The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-28
INCREASE IN DEPOSITS
NEW YORK BANKS ALSO SHOW EN-
ORM0US LOAN STATEMENT.
Firm Prices for Stocks and Bonds
ana no Reaction in PrOspect-LocaI
Markets Improving Daily.
At New York. Saturday, money on call

days: posted rates, S4S7d4. 8i1a and s4.SS1b:
commercial bills, $4S5A.
Silver certificates, 6)1sQ601ac; bar silver.
6O1sc Mexican dollars, 473sc AT London
bar silver closed quiet, at II 9-l6d per
ounce
The exports of specie from the port of
New York for the week amounted to 81, SS2-
O'9 IN gold and s1,O258lS in silver The i'm
ports We're: Gold, $73,999 silver. ST.. 49S; dry
goods, $3,076,524; general merchanlise.
S671S,465.
The New York weekly bank statement
shows the following changes:
Reserve, increase. .... se4o ON
Loans, increase. ACKNOWLEDGEMENTS q 126 S01
Legal tender 800 coo
Cip'i increase. ACKNOWLEDGEMENT. 566 400
Circulation, crease............... III 500
The banks now hold $49.2l9,15O in excess
Oh the requirements of the % per cent.
rule
me New York Financier says Of the
week: The statement of the associated
banks OF New York city for the week end
ing June 70 is favorable. in as far as the
expansion In loans is concerned but desnite
the drain of cash TO Europe and the en-
pIoyIhent OF FUNDS in other directions idle
money IS st1lI accommodating in New York
me total surplus cash is now close TO S50
GOO,VOO an increase of about 81 900 G0O in the
last month. Within the same time loans
Is an extraordinary movement That there
Is some rel eff in store for this congesfed
CCoHdluon the statement clearly indicates
VI the increase of So, 130, 500 in loans renort
fortytwo of tie sixty-six banks nh ies and 'h Ge
post post increases were evenly distributed.
Two or the banks the Western National
ana the Fourth National, appear to have
Deen responsible for one-half the increase
IN toahs, but the remainder has gone uni
formly to swell the totals of other hanks
An encouraging feature of the situation
not shown in the statement is the fact that
the banks are doing largely increased
business in commercial paper a canvass Of
some OF the institutions showing that the
greater part of their new loans were of tbjS
character Redscounts are also renortad
by many in larger volume and preparations
are being made for heavy demand in an
uclpatlon or the excellent crops. Nothing
but unfavorable weather has DELAYED This
up 10 the present. AS was pointed out in this
a record-breaking feature and bid fair he
lore rail- to exceed anything ever known i'm
the history of the clearing house The
money now flowing to New York is said 70
be from the larger banking cenIers ratber
than from smaller places. The other items
or the statement are in keeping with the in
totals seem smaller than other changes cali
Tor The withdrawal of legal tenders for
gold export purpose the latter part of the
week area OF shown in the statement
Iotal SAFES of stocks We're 1879 634 shares
including American Tobacco. II 800; Bur
hngton. 1850; American Sugar r. 600; Chi
cago Gas. $500; Louisville & Nashville
5000; Northwestern. 4.500 Rock Island. Ia.
Soo' 81. Paul, 253oO; Western Union, 400.
SATURDAYS MOVEMENT.
Saturdays New York stock marlkat
showed a 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 bUsily at work on this basis and
sought strenuously TO bring about the re-
i iCtlon mnIGn' they conndently maintain is
Iong overdue IN the market and must come
ultimately. The st. Paul statement for
May showing an increase in gross earnings
or $1Ol, n9 and net of $11S496 was the first
influence to stem the downward course of
prices. The low point of the morning was
a slight fraction below Friday NIGHTS cIose
III many stocks. The rally was characters
lied by great animation and by heavy deal
ings, the prominent stocks changing hands
in large blocks. Burlington was the lead
er of the market in point of activity and
was carried UP to ia from the low point
and held there until the close. Rock ISL
and which came next in amount of activ-
ity. was even stronger, and showed an adj
vance of rs from the low point on the re-
ports that the directors were decided on
Northwest on the ether hand showed a
notable hating in its advancing tendency
as compared with otoerS of the granger
group. 1t was at no time more than a
point above Friday nights close, and in the
final dealings reacted by rapid falls to III
only 4 above. st. Paul gained 1ss on its
statement of earnings. but the early decline
left It's net gain only q per cent. Tobac-
co was very active. and showed marked
strength, advancing 21s, with net gain of
2; but whatever news there was regarding
the value of the stock remained the prop
o OcCuDied
place in the list in point of activity, but
was strong throughout, although under
some apparent restraint. Selling for ac-
count of large inside interest is various
ly attributed to purpose TO keep the price
tendency of the tarif bill and a desire to
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
through the list as in some previous weeks.
The market as whole has firmly resisted
est strain coming on Friday with the news
that the weeks gold shipments had run
up to a figure exceeding any week since the
first of the present movement. The present
high level of prices is generally recognized
as discounting commercial and industrial
improvements which are yet to be real
lied. But the firmness with which the high
prices are held is a measure of the conf
dence of security holders that future condi-
lions will improve to warrant higher prices.
The advance is spoken of as steady, which
is true of the average price, but the whole
market has not moved uniformly, The
average net change was small, but almost
invariably IN the side of advance. Many
professional operators are confident that
the level of the market has advanced too
far to be warranted by present conditions.
They are at work constantly to effect
reaction, but their utmost efforts have
hitherto been unsuccessful except in a
trivial degree. The idea of the bear traders
is that if they were able to work a reac-
ton of imposing proportions by manipu-
lation they would catch an enormous num-
Der of stop orders and perhaps even a large
amount of long stock, tempted by the very
considerable advance of the last few weeks
after the long and weary wait TO take
profit But such q manipulative reaction.
unless justified by less promise OF pros
porous development, could only be tenn
porary. It is customary 10 attribute the
present advance to the impetus given by
the reporting of the tariff bin 10 the SEN
ate and the showing Of working majority
IN its favor in the Senate; TO Secretary
Cages speech at Cincinnati, intimatfng the
preparation of an administration plan of
currency reform and the Supreme Court
decision denying the right OF the Inter-
state-commerce Commission to fix railroad
rates. These events, coming nearly to-
gether fix d convenient epoch from which
70 date the advance
AFFECTED BY INFRINGEMENT.
There has been a long period of severe
retrenchment and closest economy in rail-
roads and in every other line of business.