The Indianapolis journal., 1898-07-11

The imports of dry goods and merchandise
at New York for the week were $6.44O.S74.
Exports of silver for the week aggregated
$4,000 in silver bars and coin. The i'm
ports of specie fo9 the week were $11, ,631 in
gold and $16,S93 in silver.
The weekly bank statement shows the fol-
lowing changes:
Surplus reserve, decrease. ........... S66S $50
Loans increase ...................... u 69l, 500
Specie, decrease ..................... 5,57l 800
Legal tenders, decrease ............. 109S, 400
deposits increase .................. 1922, 4VO
Circulation, decrease ................ 9,400
The banks now held $50 345, 300 in excess of
the requirements of the % per cent. rule.
The New York Financier says: "A not
able decrease in surplus reserves is the
feature of the statement of the New York
banks for the week ending July 9. Opera
tions with the treasury pending the award
of the new loan and the settlement of July
dividends, are responsible, in large part,
for the heavy changes in the various items.
The increase of S12691, 500 in loans can be
traced directly to several institutions which
are carrying government money-in fact.
the expansion reported by the National City.
the Hanover National and the Chase Ma
tonal equals the total gain reported for all
the institutions. The fact that the increase
is thus limited to a few banks precludes the
fiuenced the heavy loan growth, although
one Of the banks responsible for these
changes has actually lost in cash the full
amount of it's loans. the sum being within
one and a half million of the total loss of
Sc 800 in cash reported by all the banks.
The deposits of the same bank have also
fallen, so that the loans in it's case seem
TO have been made in cash and Withdrawn
from bank. Incidents like this tend to con-
analVSiS.
trend of the statement is about as expected.
The heavy collections of checks given for
small subscriptions are causing loss TO the
banks in the treasury operations. On the
other hand, the treasury is making unusu-
ally heavy payments war account, but
its receipts for the reason named are in ex-
cess of disbursements. The ERECT is TO re-
duce the surplus of the local banks and
that is what the statement shows The loss
has been greater than expected. for the
banks have gained through the interior
movement. The flow of cash to New York.
mestic exchange has declined sharply at IN
terror centers. The situation can only be
described as favorable. The surplus re-
serves of the banks are still in excess of
fifty-two millions, and while the award of
tie new loan this week will create more or
less confusion, nothing more than tempo
rary disturbance is anticipated The fact
that not much over one-fourth Of the whole
amount has been taken in $500 bonds and
under makes it easy for the treasury to
regulate the period OF payments for larger
Total sales of stocks were 12s1OO shares,
including 4S25 c., B & O., 5,1S0 Illinois Cen
trail 6095 Manhattan, 106S5 Reading pre-
ferred, 35S5 New Jersey Central, 1910 New
York Central, 1886 Rock Island, 1857 ST
Paul, 1892 Union Pacific preferred, 3,S7 To-
bacco 1855 Peoples Gas, 9,760 Sugar.
The bullish sentiment on the New York
Stock Exchange Saturday was unmistaka--
bic and carried prices aggressively upward
during the two hours session, routing the
lhears and defeating rather feeble efforts to
were. skeptical about the character of the
buying of the last two days. regarding it
as a maneuver to attract outside buying to
realize on and they attempted to check the
advancing tendency by renewing Fridays
attack on the coalers. This group OF stocks
proved easy victims on account of the de-
moraiized condition of the anthracite indus
try owing to the increasing competition of
gas as fuel and the extreme cheapness of
IL to 2lk This drive against the coalers
did. In fact, unsettle the market and induced
some profit taking on the two days ad-
vance But the character of the buying at
the decline made it evident that the stocks
absorbed during the last two days had been
taken for something more than a fractional
gain In price The check to the advance
brought only small offerings which were
easily absorbed, and the market was soon
moving upward again under the influence of
derbilts. The buying of New York Central
was most conspicuous, though the move
ment in the price was not as wide as in some
Of the other allied roads, notably Omaha
and Illinois Central, which both rose three
points. Buying elsewhere in the list was
less urgent, though it was good, part of it
evidently being covering of short contracts
put out earlier in the day.
The Atchison adjustment per cent. bonds
were heavily bought and were advanced
over per cent, to 691A, a new high record
price A block of $4,000 was taken at So
another block of $132, 600 at 691k b. sides other
large individual purchases The bank state
ment was regarded as favorable and helped
on the advance. Some effort was necessary
to sustain prices to the close in face of a
one point break in Sugar, but the close gen
orally was firm at top prices, net gains
ranging from fraction TO per cent.
The statement of the New York clearing
house banks demonstrates the subsistence
or fears that the money market would suf-
fer from the taking up of the government
loan, and gives the key to explain this sub
sidence. Less uneasineS is felt over the fall
In the price of wheat, the decline in the
grain movement over railroads to below
the normal at this time of year and the re-
relt that the country Will have surplus
crop and the statistics of the worlds sup
plies indicate that there will be continued
I'll the worlds new crops come forward in
the fall
United States new fours, coupon, have
advanced Ia, the old fours, coupon, q, the
new fours, registered, y, the fives, coupon.
a. and the hves and old fours, registered,
u in the bid price.
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: