The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-01

Legal tender. decrease ... 631 100
DepoSlts, increase .................., 519 300
NlFculatlon decrease ................ l03 800
The banks now hold $45 720. 1850 in excess
of the requirements of the % per cent.
rule.
The Financier says: 1.-The continued in
crease in loans of the New York banks
In the face of the present enormous total
reported is q feature that is beginning to
attract attention in the clearing house
statements. 1t was supposed that follow
ing the $1,000 600 increase between June 26
and July B. decrease might be looked for
as the July settlement period is usually fol-
lowed by temporary contraction. but so
far from shrinking. loans have made an
additional gain of $4,000. 0O0 during the
month just ended. and if the movements
OF other heavy crop years are of any value
in comparison, the upward trend should
continue for from thirty to sixty days yet
The heavy business New York banks are
doing is not generally appreciated Their
reserve requirements are now SIT 600 600 in
excess of all the cash they reported on
hand for the corresponding week one year
ago. detailed comparison shows that
while the National Union Bank and the
bank OF America made increases in loans
aggregatlng 81, $685. 200, or a sum equivalent
TO the total loan expansion reported in the
statement, the losses reported by others
were made up 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 1t is
perhaps belated evidence of the heavy
customs payment and the Withdrawals of
legal tenders for gold export purposes
last week. The banks have been losing
heavily TO the subtreasury for ten days
the amount for the week just ended having
been in excess of $4,000, 000 The decrease of
$l63l, leo in legal tenders is thus accounted
for 4 significant feature in connection
with the now 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
~ to 90 cents premium, New York funds
have fallen to so cents discount and a SINH
lar change IS noted at other centefs. 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 his center
Will be less from this tinle on"
me total sales OF stocks at New York
Saturday were l62 $50 sharSsz including the
following: Atchison preferred, 4,500; Chesa-
pSake & Ohio. 1925 Chicago & Eastern
Illinois 4,24O; North American Company
$40; Missouri Pacific, 6.S0 Missouri Pa
eific preferred. 1885, Reading. $685. ST
Paul 800; Chicago Gas, 500; Colorado
Coal and Iron preferred 1l6; Standard Rope
and Irvine. 1887; Chicago Great West
ern, 5000
AN ERRATIC MARKET.
Trading was 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
Shange 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
hA
bought by 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
Tor those shares on vague stories of crop
damage. These shares were purchased on
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 Dis with
mai rally of Us. The decline was cred
tied TO liquidation started by the raid Chi
cage Gas gained nearly point which ac-
cording to its friends was based on the
expected declaration of quarterly dx-i-
dend next week The principal changes of
point or more We're: Declines North
western preferred. 8. Flint & Pere Mar
quette, Minneapolis & st. Louis second pre-
ferred and Rubber preferred. Advances:
Detroit Gas. 2, Erie Telegraph Northern
Pacific preferred and Chicago. indianapolis
a. Louisville.
The stock market had advanced so long
partly in anticipation of a settlement of the
tariff. that the enactment thereof had no
appreciate effect at the beginning of last
week. Stocks We're 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 million BUSH
els, of wheat engaged for export. favor
able feature was the falling off of about
$250,000 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 were. in
bonds, the largest in the last two years al
advancing prices. Unfav0rabIe features
were the tagging Of the iron market be-
panA the improvement noticed elsewhere