The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-10

The banks now hold $50, 345. 300 in excess of
the requirements Oh the % per cent. rule.
The New York f'inancier 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
tons with the treasury pending the award
of the new loan and the settlement of July
dividends responsible, in large part,
for the heavy changes in the various items.
The increase of $12. 691 800 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
tional equals the total gain reported for all
the institutions. The fact that the increase
is thus limited to a few banks precludes the
idea that general business demands have in
fuenced 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
$685. 800 in cash reported by all the banks.
The deposits of the same bank have also
fallen. so that the loans in its case. seem
to have been made in cash and withdrawn
from bank. Incidents like this tend TO con-
fuse accurate analysis, but the general
trend of the statement is about as expected.
The heavy collections of checks given for
small subscriptions causing a loss to the
banks in the treasury operations. On the
other hand. the treasury is making unusu-
ally heavy payments on war account but
its receipts for the reason named are in eX
cess of disbursements The effect 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,
however has passed it's maximum and do
nestle exchange has declined sharply at in
terror centers. The situation can only be
shoH a "a
serves of the banks are still in excess of
fifty-two millions, and while the award Of
the 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 ii easy for the treasury to
regulate the period of payments for larger
subscriptions in installments so separated
as to minimize the effect on the money
Total sales of stocks were 12e.1O0 shares,
including 1926 c., Il & O.. 5,7S0 Illinois Cen
trail $685. Manhattan. 1865 Reading pre-
ferred 1855 New Jersey Central, 101l0 New
York Central 3,S66 Rock Island, 1857 St.
Paul, 8 1872 Union Pacific preferred. 3,S7 To-
bacco, 1855 Peoples Gas, $3.50 Sugar.
The bullish sentiment on the New York
Stock Exchange Saturday unmistaka-
bic and carried prices aggressively upward
during the two hours session. routing the
bears and defeating rather feeble efforts to
work a reaction. Some professional traders
were skeptcal about the character of the
buying of the last two days, regarding it
as a m3neuVer to attract outside buying TO
IeauZe on and they attempted to check the
advancing tendency by renewing Fridays
Htlack on the coalers. This group of stocks
proved easy victims on account of the de-
morallZed condition of the anthracite indus
try, owing to the increasing competition of
gas as fuel and the extreme cheapness of
bituminous coal The losses ranged from
IL to 21a. This drive against the coaIere
did, in fact, unsettle the market and induced
some profit taking on the two days adj
vance. But the character of the buvine at
the decline made 1t evident that the stocks
absorbed during the last two days had beer
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
persistent and urgent demand for the Van
derbilts. The buying of New York Central
was most conspicuous. though the move
ment IN the price was not wide as in some
VI tne other allied roads. notably Omaha
ana lulnols Central, which both rose three
points. Buying elsewhere in the list was
Iess urgent, though II was good. part of il
evidently being covering of short contracts
put out earlier in the day.
ne Atchlson adjustment per cent. bonds
were heavily bought, and were advanced
oEsi per cent, 70 69lz. new high record
price. A block of $4,000 was taken at So
another block Of $4,000 at 69h. besides other
large individual purchases. The bank state
Ihent was regarded as favorable and helped
On the advance. Some effort was necessary
70 sustain prices TO the close in face of
one point break in Sugar, but the close gem
cIaily was firm at top prices, net gains
tanslng from fraction 10 per cent
1ne statement Of the New York clearing