The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-26
STOCK TRADE SLUGGISH
MANIPULATION FAILED TO BRING
ABOUT RECOVERY IN PRICES.
Financiers Pleased with the Popular
Loan Scheme-Heavy Bank Re-
serves-LOcal Markets.


was steady at 1@11z per cent; last loan. ~
Prime mercantile paper. 3G4 per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4.S515 for de-
mand and at $4S4@4S4A for sixty days;
posted rates, $4S5G4S51k and $4S6@4.S7; COM
mercial bills. $4S3
Silver certificates, $4,000; bar silver 5914c;
Mexican dollars, 45azc. At London bar silver
closed at q SLED an ounce
Imports of dry goods and general mer-
chandse for the week ending Saturday were
S.26S,017. The gold and silver movement at
New York for the week was: Exports of
gold, $3S,115 silver. 1852 276; imports of gold,
s17,729; silver, $14314O.
At New York the weekly bank statement
shows the following changes:
Surplus reserve, increase. So 93S 04O
Loans, increase. .............,... pos 2CO
4esal tenders, increase 3,S74,900
Deposits, increase ................... 6,71 400
Circulation. decrease. .............. 10000
The banks now hold $62, 9O6 507 in excess of
the requirements of the 25 per cent. rule.
The New York Financier says: with
surplus reserve exceeding $62. 200 900, and
with deposits increasing three times as rap
idly as loans. it cannot be said that the
New York money market is in position to
looked for after definite arrangements had
been made for the new government loan.
The banks, according to their statements
Saturday. gained $4,576.3OO in cash, while
their loans expanded only 81, 1852, 800. The in
crease in deposits of $6,571, AGO. in view of
these two changes, is about normal AS
payments of small subscriptions of bonds
are consummat ted, the domestic exchange
situation may be expected to show material
advances. Banks at important middle and
Western centers in their correspondence al
ready report that the loan subscriptions
seem to be creating scarcity of New York
exchange. and rates are going higher in
consequence.
The policy of the treasury in collecting as
fast as possible remittances for cash sub
scriptions is reflected in smaller debt or
New York clearing banks, but the amounts
gathered into the treasury are not yet large
enough to offset extraordinary payments
banks are gaining, not only from the IN
terror movement, but from the treasury as
well. This accounts, in a large part, Tor
the continued accumulation of idle capital
at this center. 1t is not probable, however,
that this will continue much longer. AS the
date for closing the loan approaches the
banks are bound to lose appreciable pro-
portion of their excess reserve. but indlca-
tons point to merely oem 1p tb ;fnation
The July dividend payments, aggregatlng
between eighty and one hundred mllllons IN
this city, doubtless have caused some or the
changes for the week, but these VIII De re-
hected to a greater extent during the next
ten days The low rates prevalin 1{i, IA h tle
money market are tempting mercantile Dor
rowers to supply their needs and a great
deal of expansion of loans can be traced TO
Total sales of stocks 1s1. 400 shares. nclud-
Ing: Atchison preferred ss6 a Ghiffs0'
cidc 1850; Northern Pacific preferred, 402;
leading 1926; ST Paul, $40; Union Paclnc
preferred. 7S44; American Spirits 4,fsS; To-
sis.
pressing influence at the opening of the
stock market Saturday Prices continued
the first hour The question Of differentials
to the Canadian Pacific was said to sun
block a settlement of the rate war and TINS
contributed TO the, heaviness IN Norlne ERR
Pacific. The specialties on manipulation I'M
proved substantially. Various industrials,
Srts t anG cbeeS0s 6e earlier
easiness in the general railway list ana
ranging traders on the long side. Inc
grangers however, failed to quite reacn Fri
day nights closing The general list closed
firm. in anticipation of a SuccesStui terInl-
Sati2n of the land and sea gel
reserves mere increasing almost 10000 bring
ing the amount held by the banks ABOVE
legal requirements up to So, 2O6 25O
The action of the administration in recon-
mending the issue of bonds of 500 and IN
der has been strongly commended by promi-
nent financiers, who argue that the wiue
distribution which the loan viii receive
among small investors will fpreclude any
marked disturbance in the money market.
The expected withdrawal of this immense
sum from the loanable funds presents very
different aspects to the rank ana ME IN
Wall street. Large financial interests. WnlIe
apparently confident that no embarrassment
will ensue to borrowers, are, nevertheless;
loat IN tn onerate with freedom until this and
several other potent factors overshadowIl,n 1i
the securities market are dtssipa tel TX.
penditures on account Of war are $4,000 COG
a day and, naturally. have given aeeio leo
though commercial conditions in some other
directions are not altogether satisfactory.
The stimulus given to pending financial ven
lures by the satisfactory response 10 the
go ernment's call for bids on the new Dolo
issue has been responsible for the launcn-
ing of further private enterprises, whicn
had been held in allowance pendlng 1ne reI
ception OF the governments cali GeneIai
business in itself has found enconragyem "a n,
owing to the less tfmor0us atfituue oI CAPT.
tai and although Operations In commercial