The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-22


The banks now hold $39. 1853 $50 in excess
of the requirements of the % per cent. rule
The exports of specie from the port of New
y ork during the week amounted to 81. O04, 725
III silver. There was no gold exported. The
imports of gold for the week were $42O sos,
ana the imports of silver $43,726 dry goods
SlOOo,O4S; general merchandise, s42575s4.
The New York Financier says: THE
weekly bank statement was not regarded
as entirely favorable from a superficial
standpoint and seemed to discredit the
temporary rise in loan quotations which
was reported for a few days recently The
sudden check in this advance during the lat
yer part or last week, Judging from the bank
returns, was well founded There are rea-
sons Tor believing however that the state
ment does not exactly reflect the condi-
lions of the banks. 1t is a fact that the
meet the heavy demand for money for croD
purposes at the present time. No doubt
IN New York, and this may have Temporal
rlly disturbed the averages from which the
weekly statement is made up.
more probable theory is that the hanks
nave increased their cash in order to be
IN 2 position to meet all claims upon them,
and IT would not be surprising If next week
revealed quite a diminution in reserves.
me interior movement is already well I'M
dter way, put the demand has not been up
10 expectations. The interior banks SEEM
70 pc lairly well supplied with cash and
mere is prevailing disposition among
liners 10 nOlQ back grain rising
market IN order TO take advantage of the
highest price obtainable. There seems to
De no question that the loans of the banks
VIII snow continuous expansion in the
lace OIL prevailing conditions, but deposits
ought TO show falling off soon Never in
been an accumulation of deposits i'm this
center such as reported now and never if
should, be also said have the banks been
marked this season."
LIGHT SATURDAY BUSINESS.
Aggregate sales of stock Saturday were
l5I625 shares, including: Atchison preferred
4OIS; Chicago. Burlington & Quincy. 1850.
Louisville q Nashville. 1912; Northern Pa
cific preferred. $3.50; Reading. 11.13O. Rock
Island, 4,76S; st. Paul Is, no; Union Pacific
6,17; Bay State Gas. 4.02O; Sugar, 4.731:
Tennessee Coal and Iron, $3.50; United
Stases Leather $3.50; United States Leather
preferred. 1880; Chicago Great Western
Inc dominant tendency of Saturdav,s
New ork stock market was still distinctly
leactlonary, Notwithstanding the facr that
Inc days trading resulted in a fractionaII,r
nlgher average OF prices. There was a large
Ialhng on In the volume of trading. and
me rally which brought prices up at the
SIose was on comparatively light purchases
Dy the short interest TO cover over SUNDAY
Ihere was no evidence of any reawakenino
OF the large speculative interest which has
carried the market for many weeks For
the nrst time in considerably over month
amount
as great as twenty thousand shares ST
Laul leading the list with sales of IL 600
sndrg b. ,, burnngton Leather preferred
safes OF which reached ten thousand shares
me total sales for the day were consid
erahy less than half the total of Sa rirU1,,
week ago. These conditions left the mar
Ket TO large extent in the hands of pro
tessIonat traders, whose main object was
10 manipulate prices to their own ends The
crop prospect was the principal weanon of
we pears as IT has been all week. and in
ose Son9li noh presented of the withdrawal
u the puIls Tor the time being from the
market, they We're able to achieve shern
oecilhes In number of the active stocks
the grangers and the internationaIs heinz
prominent examples. In none of these eve
cept New Jersey Central and Rubber ala
tns iall reach a point and the subseouent
rally on covering more than wiped out The
declines. Only in two or three instances did
the net gam reach as high as point, SIs-
preferred (2bD and Colorado Fuel showin~
the exceptional gains. Leather preferred
was conspicuously strong all day Sugar
was active and gained Ia over the low
point The rally extended to 1ss in Burling.
ton, Us in st. Paul. Louisville & Nashville
and Reading first preferred and point in
Tobacco and New Jersey Central. -
me reaction in the stock market which
set in late on Monday continued practically
without abatement all the week Monday
morning looked like continuation of The
eager buying and continued rise of prices
which had been the characteristic Of the
market during the previous week. But it
was only the working off of the orders
which had accumulated in the hands of
the commission houses over Sunday When
these had been disposed of the market he
gan to fall and each succeeding day. with
one exception, saw an average net decline
In the level of the market The nominal
motive for the decline was the alleged dam
age 10 the corn crop and the Disappointing
yield developed by the threshing of the
spring wheat eroD In the Northwest There
are other conditions in the market which
may account for the decline Some of the
largest interests have realized enormous
plohts on the cong sustained advance anu
sold out on the belief that reaction was
normally due in prices. even with ali cen
dttons remaining favorable TO values This
element was willing TO see a reaction I'm