The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-04
a REACTION IN STOCKS
CONFIDENTLY EXPECTED BY LEAD
INC NEW YORK TRADERS.
This Has Led to IL Falling on in
Local Markets Fairly Active.
At New York Saturday money on call was


4 easy at lA0112 per cent
Prime mercantile paper 344.
Sterling exchange easy, with actual bus
mess in bankers bills at $4S6240AS7 for
demand and at $4.S5s4a4S6 for sixty days;
. posted rates, $4.S612 and $4.SS15; commercial
bills. $3.50
Bar silver Gee; Mexican dollars, 47c. At
London bar silver closed quiet at q 9-lGd
. per ounce
The exports of specie from the port of
New York for the week amounted to $7S3-
0o3 III silver The imports were: Gold. $63,-
Al; silver. S92,7lS; dry goods, So 500, 1856 gen
eral merchandise, $7305, $50.
The New York we 4kly bank statement
shows the following changes;
Res%rve. decrease. OBSERVATION-DISCLOSURES. $LS5I275
Specie, increase Observation-Disclosures. SO 400
Legal tenders. decrease. ......,..... 5S7o,40O
Deposits, increase ................... 1859, 100
Circulation, decrease. ........... $S9 200
The banks now mold SAL 1854. S75 in excess
of the requirements of the q. per cent. rule.
The New York Financier says: THE
statement of the associated banks of New
. York city for the week ending July con-
firms the fact that the prosperity so long
awaited is at length a fact The astonish-
ing expansion of $l1 ops, 800 in loans has
never been equaIed before, except perhaps
once or twice. when special causes ac-
counted for the increase, but in the current
statement no unusual factors beyond an
actual revival in business are to be dis
covered. Out of the. sixty-five institutions
now connected with the clearing house
fifty show increased loans while only fiji
teen show diminished discounts. This is a
larger percentage of increase than has been
reported for months past. The National
City Bank and the National Bank of Com
IA
the total Increase, but the remainder which
OF itself is noteworthy gain. is distrib-
Uted almost uniformly among the other
. banks. The prediction made in this analy-
sis last week, that loans would assume
experimenting proportions, has been full
1 1led much sooner than anticipated TO de-
I fine in what lines this expansion has run
would be difficult, but July settlements
heavy customs payments and mercantile
demands. together with rediscounts and
the shifting Of Investment securities by
. large corporations, have been responsible
for a large part of the changes. The de-
posts. as might have been expected. show
similar Increase. The total deposits for
the first time in the history of the clearing
house exceed the six hundred million mark
The heavy deposits at present have in
creased the p per cent. reserve liability to
fi9l.-lo,925 and rs the actual cash reserve
in banks according to the statement, was
Sl9--630, 500 the surplus above legal REQUIRE
ments is $4l, 3S4,S57, 81 decrease of $LS54,275
I'm one week. The banks are gaining specie
despite the heavy demand for cash, and
one bank. the National Park now has over
O
in gold. The loss of the legal tenders for
the week was $597S. 400. The interior move
ment in this direction continues, but the
withdrawal of legal tenders for gold export
and the heavy customs payments are coun-
teraCting it TO some extent Domestic eX-
change is noticeably easier at interior CEN
terS. and this fOreShadOws a diminishing
of the flood of money which has been pour
ing into New York all season"
Total sales Of stocks Saturday We're 116-
534 shares, including: American Tobacco,
$1,000; American Sugar. $780, Burlington
$500; 81. Paul. u,G00; Tennessee Coal and
Dealings were small on the Stock Lx-
change Saturday in the aggregate, and
about onc-third of the small total was alb
sorbed by Tobacco, in which there was
heavy selling and a notable decline in price.
a hall days session of the Stock Exchange
preceding an interval of two days suspen-
sion of trading would naturally account for
the dizziness in part Many dealers and
brokers left town and took no part in the
trading at ALL But II was expected that
there might be large volume of transac-
lions during the short session when the eX-
change authorities declined to grant re-
quest by members last week 10 adjourn
over from Friday, july , TO Tuesday, July
Q. The animation of the market at the
time this request was denied warranted
the assumption that the suspension for the
extra half day might cut off a large volume
Of business. The decline in activity Satur-
Gay cannot all be attributed to the fact
that two days suspension Of trade was To
follow. The dullneSs reflects the cOntin-
ued conviction of dealers in securities that
the present level of the market is as high
as conditions warrant The prevalence of
this sentiment might be expected to hold
the market without causing actual decline
But the heavy liquidation in Tobacco, a
sharp decline in Tennessee Coal and Iron
and the influence of the lower prices for
1titHc3n securities IN London aIIected the
tone of the market and were added to,
Ian as possible. by tF@ efforts OF the bear
contingent. Manipulation fer the decline
ana snort selling were quite palpdble and
proved effective in the narrow and rather
Lt<cl eel market. Nevertheless, there was
no lacking evidence of q reflex Of confidence
lA llt general outlook Tor business i'm
iH an estimate Of the days results. These
results showed no wide recesstons, notwith-
STANDING the heavy tone OF the market out
side 0I the two special cases mentioned
aad Reading preferred, the latter stock
closing point lower. Tobacco sagged at
one time 3la points below Fridays close
anu closed at l4l4, which IS rally or =.
Tennessee Coal and Iron fell 2$s ana recoV-
cred only the fraction of that tgure the
weakness being due TO labor troubles with
we companys employees. Brooklyn Rapid
transit was 4 marked exception, gaining
ia. Otherwise fractional net losses We're
general and in this grangers and interna-
Nonal shares were quite marked.
REFLEX OF CONFIDENCE.
The reflex Of confidence in the general
outlook for business indicated being a
factor Saturday has been manifest during
the week and perhaps in a progressive de-
gree as the week advanced. The recog-
H.zed organs on opinion in the iron and
steel industry have expressed a degree of
dissatisfaction with the progress making
toward iuDFOVeTnan In the business he