The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-25

Inc imports OF cry goods ana general
merchandise at New York for the week,
were $7,O00552. The gold and silver move
ment at New York for the week was: Ex-
ports of gold, $1s4SO; silver. $7O6, 1872; imports
of gold, $S9,967; silver, $5S,669
The weekly bank statement shows the fol-
lowing changes:
Surplus, reserve, decrease ........ $6S53, S25
Loans, decrease .....-................ 4,079, 500
specie, decrease ACKNOWLEDGEMENTS. 9,l24, 900
Legal tenders, decrease ............. LAB 800
DepoSlts, decrease .................. TO- 45O, 700
Circulation, decrease ............... 104, 500
The banks now hold $43O12, 900 in excess of
the requirements of the 25 per cent rule
Tho New York Financier says of the
weekly bank statement: Since July 2 the
clearing house banks of New York city have
reduced their cash reserves over $4,000 OOO
In the same period, which embraces only
three weeks, they have increased their loans
$14,0O00OO. and their deposits have fallen off
about 100000. The cash reductions have
been due altogether to operations with the
treasury, since the movement of the interior
still continues. The statement, therefore
SHOWS the effect of financing the new loan
and as the treasury has received in cash for
small subscriptions nearly, or quite half the
amount of the entire loan, there seems to be
no cause for further disturbance in the
money market The remaining allotments
OF 500, GOO, will probably be financed by
period. the treasury deficits on one hand
counteracting the receipts of the new bonds
IN the meantime the designation of certain
banks as dep0Sltary Tor government funds,
viii prevent them locking up a large
amount OF cash in the treasury OF course.
ii all the remaining subscriptions were paid
IN one sum, the effect might temporarily
tighten the money market but this is not
anticipated The current statement shows
1he first decrease in loans since the first
week in May. The loss appears to be dis
tTtbuted we'll throughout the list in small
amounts, and reflects probably liquidation
of mercantile accounts. The market for
commercial paper at present is very mac
tive, new business being less than expiring
maturites. The rediscounting season is
now close at hand but bankers report the
demand as yet very light, with Indications
pointing 10 smaller movement than usual,
owing TO the abundant cash resources of
interior banks Sterling exchange is moving
downward. This is significant in view of
the coming fall exports of grain, as any
considerable demand for money will surely
bring about the payment of international
balances, which otherwise might be ex-
tended by means that have become familiar
ments aside, the country will have cheap
money rates until active use is found for
the heavy additions which have been made
TO its currency since 1885,
Total sales of stocks 800 shares, includ-
Ing 3,4SO Chicago, Burlington & Quincy,
1880 Northern Pacific, l2,044 Northern Pa
Pacific preferred, 1850 Spirits, 4,6S5 Chicago
Great Western. $3.50 Sugar and S,725 Rubber.
DULL STOCK MARKET.
The dullness of the New York stock mar
ket, Saturday.. was not relieved in the clos
ing hours of the week, though there were
one or two incidents of interest in the days
trading. One was the buying for London
account. This was not large, but it was
influential, and was pretty well distributed
through the International lists. Later the
local traders took the market away from
~ fov md nm he of 10
Pacific Railway stock. This movement
grew out of the consultations reported as
having taken place between the executive
of the Canadian Pacific, and the Great
Northern, and the resulting rumors that the
long-drawn dispute over transcontinental
passenger rates had been adjusted. The
buying by London in face of the downward
tendency of sterling exchange, which is
already within measurable distance of the
god-importing point, was rather unexpect-
ed. Money continued easy in London. but 1t
showed itself sensitive to demands for gold.
The present ease in exchange is due as yet
to offerings in grain and cotton futures. but
rates are bound to yield further as grain
and cotton come forward, and the pressure
on London is likely to lead to borrowing in
New York, or an import movement of gold.
There was a fair demand for bonds, but
prices were not well held. There was a
reaction of q to $1.14 in the price of the
new government threes when issued" The
bank statement reflected continued opera
lions on account of the government loan.
the decreases in cash being clearly due to
payments of subscriptions into the sub
treasury. The very heavy decrease in depos-
its and the contraction in loans are not so
easily accounted for. The loan decrease was
probably due to operations in government
bonds by banks which have held govern
ment deposits, reduction in which seems
clearly indicated
Sales of all stocks for the week were only
little over 10000 shares. against nearly
100000 last week, and more than 2,000,000
In the corresponding period last year. Such
business as there has been was almost en-
tirely confined to the industrial specialties.
knopnIQf he mid -tfr,a dull
ness Of general business and is likely to
halt until the commercial future is better
DEFINED. The hesitation in speculation is
due to doubts as to the ability of the rail-
roads to make encouraging comparisons of
earnings with the corresponding periods of
last year from this time forward. The de-
cline in the grain movement leaves the
granger roads particularly at a disadvant-
age, compared with last year, when the de-
mand for export had already commenced to
move grain in large quantities. Wall street
IS eagerly seeking light on the puzzle of
how far Europe Will be able to supply its
own grain needs and at what price the
countrys supply will be marketed. There is
g significant dropping tendency in wheat
futures. Railroads. however are making
preparations to handle the largest traffic
In their history. Money is abundant and
cheap even with the large increase in the
country's business. The firmness with which
prices OF stocks are held through the Pc
ROD or dizziness, Is due to the confidence Of
holders that the country's condition will
result In rise in values.
The latter part of the week has witnessed
q large increase in the investment demand
for railroad bonds at advancing figures
United States twos have advanced Q; the
hves, coupon g. and the fives. registered.
and the old fours. coupon. = in the bid
price.
The following table. prepared by l. w.
Louis koeIn y hoard OF Trade. shows the
Name. oP lss H .st L :s;. Chg IS:.
efanms Express loI