several
items OF the individual banks composing the
clearing house membership seems to show
that the gains both in cash and deposits
were made for the most part by the larger
1hsu ions, eight of which make aggre-
gate Increase of nearly seven millions in
deposits. In the item of loans thirty banks
out OF the sixty-five report increases but
these are offset to a great extent by the
losses of the remaining thrty-fiVe The
Nationality and the Seaboard National
made the only notable increases their to-
tai being In excess of two millions. The
other changes were unimportant The I'M
usual accumulation of funds is difficult of
eSplahatloh, put II Will probably have the
erect or maintaining interest rates at the
lew figures which have ruled the markets
Tor some time past. The excess cash re-
serve was increased 81 SIS, 525 by the opera
tons OF the week and the total surplus re-
serve is now S46,036. 800 AS indica tive of the
flow of money to this center it need be
only mentioned that the idle cash has been
maintained within three millions of the
present figure for sixteen weeks with the
exception of the two previous weeks al
IL ough during the period first named loans
have expanded about twenty-eight millions
AS confirming the congested state of the
money market, 1t might also be pointed out
that the deposits of the banks have shown
a corresponding expansion during the same
period OF tfirty-nine millions"
LIVELY ON CHANGE.
Dealings on the New York Stock Ex-
oI,ov CT, .5axy H., st.
bers and the market was strong as a whole
Liquidation in Sugar worked a sympathetic
reaction in the market for a short time
but the advance was resumed before the
close of buying to cover and the last prices
in many cases were the best. The grangers
were notably strong as being likely to de-
rive the most immediate benefit from the
promised abundance of the crops. ST. Paul
Rock Island. Northwestern and Omaha all
touched the highest points in the present
movement, and st. Paul and Omaha closed
at the top, the former leading the market
in point Of activity. Sugar was sold pretty
steadily all day, though not under severe
pressure, and not on violent fluctua tions
traders having finally come to the conclu-
sion that the situation in the conference
committee was really still to be adjusted.
IL was not until after the market had
closed that the news of the agreement of
the Republican members was received and
tnc peie1 lldt HadeIlhits delay was likely
70 occur was prevalent Louisville x
Nashville was strong feature in the trad
ing and was bought for London account as
well. East River Gas was affected by the
manifestations of opposition to the pro-
posed consolidation on the part of Euuita-
BILE Gas interests and lost H. but the pre
ferred stock advanced "a. The coal stocks
continued 90 show strength under the same
influences that have affected them ali week
New Jersey central gained a point and
closed a S. the top price and the highest
II has SOLD since early in the wear The
break in the wheat market on reports Of
continental selling was not without its eff
feet on values I'm the stock market and CON
tributed 70 the reaction Tobacco was
keenly affected by the reactionary tendency
and. together with Sugar, closed with net
less of a large traction. Lake Erie & West
ern preferred also closed a point lower
Gains OF nearly point or over were shown
by st. Paul, Spirits preferred and Rubber
preferred The railroad bond market was
very active ana also strong, sharp gains
being shown by some of the speculative is
The steady advances by slow stages dur-
ing the week should crafty such spec1Ia
tors as may hope TO market securities on
the anticipated rise when the business ~
the country is settled down after ascertain-
ing definitely the nature OF pending leorisia
ton OF course these expected rises ave
often abortive. being stunted by realization
OF paper profits But at current high r,,,
lied. The weeks most noteworthy incident
was the rare combination of the extraor
binary advance In wheat and at the same
time most favorable crop advices The an
Gated a diversified shortage OF crops that
promises remunerative returns for both
wheat crops. The grangers, which will ben
lht largely by this state of affairs. were