The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-20
NEW YORK'S BANK STORY
IT SHOWS LEGITIMATE EXPANSION
FIRST TINE IN A MONTH.
Firm Undertone to stocks in Antici-
cal Markets satisfactory.
At New York, Saturday, money on call

Sterling exchange was firm, with actual
business in bankers bills at $4S7Ad4S 71a
for demand, and at S4.S6a4.S614 for sixty
days; posted rates, S4S6lka4Si and 1850
4.SS1a commercial bills $4.S5A
Silver certificates, 60A@6012c; bar silver,
604c; Mexican dollars, 479sc At London
bar silver closed quiet, at 275sd per ounce.
The exports of specie from the port of
New York for the week amounted to 1858, 800
in gold and $772,2 92 in silver The imports
for the week were: Gold, SOS, 454; silver,
S1S751; dry goods, SO. 1888, 1O2; general mer-
Chandise. 81, 235 23S.
The New York weekly bank statement
shows the following changes:
Reserve increase ............... $685. ATS
Si Cs'sC 70 !y0
Legal tenders, increase. l. 6l 500
Circulation, decrease .................. 25S 800
The banks now hold $4S, 800 $50 in excess of
the requirements of the % per cent. rule.
The New York Financier says: "For the
first time in nearly a month the statement
of associated banks of New York city
shows a legitimate expansion in the differ
ent totals. Aside from the fact that one
bank out of SiXty-SIX seems to have 80
per cent of all the loan increase, the fig
ures indicate general distribution OF IN
creased business among the various banks.
The loans of the banks for the week just
ended are $4,S22 100 heavier than reported
June II, and the total of $5lS, 900, 800 Is the
largest in the history of the clearing house,
with the exception of Sept. IA, 1885, when
loans reached S522 COO 600 in the last month
the increase has been about 0GJ. At
no time however, with loans approximate
ing this figure, has the reserve been any,
thing like that now reported TOTAL depos-
It's of the banks are now in excess of So92.-
OOQ0C0 a sum that has not been eQualed
since November, 1894. The deposits OF the
banks are S4,OJ0,UO0 in excess OF the loans,
which, While very high figure, does not
equal the record made in the fall of 1884;
when deposits exceeded loans by nearly
$l0O.OJO,O0U The large expansion in loans
reported last week Is to be attributed, of
course, to the speculation in the stock
market, but the demand for commercial pa
per is heavier and redScountIng has set
in from the South and Southwest. There
is no sign of a cessation of the interior
movement towards this center, and bankers
do not look for anything like firmer
market for some time to come. The crop
movement will require some OF the sur
plus money now lying in the New York
banks-how much it is difficult to esu-
mate-but taking the 1885 movement as
normal it is interesting to note that be-
tween June 10 and Sept. ii, last year, the
expansion in loans was no less than $lo,O00,-
0.0 A similar increase this year, 1t is UNI
necessary to say would make the loan OF
New York banks by far the largest ever
known. AS the prospects are much better
than at that time, it would not be surprls-
Total sales of stocks were S9,135 shares
including the following: American sugar,
25,405; Burlington, $500; Chicago Gas, 1900
Northern PACING preferred, 400; St. Paul.
1900; Union Pacific, 400; Western Union,
4,90).
Saturdays stock market again reflected
the constant watchfulness of the large pro-
fessional traders for reaction, the Day
proht-taking being on very large scale
The net changes were very small, owing
10 the early buying movement, which car
ried prices of most stocks quite sharply
above Friday nights close. But the re-
action brought about by the reallzlng
movement and by sympathy with the
Friday nights close. The trading was
0uu and showed very marked dlmlnutlon
in me range OF acttlfSS 10 WASHINGTON
orders supposed to be based on informal
ton of the sugar schedule of the tarlH bill
being in danger in the conference sIdSe
Chicago Gas showed a sharp fractional de-
cline from the best price, AIDING TO Ihe
heavy tone of the market Northern "a "a
cifiC preferred and Union Paclnc were the
most largely dealt in of the railroad sndreS
and each sagged a point at the lowest win
only feeble frally. The selling OF the
stocks was attributed to torelgn or4ers 70
realize, the recent foreign buying having
been quite heavy. The Goulds were
weak spot in the market ana showe eSi5 d
wide recession but Western Union rallied
On the other hand. Lake Erie d western
preferred and Minnesota Iron registered an
advance of points EACH and Edison Elec-
trio, of Brooklyn, IA sugar e M i3l.
was 1ss and the net loss rs me CLOSING
was firm and closing prices, as RUE, We're
above the lowest, but net losses We're gen
eral throughout the llst
STOCKS DURING THE WEEK.
The feature of the week has been the
firm resistance of the market to the efforts
at reaction of professional operators. ON
Tuesday and Wednesday there was con-
tinued heavy selling to realize, some of the
largest operators on the floor being credited
with a complete turn in their holdings
These traders based their action on the
theory that reaction was overdue in the
market because the advance had been so
steady and so long continued, for month
practically without a break. The manipula-
tors for a decline had no ground IN the
general condition to offer as an argument,
the general condition continuing mucn as
1t had been ever since the advance hau pc
gun. Their effort to break the market
proved a signal failure, and all joined the
long side on Thursday. The change IN the
general level of the market IS indicated Dy
the comparison OF prices of some active
shares at the close on Saturday May ~
and YESTERDAY Advances are: New Jersey
Central 1879; Sugar 1924 dividend on);
Consolidated Gas, Chicago Gas and Bur
nngton. a fraction over points each; Rock
island and Tennessee Coal, over points.
Northwest Delaware 81 Hudson, Missouri
Pacific and Western Union points or over
and ST. Paul louisville, Leather pre-
erred and Northern Pacific preferred over
Tour points each The number of stocks
showing lesser gains increases, but with q
lew exceptions all prices are higher Rali-