The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-12

tual business in bankers bills at AS1q4S1H
for demand and $4.S6Q4SGA for sixty days;
posted rates, 4SG1zQ4S7A and s4SSq4.3S12;
commercial bills, $4.S5.
Bar silver, 6OAc; Mexican dollars. 47c;
silver certificates, 602sQ602c.
The exports of specie from the port of
New York for the week amounted to $S72.
475 in silver and 1892 in gold. The imports
We're: Gold, $37,6S6 silver $49,4l1; general
merchandise $S,372,974 dry goods, APPS O7.
The New York weekly bank statement
shows the following changes:
Reserve, decrease ............. 500 800
Loans increase ACKNOWLEDGEMENTS O53 Og0
specie, increase ACKNOWLEDGEMENTS. 5000
Legal tenders increase ........ 642 600
deposits, increase Observation-Disclosures. 2 693 500
Circulation, Increase ................. 1,701
The banks now hold Sal, 1861, $40 in excess of
the requirements of the 25-per-cent rule.
The New York Financier says: Coming
after the unprecedented expansions noted
for the week ending July 3, the bank state
ment for the current week exhibits but
modest changes. That there is still de-
mand for money, the increase of 81 058 -
~ IN loans clearly shows. A comparison
OF the returns of the sixty-five clearing
mouse banks individually reveals the fact
that thirty-siX have increased and twenty
nine nave decreased their loans, the
changes, with one or two exceptions, being
unimpOrtant. But while loans are increa 3
ing deposits for the week have exceeded
them IN volume, the gain for the past seven
Gays aggregating SZ,69S,SO0 The banks also
hold $642,6O more in cash than on July g.
Inc erect OF these operations has been to
hold the total reserve almost stationary
The changes in deposit of some of the
banks for the week have been much larger
tnan ordinary, at least six of the banks
showing Increases or decreases of two mil
lions each, which reflects probably the
shifting of funds incident to .JuIv settle
ments. This has changed the reserve per-
centages OF several Of the banks materially
one, state institution, required by law to
Anoid only 10 per cent. reserve, having over
% per cent of it's deposits on hand in the
shape of cash. The situation. however is
OF more promise than indicated by
the statement. The banks having
q large business throughout the
for rediscounts and considerable money is
going into the cotton States for crop pur-
poses. The money on call in New York is
much more concentrated than usual and
1t is said to be fact that one of the larg-
est institutions has nearly 500 900 900 cash
poftant except TO show that the market
may be sensitive to control once that
changes in rates begin. Bankers, however,
do not anticipate material advances in
money rates for the present, as the supply
of funds not only In New York, but else
where, as well, is far in excess of the de-
mand. 1t is worthy of mention. not as haV-
ing a bearing on the statement but as
breaking long decrease, that the circula-
ton of the New York banks shows a small
increase this week, after a steady shrink
age OF eight months during which there
has been a loss of about $4,000 G0 in this
item alone.
The total sales of stocks Saturday were
$780, shares, including; American Tobac-
a. $500; American Sugar, II. 100; Burling-
An & Quincy $500; ST. Paul, 100
MARKET ALMOST DESERTED.
Saturdays market for stocks was devoid
of interest. The two hours of trading on
Saturday lack the usual degree of activity
as a rule. 1t was a holiday on the London
Exchange. set apart to housekeeping The
usual tone impaired to the opening in New
York by London was lacking The heated
term has driven many active operators in
the market out of town and the attend
ance on the exchange was small. Add to
these drawbacks to activity the fact that
the whole temper of the stock market has
taken on a waiting disposition, would-be
buyers and would-be sellers are both scarce
and when they appeared they found them
selves far apart in their respective ideas of
prices. The consequence was that transact
tons on the exchange in the aggregate
reached barely half a hundred thousand
shares sold and one-fourth OF this amount
was Sugar. This stock was erratic during
the day on the conflicting rumorsA regard
ing the tariff, but did not move over. a very
wide range. 1t fuctuated above Friday
nights close during the whole session, at
one time going IA above, but closed with
fractional net gain. Only ten other stocks
were dealt in to the extent of a thousand
shares. The grangers were most active next
to sugar and enjoyed continued benefit
New York Central was active and higher
on account or the persistence of the rurnor
that its leading interests were about to Sc
cure control of the Lehigh Valley rail
way. st. Paul was sustained by the first
Meeh nereasn of on gr9ss earnings showing
shares were heavy, the preferred lOsinsr .
points ana the common point on the res
lgnatlon or a prominent director and re-
newed rumors of differences in the control
The close showed majority of stocks a
small traction higher.
The stock market haa remained T., = 49,.
lethargic condition during the week char
acteristic of the normal midsummer mar
ket, but which many overSanguine dealers
in stocks had prophesied would be ahsent
this summer. There have been indications
OF strength IN the market several days dur
ing the week but the upward movement of
prices was attained on very light tronsac
lions and the intervening declines were ef
fected almost as easily. The closing out or
accounts to take profits preparatory to a
holiday trip of single operator was an
effective influence on the market for one
day. The commission house business which
has reflected the growing interest in the
market by the outside public ND to last
800. 10 - P iaStloaly ceased. Inc heaVy
buying py large capital which sustained
the market for so many weeks is no longer
in evidence, and the conclusion of dealers
is obviously that II is prudent for the stock
market to wait for general conditions to
come up with it, or to approach nearer to
IL Some OF the weeks incidents have been
looked on as giving less promise of progress
towards prosperity. But the prices Of Sc
curlties have remained quite Significantly
~ anu lew wac receSSlonS are to be re-
corued Inc most attention in Wall street
Is paid at present to the reports of crop
prospects and prospects for crop prices
me harvesting of abundant crops and the
securing OF good prices for them by the
farming population are regarded as most
vital 10 the sustaining of prices at the adj
Nanceo leVeI resulting from the six weeks
pun movement The frmness of prices in
race or the dullness of the market reflects
the conndence OF holders of securities in
the accuracy of current estimates of the
good prospects for domestic crops and of
the probable necessities of the countries
which usually take our surplus owing to
the prospective shortage in other sources of
their supply. The granger roads have led
the advance throughout and continue to
show the greatest strength and fr;nness
Senate as marking the conclusion of a crit
ical stage in the final settlement of the
VeXed question has been looked forward 10
as Il favorable factor in Wall street but
like all such factors that are long in pros
pect. this one had been discounted and
was marked by profit taking and a slight
reactionary tendency.
USED BY BOTH SIDES.
The ingenious professional operators have
managed to extract both a bull and a bear
argument out of the projected presidential
message on currency reform the bears SELL
ing They said they were disappointed over
action on the matter being deferred. and
the bulls buying because they said they
were glad the early disposition of tariff
questions was not to be jsopardized by the
complication Of the other question The
strike OF soft-coal miners has had its effect