The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-07


business in bankers bills at S4.S67S94.8 for
demand and S4S5Aa4S6 for sixty days;
posted rates, $4S61aQ4.S7 and $4.SS12; COM
mercial bills, $4.s5.
Bar silver, Coo; Mexican dollars, $4.71Ac;
silver certificates closed at 601sG603sc
Exports of specie from the port of New
York for the week amounted to 81, 100, 800 in
gold and $9O5, S45 in silver The imports
were: Gold, 5000; silver, $5O,4S8; dry
goods. $3,245,On; general merchandise,
$7,267, 119.
The New York weekly bank statement
shows the following changes:
Reserve, decrease. 1295 275
Loans, increase. OBSERVATION-DISCLOSURES. T. 400 coo
specie, increase. ....-................. 33l, 700
Legal tenders, decrease. 213,20O
deposits, increase observation-disclosures. 5600, l0J
Circulation, decrease. Observation-Disclosures. $500
The banks now hold $45, 900, S25 in excess
of the requirements of the % per cent.
rule.
The New York Financier says: 1.-THE
statement of the associated banks of New
York city for the week ending June is
in many ways one of the most remarkable
ever issued. Superficially, and even accu-
rately, it indicates an expansion in bust
ness, the loans increasing 81, 900. A
closer analysis of the statement however,
reveals some very curious results, due al
most entirely to the consolidation of two
of the larger New York banks. Thus, for
the week ending May 20, the total loans
of the siXty-tive clearing house Institutions,
inclusive of the Third and National City
Banks, were $474, 425, 400. For the week end
ing June the loans of the same sixty
hVe banks were $474, 6S5, 800, an increase of
only $260,5O0. The great increase of over
four million dollars in the current state
ment, therefore, is to be found in the oper
a G gn6 &c "a
able of easy solution For the week ending
May 70 the loans of the National City and
Inc inTo Natohal Banks complneo were
$33, 0S4. 300 For the week ending June they
were $37, 232 800, an increase of 81 1850 The
deposits also show a similar result when
analysed closely, the variations of the
two banks accounting for $4,24 800 of the
total expansion of So, 655 100 reported by the
sixty-seven clearing house banks. The de-
posts of the National City alone are now
$4S 146. 600. For all that the statement, thus
stripped of it's ambiguous features, seems
to show technical changes, rather than a
real business expansion 1t must be said
that the banks are doing largely in
creased business.
Total sales of stocks were Isl S42 shares
including American Sugar, 1880; BurIing
ton & Quincy, 1860; Chicago Gas, 10, S00
Louisville & Nashville, $500; Manhattan
National Lead consolidated, 3,400; North
western, 600; Reading, $500; Rock Island
4000; st. Paul, 1890; Western Union, 800
There was no mistaking the strong bull
character of yesterdays stock and bond
market, nor was there any room for doubt
that the motive for the buying was greatly
increased confidence over the general out
look for business in the country. The bear
element was not a factor in the market at
any time during the day, except as eager
buyers to cover short contracts before
prices should rise beyond their reach. There
was some proft-taking at intervals. by the
more conservative-minded traders, but ap-
parently their only purpose in selling one
stock was to put the proceeds into another.
Such realizing sales as were made were alb
consequence
course of prices went merrily on from
opening to closing OF the days short ses-
sion. The dealings were remarkably well
distributed, Sugar showing the largest num-
Der of shares of any stock sold with $500
shares. Chicago Gas and Burlington fol-
lowed close with over 5000 shares each,
and st. Paul was not far behind. OF stocks
that were dealt in to the extent of from l. 100
to 1000 shares there were about twenty
and a large number of the usually inactive
shares showed a small number of sales,
made up in part of odd lots bought by
general strength of the market was doubt
less assisted by the aggressive strength
shown by some of the most active stocks,
notably Sugar, the grangers and New Jer-
sey Central. Reports from Washington
that a treaty with Spain was being con-
sdered looking to the regulation of the
naturalization of Spanish subjects as citi-
zens of the United States had their effect
in helping prices as indicating a purpose
to eliminate causes of friction between the
two countries. With the favorites of the
bears thus all shifted to the bull side of
the market there was practically no oppo-
sition left to the advancing tendency of the
market. Advances of near a point or over
were shown.
THE WEEK ON CHANGE.
The week has been most remarkable for
the manifestation of increased confidence
In buying and holding securities, especially
railroad stocks and bonds. The improved
tone of the speculation has been as remark
able for the absence of specific influences
on the stocks most affected as for the conf
dence shown. There can be no doubt that
a great part of the buying of stocks during
the week has been predicated on a conyic-
ton that the outlook for general business
is greatly improved and that the country
has turned the corner from depression
towards improvement. The cheerful conf
dence shown by the secretary of the treas
ury in his public utterances has made a
strong impression in WISH street. Much ac-
count is taken of the contention that the
volume of business is equal TO that in the
most prosperous years, although prices are
stu low. The effect of gold exports is
no longer dreaded, as ii is seen that the de-
pletion of the surplus gold reserve in the
treasury is not measured by the amount
OF gold exports. The decrease in the treas
ury reserve since the gold export move
ment began is, in fact, considerably less
than two-thirds of the gold exports. The
growing prospects that crops are to he
plentiful and OF good quality is accepted
as giving the best possible assurance of
increased prosperity and expanded bust
ness.
In the money market there has been an
Increase of activity in the mercantile paper
department. indicating an increased use of
credits in trade. There have been also large
withdrawals of the money deposited with
New York banks by outside banks for use
In different localities. The action of the
Chicago banks in reducing the rate of in
terest paid on deposits by outside banks has
served 10 check this tendency and to in
crease again the accumulation of outside
bank deposits in New York banks The
barometer of the Stock Exchange. as usual
has been quick TO respond to these evil
dences of awakening activity in trade. The
traders have shown themselves somewhat
timld and diStruStful of the Improvement
as was natural after the long period of de-
preston and recurring reaction. They have
been constantly watchful 10 take profits
a short turn and there have been hats
during the week for this purpose, especial
~ AT the times of the breaks i'm the shares
OF Rubber and Cleveland, Cincinnati Chi
cdgo * st. Louis due TO a reduction OF
dividends in the former and rumors of re-
dHctton in the latter. But these offerings
10 realize have been steadily and conf
IDENTITY absorbed without notable reaction
and each day of such DEVELOPMENTS has
added 10 the confidence of the trading on
the bull side Purchases for foreign ac-
count nave been large and well distributed
the low-prtced shares of reorganized COM
panies being especially prominent i'm this
the roads both in point OF activity and
The bond market during the week dis
played aggressive strength and was con-
siderably animated, the sales for the five
trading days exceeding So G000 The i'm
proved financial and commercial outlook
included heavy purchases for foreign ac-
count, which served TO stimulate Investment
and speculative buying BY domestic inter-
ests. The net changes show gains ranging
a xrsft f,.f