The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-26
NXRT<ET CLOSED SLIGHTLY HIGHER
AT NEW YORK SATURDAY.
Decided Advances Made by Many
Shares Last Weck-LocaI Trade
Good and Prices Steady.
al New York. saturday. money on calI

price record 09t4c Wille IhSAiCdH uOlldfS
remained stationary at 464c. The steady
decline in silver is due to the attitude of
India and China. The weakness of silver
in the Indian bazars does not keep pace
with the decline in London, and the white
metals is continually drawn into India.
which is a cause of concern to the people
in England who realize the difficulty that
it places in the way of a reopening of the
mints. China refuses to take silver and
change at Shanghai is per cent. below the
silver import point. At London, Saturday,
bar silver closed dull at 271ad per ounce
The exports of specie from the port of
New for last week amounted TO $S0050 in
gold and 81. 03S 543 in silver. The imports
were: Gold, $5lS24; silver, $G,1Si; dry goods,
81. $40, 1873; general merchandise, $5,6O7 ,5l7.
The New York weekly bank statement
shows the following changes:
Reserve increase ........,...........$13 1924, SIS
Loans increase OBSERVATION-DISCLOSURES. oJLO, zUV
Legal tenders increase. .............. 3,4S2, $40
Deposits increase Observation-Disclosures. 9,29o, so
NhCuidllOn, uecfedSe .......-.''......' 1Uo,oOO
The banks now hold SAT, 1854, SIS in excess of
the requirements of the 25 per cent. rule.
The New York Financier says this week:
Despite the fact that the customs pay
nents into the treasury for the week just
ended amount to more than 81 100000 and
the loans of the banks expanded almost
Sb,OOOOO0, the current Clearinghouse bank
statement shows an actual gain in the
amount of money lying Idle in this center,
the reserve expansion for the week hav-
ing been $l,324,6i5. In other words the
tuaI surplus reserve of July Fl, $4l.j0l 30,
was practically the same as reported April
"a, three months ago. In the intervening
period, however, loans have expanded $36
Z4I40 or at the rate OF about $2,oUJ,UO per
week. This ordinarily would have resulted
III shrihkage OF the reserve percentage,
but in the same time banks have increased
their cash reserves at least $10,000,0O0 and
their deposits have expanded $4t, 49, 0j Ii
is unnecessary to state that this remark
able advance is unequaled in the history Of
the New York banks This is evidence Of
the flow Of money TO this center during
paralleleG. The total volume of loans, de
posts and cash are far above any pre-
Vious record OF the New York banks. The
current expansion IN loans is due in great
part to the increased volume of speculation
of the past week, and the gain in deposits
tallies closely with the loan advance and
the addition of 800 in cash. Wheth-
er the statement reflects the actual
condition of the banks is doubtful A closer
analysis shows that thirty three banks
gained and thirty-tWo lost in loans, the in
crease of three of the larger banks which
do a heavy collateral loan business ac-
counting for two-thirds the total expansion.
SO also in deposits. four banks report an
increase of nearly $S000000. or over IS per
cent. OF the WI he Inc Bank OF America
alone carries So. 10, 600 more deposits than it
reported the week previous. These in
stances show the character of the past
weeks operations The banks are still re-
ceiving money from the interior. although
domestic exchange fluctuations lead to the
belief that the tide must turn soon. The re-
discounting season so far has not been up
to expectations, although a great deal of
business in that line is being done. At the
end of the crop season of 1895 the reserves
of the banks were below seventeen millions.
1t is hardly possible that this figure will
be reached in 1897. With the export of gold
to Europe and the engagement of specie by
way of Australia for America, our position
with reference to international balances is
pretty we'll outlined. The course of the fall
money market is more bound up in the
status of rates abroad than ever before"
Saturday were 211, 1883 shares, including:
Atchison preferred, S,29S; c.. B: & O., 23,51S;
L9uisyills Nashville 1920 Missouri pa Pa
Northern Pacific preferred, 1880; St. Paul,
1S.725; Southern Railway preferred, 5,797;
6.365; Sugar. 2O.705; Chicago Great Western.
STOCK MARKET STRONG.
The foregone conclusion that the new
tariff question would be settled, and the
cereal and cotton crops continuing promis-
ing, lent the New York stock market fur
Their strength Saturday, except in the final
half hour, when short sales on realzations
of profits diminished the days rise to the
merest fraction, while trivial losses were
suffered by Sugar Lead. Chicago Gas and
the Reading shares. Commission houses
bought literally in the early dealings as
did London, although it was a holiday
there. The movement in the grangers was
slightly mixed. with Rock Island gaining a
fraction. while Burlington and st. Paul re-
manned stationary and Omaha and Moth
west receded slightly. ST. Paul had shown
some temporary strength on having earned
more for the third week in July than ever
except in 1892. On moderate dealings the
Southwesterns showed some Improvement
Missouri Pacific gaining ia. The quota
lions of Chesapeake q Ohio failed to reflect
It's increase III June earnings. The squeez-
ing of the shorts in Tobacco caused a rise
in that stock of point and a half. General
Electric exceptionally fell per cent from
the initial price. but closed with net loss
of a point. Advances of point or more
were scored in the following securities:
Rio Grande & Western preferred 2: Cen
trail Pacific Delaware & Hudson, Denver
q Rio Grande preferred, and Mobile &
Ohio
High-record prices were the rule rather
than the exception for last week under the
stimulus OF the approaching tariff settle
ment ana that rare combination of good
crops at home and shortages abroad. Wheat
1or the week, on the TREMENDOUS exports
about 100000 bushels-had made an ex
IRENE advance OF 4l4c and a net rise of Use
with but three weeks before the crop is
absolutely assured, there being no unfavor-
able advices, stocks naturally continued the
SHuNahce OIL the past two months and dis
prayed irresistible strength and predictions
were not wanting that in 1928 might be
duplicated the boom of 1SS0-S1. A variety of
favorable influences operated to bring about
the ouoyancy in the weeks stock market
chleI among which were the COMPROMISE
agreement on the tariff measure. knowledge
that IL would speedily be enacted and the
RAPID rise In cereals, owing to the heavy
5Ap0rt orders arising from the decreased
Worlu Visible supply. The large engage
menus OF carSoes for Brazil, Austria Peru.
Argentine and other wheat-producing CEN
teiS ulsclosed the needs of foreign coun-
tries Tor our surplus staples and influenced
tremendous trading in the grain market
where the shorts were badly squeezed This
circumstance was reflected in the values of
the granger and Southwestern shares TO a
notable extent on the theory that the farm
ers, being enriched by the improved prices
Tor their products. would expend a portion
secure a lucrative west-bound tonnage as
well as Increased transportation rates on
grain The policy of severe retrenchment
which many lines underwent during the
late period of depression, which forced
some roads into bankruptcy and scaled div
idend disbursements in others would make
probable an economical handling of the
vast tonnage. which would argue Well for
net receipts and provide for more liberal
dividend payments
FACTORS THAT LENT STRENGTH.
Exchanges at the various clearing houses
reflected larger business, commercial
failures are decreasing and resumption of
Industrial animation. together with more
optimistic trade advices generally, stimu-
lated the market. and usually unsettlng
influences We're disregarded such as the
engagement of sl.300,0OO gold for export.
the strength Of foreign exchange. because