The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-15

business in bankers bills at $4.S5i21p4. S5$4 for
demand and $4.S4@4S414 for sixty days; post
ed rates, $4.S41aa4s5 and $4.S6Q4s 61z; COM
mercial bills, s$4.S3.
Silver certificates, 5S34Q5sl5c; bar silver.
$3.50; MexicanAdoIlars; acc. AT London bar
silver closed steady at 2715d an ounce.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. Sc, 49, 80
Loans, increase. yyll, 4OO
Specie, decrease. Observation-Disclosures. 2 1853 800
Legal tenders, decrease. .............. 3,091S00
deposits, increase. 3,7O3OOO
Nlrculatlon,s decrease. .................. RiOO
The banks now hold $33, Ill, $50 in excess
OF the requirements of the % per cent rule
The New York Financer said Saturday
THE statement of the associated banks of
the city of New York for the week ending
Aug IL shows that the deposits and loans
have reached a higher total than has been
previously reported by those banks. The
chief features of the statement are the loss
in cash and the continued expansion of
loans which have marked the operations of
the banks for a considerable period. De.
posts, however, are gaining at much less
rapid ratio, and reserves are decreasing. A
hardening condition of money rates is TO be
expected with these conditions remaining in
force, and indeed this result has already
been noticeable in the past week AS COM
pared with the previous weeks totals loans
have increased SILL 400 and deposits
S370S 600. There have been losses in both
legal tenders ($SO91. 500 and in specie hold
iDgs ($2 1863 500, that cash has decreased
$5,SS5 400. while the surplus reserve has de-
creased s., 4E1yl50. The operations of one
bank account for over half the gain. with
about $10,O00O00 reported in loans, and the
growth in the deposits of two of the
large banks is nearly 100000 more than
the total gain in deposits of all the banks.
Individual statements like these tend to
confuse the average results, but in the main
the Statement reflects very well the changes
tttafsr of4 3Ia ait,f,,
Loans have expanded since July 2 by
SSS,500.0O0, but desposits by only about
100000 and the surplus reserve is
only about half the amount reported on
that date, which was So 100000.
Carrying comparison farther back. some
what different story is told Taking the
statement of April &c. which represents the
lowest ebb of the period of apprehension
over the Spanish difficulties, we find that
the deposits increased $102 600, but loans
only $S9,OOO.o00. "A forecast of the money
market at this time is peculiarly difficult
but the banks have been able to considtr-
ably improve their position lenders by
their operations of the past month so.
II unusually predetermined to estimate their
demands on the New York banks, but,
the other hand, there is every evidence of
larger crops than were anticipated some
time ago. business is becoming more ac-
tive and the demand may be heavier than
has been looked for The large debt still
owing by Europe cannot be discarded from
the RECKONING, and it has yet to be proved
how Aadly Europe needs this money!
Total sales stocks 1912 shares, includ-
ing: S,79S Atchison preferred, 7155 Chicago,
burlington q Quincy S.775 Manhattan 4,635
Northern Pacific, 4.555 Northern Pacific pre-
ferred, l.SS7 Rock Island. 1850 Union Pa
eifc, II 415 St Paul, 5000 Southern preferred
5000 Cotton Oil. S,270 Tobacco. 1000 Sugar,
S,139 Rubber and 3.19s Rubber preferred
The animation of Saturdays stock mar
ket was far less than that of last Saturday
and the net gains on the days transac-
tons were much less striking. The actual
enthusiastic buying. but, on the other
hand, II brought no realizing sales such as
likely to occur on the elimination of an
event heralded and discounted. There was
large and steady demand throughout the
short session of the exchange. which held
Active buying in a few stocks was con-
spicuous, especially Northern Pacific COM
mon, which added a point to its price in
the course of the day. The grangers were
strong and Union Pacific showed an adj
: vsncing tendency: The Southern railroads
continued somewhat depressed, owing to
the yellow fever case reported at a town in
louisiana Even in the absence of an epi-
demic, the precautionary guarantees are
likely to interfere seriously with railroad
trafhc. Kansas d Texas preferred dropped
OFF point under this influence. The motive
closed by the report of the June quarter
showing a falling off in gross earnings,
stock was lifted after early depression by
the demand to cover. Very notable adj
T yran were shown by the Rubber stocks,
Tobacco and New York Air-brake There
was no evidence of heavy liquidation for
London account. as a result of the Anglo
Russian crisis, and those who sold short
Friday, protesting fears of such a result,
bought to cover Saturday. The large de-
crease of $6.7S1 $50 in the surplus reserves
of the banks was without effect The clos
ing was generally firm. only few stocks
showing slight recessions from the best.
The dealings in stocks during the week
rose fully "a million shares over those of
last week, but are still almost a million
shares below those for the corresponding
week last year. The par value of the bonds
sold at the exchange during the week was,
however, fully equal to that of last year
and exceeds S21 ,6OOO 600. Business was ex-
trenely varied in character. and embraced
so extensive "a. list of securities that the
movement of special stocks was of little
effect in deciding the course of prices.
Weakness at some points was without in
ffuence at others. Where the demand
seemed to continue undated there was OBJ
viously realizing going on. but apparently
the profits from sales were diverted to other
stocks of lower grade which had not yet
moved upwards The demand for stocks is
undoubtedly based on general conditions.
and the market has been little affected by
the special news developments of each day.
The following table, prepared by l.. w.
Louis, Room IL. Board of Trade. shows the
range of quotations.