The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-17
FEW STOCKS in DEMAND
OUTSIDE SPECULATION ON CHANGE
PARTIALLY WITHDRAWN.
Banks Feel that They Are Face to
Face with a PerpIexing Financial
SituatfOn-Local Trade.
At New York Saturday money on call was

At New York Saturday money on call was
steady at Ia per cent.
Prime mercantile paper, s9lg4 per cent.
Sterling exchange was steady. with actual
business in bankers bills at 81 S5%@4s6 for
demand and at $4S415Q484S for sixty days;
posted rates. $4.S5lzG4S7; commercial bills.
ASSa4 SS1s
Silver certificates, 5s@5slkc; bar silver.
591sc; Mexican dollars, 455sc At London
bar silver closed steady at q 5-16d an ounce.
The gold and silver movement at New
York for the week ending Saturday was:
Exports-Gold, $4,000: silver. $SS6,645; i'm
ports, gold. $10.413; silver. $2O779. Imports
of dry goods and general merchandise at
New York for the week were 50, 622,275.
The New York weekly bank statement
shows the following changes:
surplus reserve, decrease .......... SO. 1917, as
Specie decrease ....................... 3,732 300
Legal tenders. decrease .............. $4,000
deposits, decrease ..................... S31, 700
Circulation, decrease ................. $1,000
The banks now hold $49, 365, S25 in excess
of the requirements of the Is per cent. rule
The New York Financier says: 1.-THE bank
statement for the current week reflects the
operations incident to the financing of the
new government loan and the totals do not
differ materially from what had been an
{ticipated The banks lost heavily to the
treasury, although they gained something
like two millions from the interior The re-
suit is shown in net decrease of $4.O49, 800
IN, cash, and, as deposits remain nearly sta
tionary, the reserve decreased almost in the
same proportion-or 1897 AIS, to be exact
Loans are still expanding, the increase for
the week having been &C. 200 In the light
OF known facts as to the slowness of COM
mercial paper, it is needless to say that
this gain has no connection with mercan-
tile affairs. 1t can be traced, almost with
out exception, to the banks which are act
Ing. or are preparing to act. as government
repositories. OF course other banks are do
ing their usual share of business but the
rapid ftuctuation in the principal is due al
most entirely to the causes mentioned. Now
that the bond subscription has closed the
rear erect on the money market will be-
come apparent 1t is known that ninety
money has,. in reality, been with
i actson' OF or, Is now IN course of col
are so heavy that the effect has not been
pereeptible, especially as large portion of
II remains in depository banks. During the
next ten days the per cent. checks on the
successful bids for the remainder of the
loan will go through the banks, and then
will begin the payments on the principal
These. in all probability, will be extended
in such manner as to prevent a heavy ac-
the daily deficit in that branch of the gov
eminent is between one and two millions
Il will be seen that the completion of the
loan Will not disturb the money market
The return of the unsuccessful bids on the
other hand, will throw on the market for
Investment a large sum of money This is
one of the features disclosed by the enor-
nous oversubscription which is attracting
no little attention. 1t becomes patent that
the country has more money willing TO ac-
cept lower returns than at any previous
period: This is being shown in the West
as we'll as in the East. and ii is complicat-
ing the banking system in New York be-
cause one outlet which could always be de-
pended on is now closed through the accu-
mutation of capital, which is being used to
brief the country must have expansion of
some kind or money will continue drug
Total sales of stocks were 10000 shares.
including: Atchison preferred, $50: c. b.
T 5000: Reading preferred, 1870: Rock Island
3.l2O: st. Paul, 4,715; Sugar $3.50.
Wall street apparently remained uncon-
had been increased by the capituation Of
Santiago, and prices stubbornly refused to
advance in face Of that event. The upward
tendency of Americans in London was
viewed with apathy, and the few advances
at the opening on this side were not TO the
London parity The accumulated orders in
commission houses were very small in VOL
ume the outside public being apparently
taken up with other interests than specula-
ton IN stocks. The bears were confident
and aggressive. and were prompt to take
advantage of the absence of the buyinr
demand TO attack the market Sugar was
the first point OF attack, and the price yield
ed quite readily. but only small Quantities
OF stock We're dislodged by the decline. The
weakness OF the coalers, which had per-
sisted all week. continued marked fea-
ture. There is no doubt there has been
liquidation of long stocks In these cornpa-
uies on account Of accumulated troubles Of
trade. There is but sluggish demand for
even the curtailed output. and the com
pautes md themselves at odds over the
fnaintenance OF prices and division az terri
tory. The plans for the construction Of a