The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-25

was steady at l per cent.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.87A for de-
mand and $4S6A for sixty days. posted
rates, 4.S7q4S719 and $4.SSQ4SS12; CONNER
cial bills, $4.S512.
Bar silver Saturday made another low
price record 5914c while Mexican dollars
remained stationary at 46Ac The steady
decline in silver is due to the attitude of
India and China. The weakness of silver
in the Indian bazars does not keep pace
with the decline in London, and the white
metals is continually drawn into India
which is a cause of concern to the people
in England, who realize the difficulty that
ii places in the way of reopenng of the
mints. China refuses to take silver and ex-
change at Shanghai is per cent. below the
silver import point. At London, Saturday.
bar silver closed dull at 2712d per ounce.
The exports of specie from the port of
New for last week amounted to $SOO,5G0 in
gold and 81, 543 in silver. The imports
We're: Gold, $51,S24; silver, ST., 1877; dry goods,
$1,91O1S3; general merchandise. $5.6O7,517.
The New York weekly bank statement
shows the following changes:
Reserve, increase ....................$1 1874 SIS
Loans, increase ........................5 1920 200
specie, increase ACKNOWLEDGEMENTS. 40, 700
Legal tenders, rease............... ,492, 800
Deposits, increase .................... 8 25S 500
circulation, decrease ...............-.. 1O6, 6U0
The banks now hold SAT &c., SIS in excess of
the requirements OF the % per cent. rule.
The New York Financier says this week:
Despite the fact that the customs pay
ments into the treasury for the week just
ended amount to more than 81 900 and
the loans of the banks expanded almost
@oVWOD. the current clearinghouse bank
Cd s4afTt in
amount of money lying idle in this center,
The reserve expansion for the week haV-
an& been %324,6l5. In other words, the
lGL surplus reserve or July "A, $4l ,5I5,
was practically the same as reported April
"a three months ago. In the intervening
period, however, loans have expanded $780,,
Z4i40, or at the rate of about 81, 500 900 per
week. This ordinarily would have resulted
in shrinkage of the reserve percentage
but i'm the same time banks have increased
their cash reserves at least $l0.000000 and
their deposits have expanded SAL, 100000. 1t
Is unnecessary to state that this remark
able advance is unequaled in the history of
the New York banks. This is an evidence of
ne flow of money to this center during
lhe spring and summer, and 1t is UNI
paralleled. The total volume of loans, de-
posts and cash are far above any pre-
VlOuS record of the New York banks The
current expansion in loans is due in great
part to the increased volume of speculation
OF the past week, and the gain in deposits
TALES closely with the loan advance and
the addition of So. 800 in cash Wheth-
er the statement reflects the actual
NC4iNAt iOil vi TIE UdllhS Is uOuDllul. "A closer
analysis shows that thirty-three banks
gained and thirty-two lost in loans the in
crease OF three of the larger banks which
do a heavy collateral loan business ac-
counting for twO-thirds the total expansion.
SO also in deposits, four banks report an
increase of nearly IS 600 600 or over rs per
cent. of the whole The Bank OF America
alone carries SIS. 10000 more deposits than it
reported the week previous. These in
stances show the character of the past
weeks operations The banks are still re-
ceiVing money from the interior, although
domestic exchange fluctuations lead to the
belief that the tide must turn soon The re-
dscounung season so far has not been up
TO expectations although a great deal Of
business in that line is being done. At the
end of the crop season of 1885 the reserves
of the banks were below seventeen millions.
IL is hardly possible that this figure will
be reached in 1897 With the export of gold
10 Europe ana the engagement of specie by
way of Australia for America, our position
pretty well outlined. The course of the fall
money market is more bound up in the
status of rates abroad than ever before
The total sales of stocks at New York
Saturday were 2n, I59 shares including:
Atchison preferred S29S; c, b. q O.. z55l3;
Louisville q Nashville, 1920; Missouri Pa
cihc N257: NJ. X. Il T. preferred, Al;
Northern Pacific preferred, 1880; St. Paul.
l6l25; Southern Railway preferred, 5,797;
Texas * Pacific, 1928; General Electric,
6.f5; Sugar 20755; Chicago Great Western,
STOCK MARKET STRONG.
The foregone conclusion that the new
teiL i4t QutSlloA NOutU bC StLtlSUs ana the
cereal and cotton crops continuing promis-
ms lent the New York stock market fur
Their strength Saturday. except in the final
half hour when short sales on realizations
Of profits diminished the days rise to the
merest fraction, while trivial losses were
suffered by Sugar Lead, Chicago Gas and
the Reading shares. Commission houses
bought literally in the early dealings "a
did London although it was a holiday
there. The movement in the grangers was
slightly mixed. with Rock Island gaining
fraction, while Burlington and St Paul re-
NAMED stationary. and Omaha and North
some temporary strength on having earned
more for the third week in July than ever
except in 1892. On moderate dealings the
SOuthwesterns showed some Improvement
Missouri Pacific gaining ia. The quota
tons Of Chesapeake * Ohio failed TO reflect
It's increase in June earnings. The squetz-
ing of the shorts in Tobacco caused a rise
in that stock of point and half. General
Electric exceptionally fell per cent from
the initial price but closed with net loss
or point. Advances of point or more
RIO Grande & Western preferred 2: Cen
tral Pacific, Delaware q Hudson Denver
q Rio Grande preferred and Mobile e
Ohio
High-record prices were the rule rather
Lhan the exception for last week under the
stimulus Of the approaching tariff settle
ment and that rare combination Of good
crops at homie and shortages abroad. Wheat
a4I the week, on the tremendous exports