The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-15
SILVER'S LOW RECORD
DROP AT NEW YORK SATURDAY
CUTS MEXICAN DOLLARS TO 42C.
Stocks Quickly Revive in Spite of Eff
forts of Londoners to Run Them
DOwn-LOcaI Business Booming.

At New York Saturday money on call
was nominaly lM1h per cent.
Prime mercantile paper, 312d4h per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S31aa4. S394
for demand and at &.S59sQ4S51a for sixty
days posted rates, $4S4q4S5 and $4.S61Aa
&S7; commercial bills, $4.S212.
Silver certificates, soc. Bar silver estab
hshed new low-price record Saturday.
selling at 25l9d in London, a fall of I'd
from Fridays price and 1sd below the pre-
Vious low record. In New York bar sill
Yer was quoted at soc, against 55s4c on
friday and against 55l2c, the previous low
record. Mexican dollars sold at 42c. against
4212c Friday.
the exports of specie from the ports of
New York for the week amounted to Sql7 :
S49 IN silver The imports were: Gold. SSi5.-
O34 silver, 53,1O2; dry goods, 81, 1863, 473; gen
eral merchandise, $5,457277.
The New York weekly bank statement
shows the following changes:
reserve decrease OBSERVATION-DISCLOSURES. So l19 400
opecle, increase Northumberland. 4S9 An
Legal tenders. decrease ........,.... 1,5I2 500
deposits increase ............ ~. 35T G00
~iCul"tloh, decrease .....,,......... 1883 2JU
The banks now hold $S9, 49,. 725 in excess
of the requirements of the 25-per-cent. rnje
Inc New York Financier says: the
cahk statement for the week ending Auo
"a Ienects more accurately than usual the
revival In business. The item of loans
ben 5 17d dna expansion the total
pslns %ooo, sO0, or $33, 900 higher than
any record made previous to this wear In
the past month loans have increased no
less than $2l 100000 and in sixty davs the
expansion has been approximately $40 600 =
OO For the past week no less than thirt v
nine OF the siXty-five clearing house hanks
al h.
and Hanover National leading with a com
Dlned increase of $3,35S, 800. AS there are
no special causes to account for the nuct,,o
exchange business, mercantile demsnde
h nu inquiry Tor rediscounts. the healthy ma
sure OF the business which the New York
banks are doing becomes apparent Tbn
interior movement Is almost at a tandstii
anu - great deal of money is flowing out
needs In the South and West some Of This
money - going direct but banks in interior
reserve Slues are supplying smaller core
spondents with funds and will draw on
thelr New York balances later on In fact
SSonle ol them are doing so now. It has
Deen loregone conclusion that the de-
mand for money would cause a rise in
rates and quotations may be expected r.
ne gVn u, a rr sdgnty higher level than obtain
Even $SS,OOoOOO surplus reserve mus,
Sn u,aln raplely IN the face OF heavy local
~ iuWlus ana losses to the interior ON
The other hand there is no longer anv 6on6t
lnaL Bold importationS will begin ,oonsN
RS.uhtS pcioTS the end of this month Tbie
VII ot course, constitute an extra sunplv
OF FUNDS and may supply some of the losses
Inat otnerwise might occur Foreign bank
efs 40 not attempt to estimate the totaI If
this falls imports, but private oninion
places 1t at $50,000,000 and over The gold
l WI 9ot DE drawn out this year, as last. for
noaEolhE, put viii go largely into the reas-
ury. 1t is noticeable in this connection
that the banks of New York city hold only
present total 1872 6l2 300 is Si5 74q zoo iarslS
shan reported just one year ago With IN
active market this fall and winter, gold
may be forced into circulation. both from
the treasury and from the banks"
Aggregate sales of stocks were 272 4s0
shares, including: Atchison, 1880: Atchison
Chicago, Burlington & Quincy 10 e46, IIen
yer u Rio Grande preferred. II 52I; Illinois
Central S4lo; Louisville & Nashville $50
New York Central 32ll; Northern Pacific
preferred. Is 500: Reading 32o5. RocL
Island, 5,6o4 St. Paul p, 700; Southern Rail
way preferred, 6,lS0; Texas & Pacific 4350.
Union Pacific. $685.: American Tobacco. II .
10o Chicago Gas S146; Sugar 20 500; Sugar
preferred. S,lI9; Western Union, 622O; Chi
cago Great Western, 9,025
STRENGTH IN STOCKS.
There was another striking Illustration
on New York Change Saturday of the in
herent strength of the market for stocks
heavy offerings to realize at the opening
being readily absorbed and a strong fresh
buying impulse invited by the lower level
OF prices. This new impulse soon turned
the tide of prices to an upward course once
more wiping out the sharp early losses and
establishing net gains for the whole list
The early decline extended TO from n IN .
points IN many prominent stocks and tba
SUBSEQUENT rise established net gains of
10 points IN many stocks. The pranTere
were Iofmost In activity and in the width
or the variations in prices and there wa =
IFooaoly an intimate connection between
thelf movements and the early ueai,rn
IN wheat and the subsequent rally in that
nlarkSt. a Iurther decline of y in the posted
rate Tor long sterling exchange TO 81 "A u,a .
strengthening influence as w,as tb
1aNora bic weekly bank statement trha ~
cess IN the increase in loans over the in
crease IN deposits and conseouent a.
crease In the surplus reserve of - ia 1O0 h.
an encouraging indication of the incre, .,
demand for money and expansion Of bust.
ness. AltnouSh io',ns are at this time of
unprecedented volume, tho same is true ~
the deposits and the total reserve held
and a decrease in the surplus is looked for
ward 10 IN the money market To establish
better tone there IL can correctly be sa Id
that the lower range of prices in condoD
Saturday morning had an Influence In de-
pressing early prices al New York but il
was fact that good deal of the selling
IN London was on orders from this side
and probably designed for manipulative
effect in continuing the New York decline
of Frid6y. The industrial stocks again
took quite a prominent place in the trad
Ing, Sugar advanced fully u after AN
early decline and Tobacco. after loss of
"a rallied 2ih. The early decline was rear
~ point IN the grangers and Northern
Pacific preferred. and exceeded q point M
Louisville Il Nashville. New York Central
and Southern preferred, All OF these de-
clines were more than recovered, sharp net
gains being established which extended 10
point or over in Burlington Sugar Lack
awanna 90, Denver a. Rio Grande pre-
Eerred Laclede Gas preferred, Lake Shore