The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-05
Our Ten-Year Plan
Combines the advantages of straight
and an instaIIment loan, without the
disadvantages of either .....
The Indiana Savings and Investment Go.
80 East Market Street.
THE WEEK in STOCKS
BEARS FINALLY FORCED TO COVER
AND SHARES RECLAIMED Loss.
Weak Effort to Iaject Bull Sentiment
Into Trade saturday-Local Mar
kets Satisfactory.
THE WEEK in STOCKS


was steady at 2d2lz per cent; last loan. z.
Prime mercantile paper. s4a4 per cent.
Sterling exchange was steady. with actual
business in bankers bills at $4.s7s4@4ss for
demand and at s4.s51AG4.s5 7l for sixty days;
posted rates. s4.s61z@4S7 and a.S9; CONNER
cial bills. s4.s.G4S715
Silver certificates, 61G62c; bar silver, 605sc;
Mexican dollars. 4si5c.
The imports of specie for the week were
sHs8 gold and sll2,774 silver. The exports
of gold and silver TO all countries for the
week aggregated sS4042 silver bars and coin
and s., 263. 500 gold. The imports Of dry goods
and merchandise for the week were valued
at $9,067, al
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. ,223. lbs
Loans increase ....-................... oIs,SW
Specie, decrease -..................... l,lsl,S0
Legal tenders, fncrease.-............. 4I,3Oo
Deposits. increase .-................... 5000
Circulation, decrease ................. 125,SoO
The banks now hold $45.710. 600 In excess
of the requirements of the % per cent. rule.
The New York Financier says: THE
changes in the statement of the associated
banks of New York for the week ending
June are almost trivial compared with the
heavy fluctuations of the past few weeks.
1t would seem that the elimination of a
number of important matters had at last
been passed, leaving the banks to report
only routine operations Of comparatively
dull week. The two holidays, coupled with
the comparative quietness on the Stock Ex-
change for the remainder of the week, are
reflected In the slight changes in the loan
stem. but the gain. small it is, probably
indicates that the period of heaviest iqui-
son to believe that some use will be found
for the accumulation of surplus funds at
this center, and that rates may be main
tanned at something like a reasonable fig
ure. although no advance of any signif-
canoe is anticipated. The banks lost In cash
during the week. according to the state
ment, s1.134.O00. all of which was in specie
Operations with the treasury are known 20
have resulted in a decrease about stated,
but no account s-been made of a much
heavier gain from the interior, and the real
facts are that the reserve is heavier than
Is to be inferred from the statement. De-
posits remain almost stationary. so that
the reserve reduction is due entirely TO the
loss In cash.
THE GOLD SHIPMENT.
"The shipment of 100000 in gold to Eu-
rope does not figure in the average. This
incident had no eject whatever on the
money market. as the transaction is under
stood to have been OF speculative ma
ture. 1t IL doubtful II gold in any guam
THY will go abroad this summer. Certainly
II the loans OF the banks begin to increase,
exports will be checked unless there arises
in domestic and foreign money markets a
situation that now appears improbable. The
banks ought to continue TO gain from the
anterior Tor some time to come. The July
10
year, and as there Is nothing that Will en-
tail an unusual demand on the banks IL
appears that fluctuations in the money rate
activity. which now Is regarded as certain"
Total sales of stocks amounted TO 2Ss,17O
shares. including the following; American
Steel and Wire. $500; American Sugar
21.000; American Tobacco 1900; Anaconda
2. 2Oo; AtichisoD preferred, L. 700: Brooklyn
Quincy. l., 100: Federal Steel. q, LOO: Federal
Steel preferred. 400; Louisville Nash
$500; Missouri Pacific. 500; National Steel.
$500; New York Central, $3.50: Northern
Pacific. 5000; Ontario 4 Western, 5000:
Reading first preferred, 1900; ST. Paul.
1000: Tennessee Coal and Iron. 5000; Union
Pacific. 100; Union Pacific preferred. 1000;
Rubber, 2,ie0; Western Union 1900.
Fridays sharp upturn In stock prices had
the effect OF encouraging the formation OF a
bulls made II sufficienfly obvious "r az the the
opening OF the trading Saturday, and even
before. that they had fixed on the stocks of
a new steel combination and a few other
Industrial specialties as the most promising
field for operations Tips We're disseminated
through inspired sources and by pubIica-
ton OF coming dividend declarations on sew
eraf OF these properties. and their prices
were bid up In an ostentatious way at the
opening. There was not the. expected en-
thusiasm. however, In supporting prices,
either by the outside demand or by the pro-
ftssional traders. The higher level OF prices
invited profit taking by some OF the buyers
OF Friday. and the advance came 10 a
0tandStill- There was hardening of prices
Of covering by shorts In expectation of a
favorable bank statement but the statement
was. on the contrary. unfavora BILE and the
gains which had been established by the
bull clique were quickly marked out. There
WAS very little liquidation induced by the
decline. and the closing was quiet and some
what irregular In tone and showed net losses
In the majority OF cases. The holiday in
London deprived the market OF what has
been q source OF strength In the last few
days Western Union. Brooklyn Transit and
Sugar showed evidences OF rather acute
weakness. and In the railway list Northern
Pacific ard the coalers werc centers OF de-
preston Fractional gains were retained I'm
few stocks. early advances not being en-
tirely wiped out In the iron and steel group.
The bank statement was surprise, as IL
was expected that the liquidation ia the
stock market would have resulted in a con-
traction Of loans and decrease in deposit
liabilities. Instead OF this there was a small
mcrease In loans The decrease IN cash was