The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-02

rates S4.6f12 and $4.6Sq 4.6612; commercial
bills, $4S51a
Silver certificates. $3.50; bar silver. 577sc;
Mexican dollars, 45hc. At LonGon bar sill
yer closed weak. at 269sd.
The exports of specie from the port of
New York last week amounted to So III, 785
in gold and $l,O05, ia in silver. The i'm
ports were: Gold, $6S,662 silver. $55,599 dry
goods, $2,525, 53S; general merchandise, $4,-
COS 1862
The New York bank statement shows the
following changes:
Reserve, decrease Observation-Disclosures. 81, Sal, 425
tt1oais increase .s..................... 2SZl, $50
LegaI tender decrease .............. 1851, 100
deposits, increase ................... 5l9, 800
Circulation, decrease ................ 103 800
The banks now hold $45 72O, $50 in excess
OF the requirements of the % per cent
rule.
The Financier says: THE continued in
crease in loans of the New York banks
in the face OF the present enormous total
reported is feature that is beginning to
attract attention in the clearing house
statements. 1t was supposed that, follow
ing the 81 100000 increase between June 26
and July 3, a decrease might be looked for
as the July settlement period is usually fol-
lowed by temporary contraction but so
Tar from shrinking loans have made an
additional gain of $4,000 eco during the
month just ended, and if the movements
OF other heavy crop years are of any value
IN comparison, the onward trend should
continue for from thirty to sixty days yet.
The heavy business New York banks are
DONG is not generally appreciated. Their
reserve requirements are now SIT 600 900 in
excess OF all the cash they reported on
hand for the corresponding week one year
age detailed comparison shows that
while the National Union Bank and the
Bank of America made increases in loans
aggregatlng 1865, 200. or q sum equivalent
TO the total loan expansion reDorted in the
statement. the losses reported by others
were made IN by gains in which no less
than tWenty-six banks participated. The
small increase in deposits in the face of
the loan expansion and the heavy receipt
OF interior funds is surprising, but it is
peIhaps Delated evidence OF the heavy
legal tenders for gold export purposes
last week The banks have tAen losing
heavily to the subtreasury for ten days
the amount for the week just ended having
been in excess of So. coo 600 The decrease of
$l6l,l0O in legal tenders is thus accounted
for. significant feature in connection
with the flow of money to New York is
the decline of domestic exchange at in
terror points. AT Chicago, especially
where exchange has been ruling at from
80 to go cents premium. New York funds
have fallen to 80 cents discount and SINH
lar change is noted at other centers. This
indicated reflex movement of money for
crop purposes and means also that the
idle cash in New York banks will be re-
duced either through demands OF interior
banks or locally. At any rate the immense
volume of money moving to mis- center
will be less from this time on
The total sales of stocks at New York
Saturday We're 162 800 shares, including the
peake Ohio, 1885; Chicago & Eastern
Illinois. 42i0; North American Company,
$40; Missouri Pacific. 6,S04; Missouri Pa
CHIC preferred, SL565; Reading, 1888; st.
Paul, 800; Chicaro Gas, 500; Colorado
Coal and Iron preferred, 116; Standard Rope
and Twine, 1887; Chicago Great West
AN ERRATIC MARKET.
Trading inclined to be erratic in the
stock market Saturday, opening with some
improvements, low-priced stocks being in
especial demand. 1t became irregular and
standard securities eased off some on reali-
cations, closing with irregular fractional
changes either way. The London Stock Elk
change being closed Saturday as we'll as
Monday, arbitrage brokers did nothing in
the New York market. Northern Pacific
securities continued in heavy demand with
the preferred rising lac, it being largely
bought by a house regarded as represent
Ing important speculative interests Sugar
was quiet and the grangers and South
westerns rather Jagged. Room traders sold
grangers because of the slackened demand
for those shares vague stories of crop
damage. These shares were purchased on
a down scale and closed about unchanged,
as did wheat, after its early morning adj
vance. Reading issues were attacked late
In the day, the preferred yielding 21s, with
II final rally of 1ss The decline was cred
tied to liquidation started by the raid Chi
cago Gas gained nearly a point which ac-
cordng to it's friends, was based on the
expected declaration of quarterly divi-
dend next week. The principal changes of
western preferred, 3; Flint & Pere Mar
quette, Minneapolis & st. Louis second pre-
Detroit Gas. ?; Erie Telegram. Northern i.rgS
Pacific preferred and Chicago, Indianapolis
& Louisville
The stock market had advanced so long.
partly in anticipation of a settlement of the
tariff, that tho enactment thereof had no
appreciate effect al the beginning of last
week. Stocks were irregular. but many
advances were made on constant increase
in public interest, the rise of cents a
bushel in the price of wheat and the enor-
nous daily average, nearly a million BUSH
els, of wheat engaged for export. A favor
able feature was the falling off of about
$250,0O IN the imports and commercial
agency reviews. showing increased business
with Western jobbers compared with last
year, and that nearly every Northern CITY
reported Improvement in business The to-
tai transactions for the week We're in
bonds. the largest in the last two years al
We're the lagging of the iron market be-
hind the Improvement noticed elsewhere
ana the c}2sing Of many cotton mills, and
especially the export of about 81 000, 900 gold.
TOP RECORDS SCORED
Government bonds reflected the public
confidence in making top-price records
while stocks and bonds long neglected We're
active at higher figures. notably those of
Southern and Southwestern railways. owing
TO present crop estimates and already inn
proving traffic Altogether the market was
broad and many top records were scored
Reports of earnings both weekly and
monthly, gross and net were generally
pleasing. regardless of the existence of the
great btumnous coal strike The early
weeks markets We're fairly well supported
by commission house buying but profess
slonal selling at times brought the quota
lions to lower plane. Sugar and Tobacco
were hammered iercely. the former ulti-
per cent, OF which was recovered 1 per
cent in the subsequent dealings. Tobacco
gained IA after being alternately advanced
and depressed as suited the Whims of the
manipulators of this specially.
The industrial group was generally less
prominent IN the dealings. the activity of
the traders being mostly centered in the
railways ana usually dormant specialties
The st Jpc Of the market appreciablV
chasing movement embracing an extensive
variety of shares ensued. The prominence
of certain shares gave rise 10 reports that
q powerful interest operating to en-
hance values This received some credence
and stimulatd heavy covering by the shorts
Late crop adViceS were more reassurine
RumoTs OF a possible resumption OF divi-
dends on certain internationally listed prop
critics caused London 10 repurchase heavily
Of foreign favorites and take round
amounts OF speculative mortgages. The an
fhracite C0alsrS moved gDaSQOmicaltV mt