The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-27

business in bankers bills at S4S5h for de-
mand and at $4804s4A for sixty days;
posted rates. s4.s5@4.s51a and $4S6@4s7; COM
mercial bills. $4.S3.
Silver certificates. 59a6Oc; bar silver, 59Ac;
Mexican dollars, 452lc. At London bar silver
closed at q 5-16d an ounce
Imports of dry goods and general mer-
chandise 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 lis; silver 1857, 276; imports of gold,
$17,723; silver, $143,14O.
AT New York the weekly bank statement
shows the following changes:
Surplus reserve, increase. 81, 933. O4O
Loans, increase. ................... z, 206, 200
Legal tenders increase 1874, 800
Deposits, increase ................, g. III 400
circulation, decrease. .,........... 20.300
The banks now hold SCI FOG, 5O7 in excess of
The requirements of the % per cent. rule.
The New York 'Financier says: With a
surplus reserve exceeding ,S62, 200, 600, 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
favor the moderate advance which was
looked for after definite arrangements had
been made for the new government loan.
The banks. according to their statements
Saturday. gained $4.576,300 in cash, while
their loans expanded only $2,262, 600. The in
crease in deposits of $6.571, 400, in view of
these two changes is about normal. AS
payments of small subscriptions of bonds
are consummated, 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 a 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
balances between the subtreasury and the
New York clearing banks, but the amounts
gathered into the treasury are not yet large
enough to offset extraordinary payments
due to war expenses. The result is that the
banks are gaining, not onlyffrom the in
terror movement, but from the treasury as
we'll This accounts, in a large part, for
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 an appreciate pro
portion of their excess reserve, sbut indica-
tions point to a merely temporary disturb
ance of small consequence in the situation
The July dividend payments, aggregating
between eighty and one hundred millions in
this city, doubtless have caused some of the
changes for the week. but these will be re-
Elected to greater extent during the next
tsn days. The low rates prevailing in the
money market are tempting mercantile bor-
deal of expansion of loans can be traeed to
this source
ing: Atchison preferred, $685. Chicago,
Burlington & Quincy. 4,s6O; Manhattan,
$3.50; Reading preferred, SO7O; Missouri Pa
Reading, Ss25: St. Paul. 5.24o: Union Pacific
preferred. 1874; American Spirits, Abs; To-
s.71s 10 -''0''' sugar. -i''0O' "eS'e'" on'0"
The regrettabIe loss of some American
soldiers in Cuba had q sentmentally de-
at nf 10
stock market Saturday. Prices continued
sluggish, but without real weakness during
the first hour. The question of differentias
to the Canadian Pacific was said to still
block a settlement of the rate war, and this
contributed to the heavinesS in Northern
Pacific. The specialties on manipulation i'm
proved substantially. Various industrials,
fective support. thus checking the earlier
easiness In the general railway list and
ranging traders on the long side, The
day nights closing. The general list closed
nrm IN anticipation of a successful termi-
Santiago. The weekly bank statement re-
hected more satisfactory situation surplus
reserves increasing almost 100000 bring
legal requirements up to So, 200, $50.
The action of the administrat ton in recon-
neilding the issue of bonds of $500 and I'M
der has been strongly commended by promi-
nent hnanciers, who argue that the wide
among small investors will preclude any
marked disturbance in the money market.
Inc expected withdrawal of this immense
sum from the ioanable funds presents very
different aspects to the rank and file in
wall street Large financial interests. while
apparently confident that no embarrassment
VIII ensue to borrowers, are nevertheless
loath to operate with freedom until this and
several other potent factors overshadowing
the securities market are dissinated Ex7
penditures on account of war are $1,000 900
a day and, naturally. have given decided
sumuiuS 10 certain channels of trade, al
though commercial conditions in some other
glrections are not altogether satisfactory.
Inc stimulus given to pending financial ven
lures by the satisfactory response to the
governments call for bids on the new bold
issue, has been responsible for the launch
ing OF further private enterprises. which
had been held in allegiance pending the re-
eeption of the governments call. General
business In itself has found encouragement
owing TO the less tmorous attitude of capt.
tai, and, although operations i'm commercial
lines are not attended with a striking man
hesitation OF confidence, still the recent hesi-
fancy mas given place to more vigorous
policy OF expansion. The aspect of the wheat
feature as the continued drop in value of
cereals will tend TO deter the farmer from
parting with his holdings. and thereby
auce the tonnage of the railways traversing
the wheat belt. The collapse of the Letter
optlon deals involving, as it did, the lquida--
ton OF enormous holdings of cereals and
railway securities has given a disqueting
tone TO the trading in speculative markets
which may survive for some time.
Uncertainties regarding the new revenue
law i'm its bearing on finance deferred the
outside public from entering the market and
encouraged the bears to extend their lines
The consensus of opinion, however. seemed
to be that the law would ultimately adjust
Itself satisfactorily, although temporary
embarrassments might be expected. The
expected successes OF our army of invasion.
coupled with the continued ease in mon
etary conditions, the growing foreign trade
balance I'm cur favor and the expected
heavy investment demand for securities ow-
ing to the July dividend and interest pay
ments rendered the vigorous efforts of the
bears 10 create liquidation futile
The bond market gave striking evidence
of the plethora of money seeking invest
neEt- Prices of the gilt-edged issues i'm
proved substantially. and heavy purchases
occurred Of the reorganization issues which
promise fair return capital invested
In government bonds gains occurred of y
In the old tours registered, and II each in
the new Tours. Others were unchanged
The following table. prepared by L. W.
Louis. Room il, Board of Trade, shows the
Open High Low Clos
Name ing. est. est. ing
$500 INptesS -s''-.s'.+s.s lO0
1aitiiIoIt ~ Dnios..-...s.,. 16
American Spirits ........... Il is il Is
American Spirits pref....... -. -. -. 3s%