The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-20

mercantile paper, sos per cent.
Sterling exchange steady. with
tual business in bankers bills at s4.S51a@
N.o5% for demand. and at s4S41a for sixty
days; posted rates $4S5@48511 and S4.s61A@
4S7; commercial bills. $4S21a@4S3.
Silver certificates, 572ad5S12c; bar silver,
Size; Mexican dollars. 45Ac. AT London bar
silver was steady at 26 11-16d an ounce.
The imports of cry goods and general
merchandise at New York for the week
ending Saturday were $7,423.431. The gold
and silver movement at New York for the
week was: Exports - Gold, $1i7O0; silver,
$S67,O65. Imports-Gold, $25,4l6; silver, s1s7sO.
The New York weekly bank statement
shows the following changes
Surplus reserve increase s.. 437 700
specie, increase Observation-Disclosures. 237 200
Legal tenders, increase ............... $4,000
CtPoSitS, increase ...........,......... o,olo6OJ
Circulation, decrease ...............-... $1,000
The banks now hold $50, 272 800 in excess of
the requirements of the % per cent rule
The New York Financier says: AFTER sew
en- weeks continuous expansion in loans
during which the total increased something
like $S00G0,O00. the statement of the New
York banks shows a decrease of $426,0O0 for
the week ending June Is 1t cannot be said.
however, that the shrinkage was due to gen.
eral causes. On the contrary a detailed
the fact that one bank decreased its loans
nearly $S,000,O00. The other sixty-four in
situations, therefore, must have gained in
the neighborhood of $2,5G0,000 in loans. The
bank reporting the heavy decrease in loans
increased its cash almost in proportion but
the total expansion of 600 in deposits
runs generally through the list and the av-
erage reserve is higher than one week ago.
The total gain in cash was 7.125, 100 and the
reserve stands at $59,272 800, the highest
recorded for over a year. The banks are
gaining largely from the interior. One re-
suit is that legal-tender holdings are in
creasing rapidly, the gain for the week hav-
ing been $3,399,9OO. Undoubtedly a large
part of this money came out of the New
York banks during March and April when
Withdrawals were the rule. The total cash
reserves of the banks were never larger
than at present, although the excess reserve
has several times been higher. In the face
of such showing, it would be only natural
to have the money market fall to even lower
figures than now prevail, but the pending
government loan prevents any decline in
rates. Conservative opinion in fact favors
the belief that rates are going higher and
that the low point has been reached. The
statement may not be favorable from a
banking view point, but in larger sense
ii is source of congratulation that the
hanks were never better prepared to aid
in heating new bonds ana that the nnanciai
operation which heretofore has required in
ternational assistance will be completed
without any disturbance other than posi-
bile temporary fiuctuation and certainly
without aid from abroad. The next few
weeks will bring about some heavy changes
in the showing of the banks, but the fact
disclosed by the current statement forestall
any apprehension over probable results.
The situation to-day has never been equaled
Total sales of stocks were 5000 Shares
including: Atchison preferred, $40; c., b.
cific. 1855 I5G St Paul. . 1875; Union Pacific
preferred. 3.145; Tobacco, 5000; Peoples
Gas 2l,SSo: Sugar. 2l.s42 Rubber, 10000
The outside interest in stocks continued
at a minimum on New York Change Sat
urday and the buying for London account,
which had been feature for several days
past, dropped off. The reactionists perceived
that the only obstacle in their path was
the group of specialties, the strength OF
which exercised a sustaining influence Fri
day. In order to break up this point of
strength the bears made vigorous attack
on Peoples Gas and Sugar The former
was sold down an extreme rs and the
latter rs. Considerable Peoples Gas stock
was dislodged by uncovering on stop loss
orders but the volume of the liquidation
was not heavy. Numerous reports were put
in circulation to account fbr the decline
The market settled down into condition
drifted sluggishly until the close, which was
steady somewhat above the lowest. Net de-
clnes We're mostly fractional There was
selling of the grangers on fears that rain
would damage the crops in the West, not
withstanding the weakness in The wheat
market. The bank statement disclosed hcW
far conditions have been changed by the
collapse in the wheat market, the pending
government bond issue and the consequent
falling off in speculation Compared with a
loan expansion the week before of over 49,
OO1OO0 and the week before that of we'll
up towards $12. 100000 last weeks statement
SHOWS an actual contraction, though
small one, of $426,000. All the increase in
deposits was therefore in the form of cash
from the government disbursements and
from receipts from the interior. The in
creased reserve requirements are therefore
met with margin to spare of So 100 to
add to the surplus AS the rates for money
during the week have shown only slight
hardening tendency, it seems probable that
the demand for subscriptions to the gov
eminent loan have been practically Offset
by the decreased use of money in the spec
ulati
The prospects for the coming wheat crop
have been eagerly watched in Wall street
eraI prosperity. The critical period of the
crop and some reports of deterioration by
rain have helped to discourage speculation
and give bearish tinge to the prevailing
1eellng. The possible effect the money
market OF the subscriptions for the govern
ment loan have occupied a good share of at
tention, but ii seems to be generally agreed
that any effect would be only temporary as
the money would be promptly disbursed
again. apprehension of even temporary
stine.ltng OF rates have been largely allayed
by the weeks events
Bonds SHOW ed a decrease in activity and
lower prices United States new tours reg
zAc; the old fours, 112c, and the fives, &c in
the bid price
The following table prepared by L. w
Louis, room II. Board of Trade shows the
range of quotations:
Open High Low Clos
tnn