The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-16
SILVER'S LOW RECORD
DROP AT KEW 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



for demand and at A.S59sa4S 512 for sixty
days; posted rates, S4AQ4s5 and $4.S612Q
$ASf; commercial bills $4.S21s
Silver certificates. 55c Bar silver estab-
hshed a new low-price record Saturday.
selling at 251ad in London a fall of 14d
from Fridays price and lsd below the pre-
Vious low record. In New York bar sill
Yer was quoted ut 55c, against 55&4c on
+llday and against 5512c, the previous low
record Mexican dollars sold at 42c, against
421zc Friday.
The exports of specie from the ports of
New York for the week amounted to $9l7-
S4S in silver. The imports were: Gold, $345-
OS4 silver, 53l02; dry goods, $1l63, 473; gen
eral merchandise, $5,4572H.
The New York weekly bank statement
SHOWS the following changes:
reserve, decrease Observation-Disclosures. 81 Ilg 400
$500 ~ Gleetse ''.'s''.'......... o6OS, 4O0
Leg2t tenders, decrease ........... 1512 400.
OepoSits, increase ................... 4,3o7 500
circulation, decrease ................ 1888 20
lne banks now hold S39, 3S2 1875 in excess
OF the requirements of the 25-per-cent rule
Inc New York Financier says: THE
Dank statement for the week ending Aug
a lenects more accurately than usual the
revival in business The item of loans
SHOWS a continued expansion, the total now
Delng 9oo0, 900, or $33,000,000 higher than
any record made previous to this wear In
the past month loans have Increased no
&SSS IMAM @zl,OUOO0O and in sixty DAVIS he
90 Expansion mas been approximately SAP, 00O,-
wv. For the past week no less than thirtv-
nine OF the sfxty-hve clearing house banks
sWelled their loan totals the National civ
and Hanover National leading with a com
Dlned increase of SO, 35S, co. AS there are
no special causes to account for the fuctI,
atlohs IN loans other than reviving stock
exchange business, mercantile demands
ana inquiry for rediscounts, the healthy ma
lure Oh the business which the New York
banks are doing becomes apparent Tba
nt,Siior movement is almost at a standstin
ana az Ms great deal of money is flowing out
u New YORK IN response to legitimate
needs in the South and West Some of This
money IS going direct but banks in interior
reserve cities are supplying smaller CORE
spohdents with funds and will draw on
thelr New York balances later on In fact
some of them are doing SO now II bos
peen a foregona conclusion that the de-
mand FOR money would cause a rise in
saIes ana quotations may be expected to
ing at present
ehr hXen - $3S 600 600 surplus reserve must
shrink rapidly in the face of heavy local
borrowing and losses to the interior on
the otner hand there is no longer any doubt
Inat gold importations will begin .oonN
perhaps before the end of this month This
VII, OF course, constitute an extra sIlDpIv
81 FUNDS and may supply some of the losses
that otherwise might occur. Foreign bank
eTS 40 not attempt to estimate the total of
places it at $50 900 900 and over TIL 0pllrl nia
VIII Dot be drawn out this year as last for
hoardinE but will so largely into the freas-
ury n is noticeable in this connection
81, 100000 less sold than legal tenders Tbe
present total. $92 6l23o0. is $45, 749 800 larger
IMAM man. reported Just one year ago, With an
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, $3.50; Atchison
preferred, 141A; Chesapeake & Ohio, 326s.
chicago; 81 burlington q Quincy, 1896 Den
Central 3,410; Louisville & Nashville $3.50:
New York Central. S,2l1; Northern Pacific
island 56O4 St Paul q, zoo soafhern RaiIe
way preferred, 6,1S0; Texas & Pacific, 1850:
Union Pacific. $685.; American Tobacco Fl
100; Chicago Gas, 3,146; Sugar. 20 800: Sugar
preferred 3,179; Western Union $500 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 strong fresh
buying impulse invited by the lower level
of prices, This new impulse soon turned
the tiGe OF prices to an upward course, once
more Wiping out the sharp early losses and
establishing net gains for the whole list
Inc early decline extended to from IL TO 2
points III many prominent stocks, and the
subSequent rise established net gains of !
TO points in many stocks. The grangers
were formost in activity and in the width
OF the variations in prices, and there was
their movements and the early weakness
IN wheat and the subsequent rallv in that
market A further decline of "a in the posted
rate Tor long sterling exchange to 81 "a was
strengthening influence as was the
favorable weekly bank statement The ex-
cess In the increase in loans over the in
crease in deposits and a CONSIGNMENT de-
crease in the surplus reserve of 81 IIg 400 is
an encouraging indication of the increaSins 20
demand for money and expansion OF bust
ness. Although loans are at this time of
unprecedented volume. the same is true of
and a decrease in the surplus is looked for,
ward TO in the money market to establish
q better tone there 1t can correctly be said
that the lower range of prices in London
Saturday morning had an influence in de-
pressing early prices at New York, but it
was tact 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 Friday The industrial stocks again
took quite prominent place in the trad
ing. Sugar advanced fully 1la after an
IA, rallied Pa. The early decline was near
~ point in the grangers and Northern
Louisville & Nashville, New York Central
and Southern preferred. All of these de-
clines were more than recovered. sharp net
gains being established which extended TO
point or over in Burlington, Sugar. Lack
swanna CD, Denver Rio Grande pre-
ferred Laclece Gas preferred Lake Shore
90, Manhattan and Wheeling & Lake Erie
The week in Wall street has been marked
Stock Exchange where the total sales of
all stocks on two separate days exceeded
that of any previous day of the present
movement. The record for a days trading
In bonds was also placed at q new high
point. Sales of stocks for the week reached
total of $500, Az shares and the par value
OF the bonds dealt In WAS 500 S45 600. The
course OF prices was not so steadily upward
as last week, two sharp reactions occur
ring. one beginning Monday afternoon and
continuing through part of Tuesday and
the second showing it's effects late on
Thursday and continuing through the early
part of Saturdays trading. The second re-
action developed after the outbreak on
Thursday of a speculative movement i'm a
lot of obscure and low-priced stocks some
OF them VIGOROUSLY without any equity
whatever in any property. The grade of
intelligence which being applied to
speculation was indicated by wider diff
fused argument for selling on Friday be-
cause il Friday. and at the same time
the 18th Of the month. An incident of Fri
borrowed stock, on which sufficient interest
was being paid to AFFORD margin TO the
holders. This shook out quite a large
amount of weakly margined stock and aided
the decline. Another interesting develop
ment OF the week was the fact that for
eign investors are really buying largely OF
American securities at the same time as
foreign holders have been selling largely
The selling has been in the New York mar
ket, as has been obvious from the opera
tons OF arbtrage brokers. There is also re-
ported to have been some buying in New
York for foreign account by houses that
are not regular arbtrage brokers. But il
has been evident also that there was an
den nd for Anne