The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-01
NO DEMAND FOR STOCKS
PRACTICALLY NO TRADING OUTSIDE
A FEW INDUSTRIALs.
Bank Statement Shows Money Stag
nant, with a Small Decrease i'm Re-
serves-Local Market Review.
At New York, Saturday. money on call

At New York, Saturday, money on call
was steady st 1k per cent.
Prime>mercantile paper. S1aG41z per cent.
Sterling exchange was steady. with actual
business in bankers bills at "a. S564.S5A for
demand. and at 81. s3A94.S315 for sixty days;
posted rates. $4S41564.85 and $4S6Q4S6h;
commercial bills. $4S215.
Silver certificates. 5Sk@59c: bar silver,
SO 9-16c Mexican dollars, 4515c. At London,
bar silver closed fiat at 81 1-16d an ounce.
Imports of dry goods and general
merchandise at New York, for the week.
were $7,7l67O3 The gold and silver move
ment at New York for the week were Ex-
ports of gold. $4,000; silver. 81. OSS.19S; i'm
ports of gold, $1s56; silver. $4,000.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. 81. 107 525
Loans increase ......'..........-...... Saoo o
Legal tenders, increase ............... 116,700
Deposits, increase Northumberland. 351, 800
Circulation. decrease ................. AZ. 400
The banks now hold $i1 904. AS in excess of
the requirements of the rs per cent. rule.
The New York Financier says: 1.-The
statement of the associated banks of New
York city for the week ending July 80 shows
no important change, the increase of ST.,
pansion of something like $2.5OO000 in this
item reported by one bank. In the same
manner, one banks decrease in cash was
twice large the average decrease of
the remaining institutions. Deposits have
remained almost stationary. but there has
been more or less shifting of funds. and the
banks with heavy interior connections seem
to have gained, as rule. AT the same time
the reduction in surplus reserve was
brought about by actual loss in cash, as the
Is per cent requirement is very little higher
than last week, owing to the insignificant
deposit expansion. The specie decrease was
due to operations with the treasury, but the
transfers of coin to the subtreasury on
July 70, aggregating nearly $SO0O,O00, seem
to have been included in last weeks state
ment. The government bond shipments
have been more than half completed, and
the only effect reached is ia reduce the re-
serve of the New York banks about $780,
100000, and the remaining payments will
have but little effect since the treasury
deficits will about counterbalance receipts
and the money in depository banks will be
withdrawn gradually. The reserve, there
fore, ought not to be affected much by SUBJ
sequent operations. On the other hand, the
season Of redscounts is at hand, but esti-
mates of the amount of money which will
be drawn from New York this season for
crop purposes vary widely. 1t is concurred,
however, that the demand Will be light
One year ago this week interior exchange
broke sharply, and money began to flow
West two weeks later. This season there
has been nothing to indicate such move
ment. On the contrary. the trend of money
is in the other direction. Nothing but the
congested state of the market and the de-
preston in rates averts gold imports Any
appreciable advance in rates is bound to
depress foreign exchange to the import
level but a heavy demand from the West
which is at present lacking. seems to be the
only channel which will carry money to
firmer level
Total sales of stocks. $4,000 shares. in
Guiding: Peoples Gas, S239; Lead, $780,
Sugar, IL 900; Rubber, 1859.
The recent tendency of the New York
stock market to dizziness was rather accen-
tuated Saturday by the fact that the Lon
Exchange a
Dealings in railroad stocks were at mini
num- and there was notable disinclination
to SELL Even the professional bears, who
have really been the only prominent sellers
In the market for period of nearly two
faar of put SUNDAY e that
would give the market its long expected i'm
pulse. to activity. s
With the expectation at any time to hear
that Manila had been occupied by the
United States forces. with the expedition in
Porto Rico making favorable progress, and
with concrete proposals for the conclusion
Of peace under actual official discussion,
the bears do not care to leave short con-
tracts open over Sunday in market that
has shown such long. firm resistance to all
efforts to force decline and diSlodge stock
offerings. There was besides continuance
of the Improvement of some of the indus
trial stocks recently purchased. There was
large and aggressive buying of Brooklyn
Transit, attributed to interest in the prop
erty, with resulting rise of nearly per
cent. in the price The Rubber stocks con-
tinued TO advance on the. understanding
that they have become the favOriteS of one
of the streets influential speculative lead
ers. Sugar and Metropolitan Street Rail-
way also showed strength There was no
new financial or industrial development to
account for the advance in the price of these
various stocks. Prices are fractionally
higher all around. The bank statement
shows that last weeks violent changes
were due TO the practical closing of oper-
atiors for the government loan, and this
weeks variations are small. The new bonds
will themselves be available to the banks
as security for deposit of future INSTALL
ments of payments to the government on
account of the loan. 1t was the scarcity
of bonds for this purpose that made neces-
sary last months heavy Withdrawals of
government deposits.
The following table, prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quotations.: