The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-21

-~CtANtOAA
bar silver closed quiet, at 273sd per ounce.
The exports of specie from the port of
New York for the week amounted to 1858 800
in gold and $772, 2S2 in silver. The imports
for the week were: Gold $5S454; silver,
$78,751; dry goods, $3,39s 1902; general mer-
chandise, 1925, 23S.
The New York weekly bank statement
shows the following changes:
Reserve, increase .................... S7S9 AIS
Loans, increase Observation-Disclosures. 4, S22 100
Specie, increase .....,......,.....-..... t6z 400
Oepo5ItS' increase ...'.-............'.' 14I, ~
Circulation, decrease ........,......... 25S 800
The banks now hold S4S, S9O, $50 in excess of
the requirements of the % per cent. rule.
The New York Financier says: For the
first time in nearly month the statement
of associated banks of New York city
shows a legitimate expansion in the differ
ent totals. Aside from the fact that one
bank out of sixty-six seems to have so
per cent. of all the loan increase, the fig
Ures indicate a general distribution of in
creased business among the various banks.
The loans of the banks for the week just
ended are $4,S22,10O heavier than reported
June IL, and the total of $5lS, 800, 800 is the
largest in the history of the clearing house,
with the exception of Sept. IA, 1895, when
loans reached $522 900, 900. In the last month
the increase has been about $14,000,000 At
no time, however, with loans approximate
1HS lHiS HSuTe, mas the EcS6IN6 D0tH any
thing like that now reported. Total depos-
its of the banks are now in excess of 1892,
1000, a sum that has not been equaled
since November, 1894. The deposits of the
banks are $74,0O0000 in excess of the loans,
which, while very high figure, does not
equal the record made in the fall of 1884
when deposits exceeded loans by nearly
$l0U, 00000U. The large expansion in loans
reported last week is to be attributed, of
course, to the speculation in the stock
market. but the demand for commercial pa
per is heavier and redscounting has set
in from the South and Southwest. There
IS no sign OF cessation or the interior
movement towards this center, and bankers
do not look for anything like hrmer
market for some time TO come. The crop
movement will require some of the sur
Plus money now lying in the New York
banks-how much it is difficult to esti-
normal, it is interesting to note that be-
tween June Is and Sept. IA, last year, the
expansion in loans was no less than $780,
90. similar increase this year, 1T is I'M
necessary TO say would make the loan of
New York banks bv far the largest ever
known. AS the prospects are much better
than at that time, it would not be surpris-
ing if this proved TO be the case
total saies OF stocks We're 80, 135 shares
including the following American Sugar,
% 400; burlington, $500; Chicago Gas, 1900;
Northern Pacific, preferred, 400; st. Paul,
4.600; Union Pacific, 400; Western Union,
Saturdays stock market again reflected
the constant watchfulness of the large pro-
1esslonal traders for a reaction, the days
profit-taking being on very large scale.
The net changes were very small, owing
10 the early buying movement which car
ried prices of most stocks quite sharply
above Friday nights close. But the re-
action brought about by the realizing
heaviness in Sugar left most shares below
Friday nights close. The trading was
dull and showed very marked diminution
in the range of activity. Much of the sell
ing of Sugar was attributed to Washington
orders, supposed to be based on informal
ton of the sugar schedule of the tariff bill
in danger in the Conference
Chicago Gas showed a sharp fractional de-
cline from the best price, adding to the
heavy tone of the market Northern Pa
cific preferred and Union Pacific were the
most largely dealt in of the railroad shares
and each sagged g, point at the lowest with
only a feeble rally. The selling of the
stocks was attributed to foreign orders to
realize, the recent foreign buying having
been quite heavy. The Goulds were a
wide recession, but Western Union rallied
on the other hand. Lake Erie & Western
preferred and Minnesota Iron registered an
advance of points each and Edison Elec-
trio, of Brooklyn, IA. Sugars extreme fall
was 19s and the net loss rs. The closing
was flrm and closing prices, as rule, were
above the lowest, but net losses were gen.
eral throughout the list.
STOCKS DURING THE WEEK.
The feature of the week has been the
firm resistance of the market to the efforts
at reaction of professional operators. On
Tuesday and Wednesday there was con-
tinued heavy selling to realize, some of the
largest operators on the floor being credited
with a complete turn in their holdings
These traders based their action on the
theory that reaction was overdue in the
market because the advance had been so
steady and so long continued, for a month
practically without break. The manpula-
tors for a decline had no ground in the
general condition to offer as an argument
the general condition continuing much as
1t had been ever since the advance had be-
gun. Their effort to break the market
proved a signal failure, and all joined the
long side on Thursday. The change in the
general level of the market is indicated by
the comparison of prices of some active
shares at the close on Saturday. May %
and yesterday. Advances are: New Jersey
Central lS$4 Sugar, 1874 dividend ON;
Consolidated Gas, Chicago Gas and Bur
1ington, a fraction over points each: Rock
Island and Tennessee Coal, over points
Northwest, Delaware & Hudson. Missouri
PACIFIC and Western Union, points over
and St. Paul, Louisville, Leather pre-
ferred and Northern Pacific preferred over
four points each. The number of stocks
showing lesser gains increases but with a
few exceptions, all prices are higher Rail-
road earnings show improvements in that
time, and the finances of the companies inn
mediately concerned are in better condition:
but the higher prices quoted do not by any
means represent the Immediate return in
money hoped for from shareholding i'm the
companies. They must be accepted rather
the barometer of expected and hoped for
try at large. 1t is certain that the business
of the country at large has not increased in
the last month in the same ratio as the
prices of stocks But the firm resistance
of the price of stocks to reaction and the
readiness of buyers to take them at the
existing level is Il measure of the conf
dence that business is about to improve in
proportion Probably the unimpeded prog
ress of the tariff bill on the final stage of
its disposal has been the most encouraging
TO Wall street of any one factor. The Ha-
waiian annexation treaty caused a momen-
tary tremor to pass along the pocket nerve
through the street but the complacent at
titude assumed towards the matter by the
powers OF the world has quieted apprehen-
sion as to Japan'S protest The latter part
OF the week shows some growth of APP
the gold movement and the hardening of
exchange. said TO be due 10 the drawing of
exchange for tourists account and for July
settlements of dividend and interest pay
merits on securities held abroad.
GOLD RESERVE STATIONARY
But Wall street has taken note of the
fact that the gold reserve in the treasury
has remained almost stationary at a little
above land for two days a little below
$144.OOO000 ever since May % The amount
Of specie held by the New York banks has
increased since the date named from SIS, 295. :
800 TO $90.05O,2o0 The gold shipped from
the country by gold exporting houses since
the same date amounts TO $5,23 ,794 The
shipments Saturday. amounting to 1885,. 600