The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-19


yer closed at 273sd per ounce.
The exports of specie from the port of
New York for the week were $4,000 in gold
anG $76S,6O6 in silver. Imports: Gold. s22, us;
silver, $55, 1913; dry goods, S. $40, 51S; general
merchandise. s6979127.
The New York weekly bank statement
shows the following changes:
reserve, increase ...................$4,6 75 525
Loans, increase observation-disclosures. 3S7 800
Specie, increase Observation-Disclosures. 726 900
Legal tenders, increase .............. 5,345 700
deposits, increase INSTRUMENTATION. ), 5S4 100
NIculdtloh, decrease ................. l4, 100
The banks now hold SAC, 036, 900 in excess of
the requirements of the 25-per-cent rule
The New York Financer 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-
narSable increases in deposits and cash re-
serves. The total deposits of the banks
now stand at the unprecedented figure of
So15' ~ Z00, and the cash reserve exceeds
$lS9,5oOOOO, which, with the exception of the
latter part of 1894, is the heaviest accu-
mutation the banks have ever carried
once before this year the total approached
ciCSely the present figure, but the volume
OF loans was then very much less. as was
aIso tne case three years ago. The loan
Item is nearing the high figure ii attained
seVvral weeks ago, and the increase for
the past seven days was $685., 800 The banks
IN the report gained 10 less than Sc OIL 700 in
cash. and if the deposit item is correct, the
mones 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
tnat the gains. both in cash and deposits
We're made for the most part by the larger
institutions, eight of which make an aggre-
gate increase of nearly seven millions in
deposits. In the item of loans thirty banks
out OF the siXty-tive report increases but
these are onset to great extent by the
losses birtVy ~
Nationality and the Seaboard National
made the only notable increases their to-
tai being in excess of two millions. The
other changes ere unimportant The UNI
usual accuTAula6ion of funds is difficult of
explanation, but it will probably have the
erect OF maintaining interest rates at the
low figures which have ruled the markets
Tor some time past. The excess cash re-
serve was increased $4675, 525 by the opera
tons OF the week and the total surplus re-
serve is now $46 036, 900. 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-eght millions
AS confirming the congested state of the
money market, it might also be pointed out
that she deposits of the banks have shown
corresponding expansion during the same
period of thirty-nine millions"
LIVELY ON CHANGE.
Dealings on the New York Stock Elk
change, Saturday were in fairly large num-
bers and the market was strong as whole
Liquidation in Sugar worked a sympathetic
reaction in the market for 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
steacly 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
closed that the news of the agreement of
the Republican members was received and
the belief that indefinite delay was likely
70 occur was prevalent Louisville 4
Nashville was a strong feature in the trad
ing and was bought for London account as
we'll East River Gas was affected by the
manifestations of opposition to the pro-
posed consolidation on the part of Eoliita
pie Gas interests and lost IL, but the pre-
ferred stock advanced "a. The coal stocks
continued to show strength under the same
influences that have affected them ali week
New Jersey Central gained a point and
closed at So the top price, and the highest
it has sold since early in the year The
break in the wheat market on reports of
continental selling was not without its eff
feet on values in the stock market and con
tributed TO the reaction. Tobacco was
keenly affected by the reactionary tendency
and together with Sugar, closed with p net
less of a large fraction. Lake Erie e 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
Sues
The steady advances by slow stages dur
ing the week should crafty such specuIa
tors as may hope to market securities on
the anticipated rise when the business of
the country is settled down after ascertain
ing definitely the nature of pending legisla-
ton. OF course, these expected rises are
often abortiVe. being stunted by realization
of paper profits. But at current high quo
tations but little liquidation has material
tied. 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 APP
parently trustworthy foreign advices indi-
Gated diversified shortage of crops that
promises remunerative returns for both
wheat crops. The grangers, which will ben
eft largely by this state of affairs. were
uniformly strong. The fiscal years exports
reached unprecedented figures and attained
an unequafed access over imports re-
CARELESS of enormous imports anticipatory
of the new tariff law The anthracite roads
were strong on the vacating of the order
for an inquiry into the coal companies
methods on the ground that the Lexow
doe law WAS unconstitutional. The
election OF Lehigh Valley officials in sym
pathy with other large coal interests gave
the stock hardening tone in Philadelphia
which was reflected in the coal-carrying
companies here, where, moreover there
was belief that benefits would accrue TO
the anthracite roads from the bituminous
coal strike. There was an early disposition
abroad to magnify the Importance of the
soft-cOal strike.
LONDON A CUSTOMER
On Wednesday, however, London was a
fair customer of "Yanks," and while sub
sequently there was some selling from that
quarter it was of a hesitating character
showing a gradual realization of the i'm
proved outlook here and possibly a knowl-
edge that there were efforts to arbitrate
the miners and operators differences
susquehanna & Western common and pre-
ferred rose rs and Sss respec-
lively. vague rumors which
seemed to be reduced 10 the
assertion that there am effort by par
ties of preponderating influence in the coal
trade to get control There was a rise in
local gas securities owing TO the anueipa-
tion and TO report of the accomplishment
OF consolidation of some companies Later
came indications of strenuous opposition
and quotations were shaded. The buoyancy
OF Sugar ia the early part OF the week was
a sustaining influence on most OF the list
The outstanding short interests becoming