The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-14


$3.50; Mexican dollars. 471sc. AT London
bar silver closed steady at 2712d per ounce.
The exports of specie from the port of
New York for the week amounted to $3.50, 044
in gold and $97S, 146 in silver. The imports
were: Gold, $66. Az; silver $l2,S36; dry goods,
$2,954,S27; general merchandise. $7952,5S
The New York weekly bank statement
shows the following changes:
Reserve. Increase ................... 81, 2S0,65
Loans, increase ACKNOWLEDGEMENTS. l,olO,OOO
Specie, decrease acknowledgements. Is, 100
Legal tenders. increase ............ 3,2o1tO0
Deposits, increase ................... $3.50, 100
circulation, decrease ............... 1O,WJ
The banks now hold SAL COL 475 in excess
of the requirements of the % per cent. rule.
The New York Financier says: The
statement of the clearing house banks of
New York city for the week ending June
II, in common with the two Immediately
preceding it, is of a very misleading nature
and is so involved in the technicalities as
to furnish no ground for the assumption
that business is expanding in proportion to
the increases in loans and the other items.
The same causes that led to the changes
exclusively reported in this analysis last
week win hold good again. For example
the increase in the loans of the banks for
the week ending June II was $1,Sl0 Co.,
loans of the National City Bank alone rep
resent an expansion of "a, 101 ,000 and those
OF the Third National, which it has alb
sorbed, decrease of 81, 600, 000 ii is plain
that the remaining banks have actually de-
creased their loans $1,230,00O during the six
plexion on the statement So. also. the
other increases appear to be due to special
causes. According to the statement, the
banks gained in cash So, pa, 500 and in net
deposits So, 1885, 400. The inrcease in the lat
ter item, it will be noted, is not as large
the statement does not give the actual con-
0Ition or the banks. As bearing out this
claim, the operations of two banks seem to
account for the total changes in the items
OF deposits and legal tender increases. OF
the total increase of $3,2S7,6OO in legal ten
ders, the Hanover and Western National
banks are responsible for at least So O6g 900,
ana In the item of deposits they show an
increase of =, $4,000, which is over 20 per
the other clearinghouse banks.
AN ANOMALOUS FEATURE.
This, it is needless to say is an anoma-
lous feature and not easily explained OF
course the boom in the stock market has
some connection with it, but preparations
for payment of the Sugar dividend prob
ably account for the Western Nationals
increase, especially since that bank has for
its president the secretary of the American
Sugar Refining Company The loans of the
New York banks are now larger than thew
have been since Sept 81, 1895, but the banks
have more idle money in vaults than since
Jan 50 last, when the loans were $25 600 900
less than at present"
Total sales of stocks were 11O 751 ;pol,d
ing: American Sugar, q. 300; Burlington $500:
= N9 oct RI Pacific pre- preferred 5000; Reading
New Jersey Central, $500.
sugar asserted its leadership of the mar
ket quite emphatically Saturday and the
tone of the market was almost wholly de-
pendent on developments in it, The obvious
1act that there was selling to take profits
on sugar was the potent influence in caus-
ing realizing sales in other stocks The
consequence Is an average loss for the day
IN the prices . OF stocks There was vigorous
manipulation In Sugar to hold it at the
high level and even to raise that level on
the strength of benefits tc accrue to the
company from the sugar schedule adopted
by the Senate, but those who have been
benefited by the weeks rise in Sugar argued
mat ~ the present pr, price represents the value
that the next influence to be taken account
OF is the conference committee of the
tee will in all likelihood be less fayorable
rather than more favorable to the refined
sugar INDUSTRY than is the Senate schedule,
traders We're inclined to discount a future
fall in the price. There was some short
selling in Sugar in accordance with this
view, in addition to realizing sales which
combined to carry the price down nearly
two points from the highest. The dealings
IN the stock represented fully one-tifth of
the total transactions. The fall in Sugar
carried down prices throughout the list and
few instances. The coal stocks were
quite notably strong in the early dealings
1t IS a noteworthy fact that these stocks
any short interest left after the recent con-
tinuous advance of prices. This fact had
no small part in the strength in stocks
but did not save them from feeling the eff
fects of the late selling movement but not
TO a sufficient extent 10 wipe out the early
gain. The low-priced shares showed great
activity and continuing strength In the
decline, which affected the whole market
Kansas d Texas preferred showed the ex-
IRENE fall among the railways of a point
The grangers We're comparatively inactive
THE WEEK ON CHANGE
The week just closed is the third show
ing continued aggressive strength in the
stock market. The market has been sus-
tanned all week by the aggressive strength
of Sugar, growing out of the agreement of
the caucus of Senate Republicans on a
sugar schedule which is viewed with an
proval by the friends of the sugar COM
pany. This being the case, it was natural
that the whole market should give way to
a degree under the break in Sugar Satur-
day ON reallzlng sales. But the week new
ertheless represents as whole another
step forward in the progress towards a
higher range of values which has been
going on ever since the Senate took UP the
tariff bill and demonstrated that it could
dispose OF II with reasonable promptitude.
This. with the decision of the Supreme
Court against the right of the Interstate
commerce Commission TO fix the railroad
rates. gave the distinct impetus to the
market which has endured ever since. A
most striking feature OF the weeks market
has been the comparative inactivity yet
firmness of the granger stocks, which
strongly led the early Improvement. They
have halted during the past week. while
other groups in the market were taken in
hand and brought up to their level. Pro-
fessional traders have wrought this result
largely by selling of the grangers TO take
profits and putting the proceeds into other
stocks preparatory 10 bun movement In
them.
The net changes in the grangers have
been trivial, part showing gains and part
losses. The declaration of the usual quar-
terly dividend on Western Union of IA
per cent. solved a long-standing doubt in
Wall street and this, together with the
favorable quarterly statement of the COM
pany and the increased earnings of Man
- haitian served to take these favorites of
the bears out of their hands and then drive
them TO cover Western Unions statement
has also been made much of as indicating
the Improvement in general business con-
ditiong 70 which the telegraph business is
ALWAYS regarded as an accurate index. The
recent growth of the telephone business in
connection for short distance business
makes Western Unions statement all the
more significant in this particular. The
marked strength of the stocks of iron COM
panfes has been another indication of inn
proving trade conditions and is attributable
10 the rise in the price Of iron. The fact
that the largely increased volume OF bust
ness In the iron industry which followed the
break in the various pools Is being sue
ceeded by improving prices Is taken as
an encouraging sign The large volume of
dealings In many lines OF trade now Is adj