The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-27
INCREASE IN DEPOSITS
NEW YORK BANKS ALSO SHOW EN-
ORMOUS LOAN STATEMENT.
Firm Prices for Stocks and Bonds
and No Reaction in PrOspect-LOcaI
Markets Improving Daily.

At New York. Saturday, money on call
was easy, at 1q1A per cent.
Prime mercantile paper 36F per cent
Sterling exchange was steady, with ac-
tual business in bankers bills at $4.976I4. 971a
for demand. and at $4,S6a4s614 for sixty
days; posted rates, $.@@4S11a and $4.SS12;
commercial bills, $4S5A.
Silver certificates, 60Ad6O1ac bar silver.
601sc; Mexican dollars, 473sc. AT London
bar silver closed quiet, at q 9-l6d per
ounce.
The exports of specie from the port of
New York for the week amounted to "a, S82.-
079 in gold and $1025, SIS in silver. The i'm
ports were: Gold, $73,999; silver, S77, 1885, dry
goods, S,O76524; general merchandise,
So rs 465.
The New York weekly bank statement
shows the following changes:
loans 9afEVe inc ine1sese S5S 200 zoo
Legal tender, increase. 1 $50 500
Deposits, increase. Observation-Disclosures. 566 400
Circulation, decrease. III. 500
The banks now hold $i92l9,15O in excess
OF the requirements of the % per cent.
rule.
The New York Financier says of the
week: The statement of the associated
banks of New York city for the week end
ing June &c is favorable in as far as the
expansion in loans is concerned but despite
the drain of cash to Europe and the en-
ployment of funds in other directions idle
money is still accommodating in New York
The total surplus cash is now close to $40
VUVOOO, an increase of about 81 600 600 in the
last month"; Within the same time loans
nave expanded no less than $4,000 OO This
Is an extraordinary movement. That there
Is some relief in store for this congested
SohGltlon the statement clearly indicates
Oi the increase of $3,13qSG0 in loans report
"a me gam was made by no less than
torty-two of the sixty-six banks, and de-
post increases We're evenly distributed.
1WO OF the banks, the Western National
and the Fourth National, appear to have
been responsible for one-half the increase
in loans, but the remainder has gone mi
IormIy TO swell the totals of other banks
An encouraging feature of the situation
not shown in the statement is the fact that
the banks are doing a largely increased
business in commercial paper. a canvass of
some OF the institutions showing that the
greater part Of their new loans were of this
GEndIacter: Redlscounts are also reported
by many in larger volume and preparations
are being made for a heavy demand in an
tlclpauon of the excellent crops. Nothing
but unfavorable weather has delayed this
up to the present. As was pointed out in this
analysis last week, loans are approaching
q record-breaking feature, and bid fair be-
fore fall to exceed anything ever known in
the history of the clearing house. The
money now flowing to New York is said TO
oe from the larger banking cenuers rather
than from smaller places. The other items
VI tle statement are IN Keeping With the in
creases reporte although the deposit
totals seem smaner than other changes call
for The withdrawal of legal tenders for
gold export purpose the latter part of the
week are not shown in the statement"
Total sales of stocks were 139 634 shares
including American Tobacco. ID 500; Bur
Ington 1850; American Sugar, II, 900; Chi
cago Gas, $500; Louisville q Nashville
1000 Northwestern, 4.5O0; Rock Island 49,
800; st. Paul, 25300; Western Union, 100
SATURDAYS MOVEMENT.
SATURDAYS New York ctocIr rI,o4
showed subsistence of the apprehension
caused Friday by the volume of the gold
shipments for Saturday and the week and
turned again to the bull side with greater
animation and confidence than ever The
market sold off to some extent in the first
hour in continuation of gold export fears
and on reported opinions that the coming
week would witness a shipment of an even
larger amount of gold The theorists in ia
vor of the necessary reaction in the mar
ket were busiy al work on this basis and
sought strenuously to bring about the re-
action which. they confidently maintain is
long overdue in the market and must come
ultimately. The ST. Paul statement for
May showing an increase in gross earnings
or SlOi. 1l9 and a net of Sis 496 was the first
influence to stem the downward course of
prices The low point of the morning was
a slight fraction below Friday nights close
IN many stocks. The rally was character
lied by great animation and by heavy deal
lngs The prominent stocks changing hands
in large blocks. Burlington was the lead
er of the market in point OF activity, and
and held there until the close. Rock ISL
and, which came next in amount of activ-
lty, was even stronger, and showed an ad-
vance of 27s from the low point on the re-
ports that the directors were decided a
policy of increasing the dividend rate
Northwest on the other hand. showed
notable hating in its advancing tendency
as compared with others of the granger
group. 1t at no time more than a
point above Friday nights close, and in the
final dealings reacted by rapid falls to H.
only Il above St. Paul gained 1Ss its
statement of earnings. but the early decline
left its net gain only Is per cent. Tobac-
co was very active. and showed marked
z but whatever news there was regarding
the value of the stock remained the prop
erty of insiders. Sugar occupied fourth
place in the list in point OF activity, but
was strong throughout. although unders
some apparent restraint. Selling for ac-
count of a large inside interest is various
~ attributed to purpose to keep the price
down rs a matter of policy during the
realize through fear that the sugar sched-
ule will be altered in conference between
the two houses OF Congress
The week has witnessed a further notable
raising of the level of prices. the advance
being especially notable in the granger
group and not being well distributed
through the list as in Some previous weeks
The market as g whole has firmly resisted
all attempts to work a reaction, the sever
est strain coming on Friday with the news
that the weeks gold shipments had run
up TO figure exceeding any week since the
first of the present movement. The present
high level Of prices Is generally recognized
as dfscounting commercial and industrial
improvements which are yet to be real
fed But the firmnesS with which the high
prices are held Is measure of the conf