The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-13
SHORT LINES in STOCKS
LED TO FALLING PRICES ON 'CHANGE
AND NET LOSS ON THE DAY.
Unusually Strong Bank Statement for
the Week Failed to Rally the Mar
ket-LOcaI Trade Good.


was steady at 1A@11z per cent.
Prime mercantile paper, BOA per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.s5a4@4S6 for
demand and at $4S411a4s4a4 for sixty days;
posted rates. S4.S51z and $4.S7 commercial
bills, $4.S334.
Silver certificates. 572G5sAc; bar silver,
5T7sc; Mexican dollars, 45Ac. At London
bar silver closed steady at 263ld an ounce.
The gold and silver movement at New
York for the week ending Saturday: Elk
ports Of silver, $S01, 200 imports Of gold,
S15,412; silver 81 ,667. The imports of dry
goods and general merchandise at New
York for the week ending Saturday were
Sc. $50, 1913.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. .......-.- 81 ,59l 400
Loans, increase. ....................'. J,l44l OV
Specie increase. .....-................ 5,ooO w
Legal tenders. increase. $50 600
Deposits increase. Ia, ~, zOO
Circulation decrease ................ IL 400
The banks now hold $50, 841, 100 in excess of
the requirements of the % per cent. rule.
The New York Financier says: THE New
York banks, despite the active demand for
funds expressed in a loan expansion of
s9,144,2OO for the week just ended, cannot
find use for all the money they are receiv-
ing, and the reserve is higher by 1851 400
than reported seven days ago. Deposits in
creased $l4591, 220, making gain of $780, 900
within a month. AS the increase in cash
for the week was IS, AGO. it would seem
that the greater part of the deposit growth
was obtained by entering credits on the
books against loans. This has been going on
for some time and reflects very satisfac
tory condition in mercantile circles. The
season for early rediscounting for country
banks is at hand and some business is be-
ing done in this line, but not enough to
count in general results. The interior banks
are so well supplied with cash that they
are in better position than aver to endure
over the summer A detailed analysis OF
the statement for the week shows that five
Of the sixty-five clearing institutions placed
The bulk of the loan, while seven institu-
lions, most of which have heavy interior
connections, gained three-fourths of the in
creased deposits. Seven banks hold con-
represented last week."
Total sales OF stocks were 2S5 500 shares
including: Atchison preferred, II, $50; Balti-
more ~ ohio, 9,749; Chesapeake & Unio, 32J3;
Chicago, Burlington & Quincy, II, 1853; Louis
Vile q Nashville, 1852; Missouri Pacific,
5,5l5; New York Central, $3.50; Northern Pa
citic preferred, $3.50; Rock Island 5,245; st.
Paul, 1885, Southern preferred, 1920; Texas
Pacing, $500; Union Pacitc. preferred,
ern 1876; Peoples Gas, 9,06b; Sugar, 81, 635.
Fridays sharp rise in New York stocks
brought in d heavy volume of buying or
ders 10 the commission houses on Saturday
morning, especially in the grangers and
Brooklyn Rapid Transit. The rush to buy
was met by offers to realize by the pro-
fessional operators who bought at Friday
lower level. There was not the same urgent
demand from the short interest as was the
case the day before, and a number of con-
siderations unfaYorable to rise in prices
We're given more attention, so that the OPEN
ing gains in almost all cases were lost and
prices crumbled in the second hour of the
short session to below the previous nights
level The absence of support encoura ged
the bears to put out fresh short lines near
the close, causing some sharp dips, with
only feeble rallies, notably in Sugar and the
CHANGERS. Louisville and Southern pre-
ferred were conspicuous sufferers on the
yellow fever scare and were an unsettling
influence from the opening. Peoples Gas
was conspicuouSly weak without any news
to account for it, The decline in Brooklyn
Transit was clearly profit taking, and the
grangerS and Sugar yielded from the same
cause, actuated by bear pressure Friday S
idea of movement by Spain towards peace
was seen to be Elusive as far as 1t con-
cerned any practicable movement The very
strong bank statement failed to rally the
market. The large increase in cash of S.
289, 200 exceeded the estimates though the
receipts by the banks were known to be
large, both from the interior and the sub
treasury, on account of war expenditures,
and most of these were in gold. The cash
increase was sufficient to meet the large
increase or $o69f,SUO IN the reserve require
ments and add to the surplus the sum of
1851, 400. The deposits were sweled notice.
ably by the increased casn, BIT by expan-
sion of $91A200 in loans. This has no
doubt largely found its way into stock mar
ket speculation, for there has been an active
bidding for commercial papers by financial
institutions during the week.
The absorption of bonds has been large
during the week and prices yielded less than
for stock. United States new fours, regis
tered. and old fours, coupon. have declined
IA. new tours, coupon. IA, old tours, regis
tered. and the twos Il. and the fives,
coupon, IS in the bid price.
The following table, prepared by L. w.
Louis Room II, Board of Trade shows the
range of quotations: