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

bills. "a. S21aQ4S3
Silver certificates, with sales 10000 ounces,
at 5s14c, was quoted at 5sl5@591zc; bar silver,
5Sa4c; Mexican dollars 451kc. At London bar
silver closed steady at 261sd an ounce.
Exports of silver from the port of New
York for the week aggregated $S46,012. The
imports of dry goods and general merchan
disc at New York for the week were $S,216,
S76. The imports of specie were $S29,279 in
gold and $50.OS3 silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. ......... 81, OIL AIS
Loans, increase ACKNOWLEDGEMENTS. L. 49, 1U
specie, increase ...................... 24Sz9O0
Legal tenders, decrease .............. 6515O0
Deposits increase NEUTRALITY-SUSPICIOUS.. 1851 500
Circuletio decrease ..-..........-... 1880
The banks now hold $S9 Ss3. 900 in excess
of the requirements of the % per cent. rule
The New York Financier says: 1.-THE state
ment of the associated banks of New York
shows some rather heavy changes for the
week ending Aug. 8, loans having increased
So, 100 and deposits $15,371 800. The gain
in cash for the week was 1881 400 and the
surplus reserve has fallen off about $1,000
Co., owing to increased requirements. due to
the expansion in deposits The statement
seems to reflect as much as anything else
the progress of the recent financial opera
has increased its preferred stock by $25.-
100000, of which $4,000 900 is issued to stock
holders at par for cash, to retire the out
standing collateral bonds, and $40, 600 900 in
exchange for the stock of one of the leased
lines, which had been previously distributed
as a stock dividend. The Chase National,
through which this operation has been
transacted, shows gain of over &C. 1000 in
deposits, and its cash holdings have also
expanded over four million. The National
City Bank accounts for more than third
of the total increase and has lost about the
be confined for the most part to the larger
banks but in loans an increase runs farther
well through the list. The remarkable ac-
tivity in the bond market last week has
probably operated to produce some of the
changes in the current exhibit The banks
are still gaining from the interior and little.
if any, rediscounting is reported. The sea-
son for this business is now close at hand,
and while it is not anticipated that the
movement viii be heavy, it is interesting to
note that the surplus reserves of the banks
are now below the point reached last year
serves between July and October 1897, was
at least $32 100000. bringing the excess above
requirements to little over $lS0O0,OOO: In
the last six or seven weeks the New York
banks have reduced their reserves over
$22,OC0,OG0 and have not begun to ship money
due to bond payments from snlS ali ee over se the
country, which have reduced balances in
New York. The government holds heavy
be called available and permanent bank
money is not as heavy as has been esti-
strngency or even long continued hardness
is out of the question. Gold imports would
check the latter in any case"
Total sales of stocks, 2S3 100 shares, in
peake & Ohio 1885; Chicago, Burlington &
Quincy, 15,24O Louisville & Nashville, 9.O96;
Missouri Pacific, 1915; New York Central.
1857; Northern Pacific. 4,445; Northern Pa
cifc preferred $3.50; Rock Island, 1925; St
PrIIl 0ra nil
PIES Gas. APO; Sugar, 1922; Rubber. 6.S5S;
The tone of the New York stock mar
ket Saturday continued very strong and
into stocks and bonds showed a steady
augmentation. The movement of the large
ccncentrated wealth which took the initia-
tive during the week continued and the
following thus invited showed increase.
The two hours session of the Stock Ex-
change was full of business, and the de-
mand was eager for a large list of stocks
The preference is decidedly for the assured
dividend paying interests as yet, but it was
Influenced by the possibilities In some cases
of dividend increases, and showed ten
dency also to overflow into nondividend-
paying stocks. on which there is fair pros
pect of future dividends by reason of
growth of company earnings. The grangers
continued the favorites. but Burlington fell
slightly into the background to make way
for st. Paul and Rock Island the former
rising an extreme l5s and the latter IA.
Dealings in these, stocks were very large.
hands to the powerful speculative leaders,
who have chosen this group of stocks to
operate on first, because of the dominant
influence 1t exercises on the whole rail-
road list. Nothing in the days develop
ments was more impressive than the pause
in activity just before the close. The buy
ing was apparently stopped to test the
tendency of the market. Recessions of a
or u in prices promptly put stop to Offer
by small room traders. Considering the
weeks rise in prices the firmness at the
ala oorlyoh HI FTr11
profits whether on the long or short side.
in anticipation of a Sunday interval, but
no disposition was shown to sell out yes
terday
The heavy expansion in loans shown in
the bank statement is mostly due to the
awakened Stock Exchange activity. The net
increase in cash of something over $l,SOO,OO0
largely from interior receipts, the sub
treasurer's daily debit balance being still
offset by payments on the loan account.
The resulting increase in deposits raised the
legal reserve limit by $S,s42.E5: which the
cash increase failed TO cover by 2.0ll,4 I5,
the amount of decline in the surplus re-
serves. The activity in the iron trade is one
of several signs of industrial and trade re-
Nival which. together with the movement of
the crops, is expected to give large extended
uses of money. There will undoubtedly be
large embarkations of capital to Porto Rico.
Cuba and the Philippines. Confident expec-
tation of such demands for money must be
looked to TO explain present import move
ment of gold. in view of the present plethora
of money.
United States old fours, registered. have
advanced ny. old fours. coupon, and the new
fours registered /; the fives. registered y.
and fives coupon. and the new tours. cou-
pom. a per cent. in the bid price.
Louis. Room il, Board Of Trade. shows the.
Open High Low Clos
Name. ing est est. ing.
Adams Express .............. -. -. 103
Baltimore Z ohio........... l6
Ameriesn sp asss -. iiH iE nG is