The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-18

~~---~~%-1
posted rates. $4s51z@4S7; commercial bills.
$4.S3GD4 S315.
Silver certificates, 5sQ591sc; bar silver,
69lsc; Mexican dollars, 455sc At London
bar silver closed steady at q 5-16d an ounce
The gold and silver movement at New
York for the week ending Saturday was:
Exports-Gold $4,000; silver 1886, Gas; inn
ports, gold. $l0,413; silver. $2O,779. Imports
of dry goods and general merchandise at
New York for the week were 50. $40. 275
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease .......... So, 797, AIS
Loans increase ..,,................... 6laS 2OO
Legal tenders decrease .............. $4,000
Circulation, decreas .................. $1,000
The banks now hold $40 S65, s25 in excess
of the requirements of the % per cent. rule
The New York Financier says: 1.-The bank
statement for the current week reflects the
operations incident to the financing of the
new government loan and the totals do not
differ materially from what had been an
ucipated. The banks lost heavily to the
treasury, although they gained something
like two millions from the interior The re-
suit is shown in a net decrease of 81, 049S 800
In cash. and as deposits remain nearly sta
tionary. the reserve decreased almost in the
same proportion-or So. 979, AIS to be exact
Loans are still expanding. the increase for
the week having been So, us 200. In the light
of known facts as to the slowness of COM
mercial paper ii is needless to say that
this gain has no connection with mercan-
tile affairs. 1t can be traced almost with
out exception. to the banks which are act
ing, or are preparing to act, government
inI her ns al e6arse 9tqer banks are DO
rapid nuctuauon in the principal is due al
most entirely to the causes mentioned. Now
real effect on the money market will be-
come apparent 1t is known that ninety
millions MI or more, have been paid into
money has. in reality, been with
drawn, or is now in course of col
are so heavy that the effect has not been
perceptible, especially as large portion of
next ten days the per cent. checks on the
successful bids for the remainder of the
loan will go through the banks, and then
These, in all probability, will be extended
IN such manner as to prevent heavy ac-
the daily deficit in that branch of the gov
eminent is between one and two millions,
II will be seen that the completion of the
The return of the unsuccessful bids, on the
other hand, will throw on the market for
one of the features disclosed by the enor-
nous oversubseription which is attracting
no little attention. 1t becomes patent that
the country has more money willing to ac-
cept lower returns than at any previous
period. This is being shown in the West,
as well as in the, East, and it is compiicat-
ing the banking system in New York be-
cause one outlet which could always be de-
pended on is now closed through the accu-
mutation of capital, which is being used to
meet the needs of local communities. In
brief. the country must have expansion of
some re kind, or money W Il continue drug
Total sales of stocks were 10s 900 shares,
Including: Atchison preferred. 6,SlG; c., B.
& G., $40; Manhattan, 5000; Metropolitan.
5000; Reading preferred. 1890: Rock Island,
Sl20; st. Paul, Ans. Sugar, $3.50.
Wall street apparently remained uncon-
WINGED Saturday that values of securities
had been Increased by the capitulation of
Santiago. and prices stubbornly refused to
tendency of Americans in London was
viewed with apathy, and the few advances
London parity The accumulated orders in
commission houses were very small in vol
ume, the outside public being apparently
taken up with other interests than specula-
ton in stocks. The bears were confident
and aggressive, and were prompt TO take
advantage of the absence of the buying
demand to attack the market. Sugar
the first point of attack, and the price, yield
ed quite readily, but only small quantities
weakness of the coalers, which had per-
sisted all week, continued marked fea-
ture. There is no doubt there has been
liquidation or long stocks in these compa-
mics on account of accumulated troubles of
trade. There is but sluggish demand for
even the curtailed output, and the COM
panies find themselves at odds over the
maintenance of prices and division of terri
tory. The plans for the construction of a
new road from the anthracite region to
tidewater had a further unsettling effect.
Delaware & Hudson was easily
forced down 21a points. and Read
ing first preferred and New Jersey
Central also suffered material declines.
The bears were also busy with Manhattan
There was an obvious interest In the short
account. and no apparent endeavor to cover
1t over Sunday. The bank statement is not
readily analysed. The decrease in cash of
S4,Os9,9O0 is practically all accounted for by
week on account of the bond subscriptions.
The governments gain on this account is
reflected in the bank deposit. The loan ex-
pansion was considerably curtailed, but still
reflects good business situation. The legal
reserve requirement is very little changed
by reason of the small decrease in deposits,
the decline in cash is almost reflected in the
decrease.
The government crop report caused some
depression, owing to declines in condition
compared with the previous month, in spite
of a high average compared with former
years and on estimated crop exceeding six
hundred million bushels of wheat. The hes
itation of the stock market is due in no
small part to the enormous exports and the
high prices of last year with which COM
PARSONS for this year will have to be made
The new tours United States coupon de-
cline J. the fves. coupon, r., hveS, regis
tered and new fours registered, -, and the
old foErs registered Il in the bid price.
The following table, prepared by L. w.
Louis, Room IL. Board of Trade, shows the
range OF quotations: