The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-30

poslcu S4cf12Qfcolz ana $7.oo'Q4ooz2,
commercial bills s4S3Q4.S.
Silver certificates, eO1xq61c: bar silver,
60Ac; Mexican dollars. 4Sc. At London bar
silver closed quiet at q 1-1sd an ounce.
The New York weekly bank statement
shows the following changes:
Surplus reserve decrease ....... 81 LAS
Specie. decrease ................... 42i1, 400
Legal tenders decrease .............. 1890
DEPOSITS, decrease IL 'Ss y s soe
circulation, decrease ................ A.oUo
The banks now hold so, 81, Us in excess of
the requirements of the % per cent rule.
The New York Financier says: 1.-THE
statement OF the New York clearinghouse
banks for the week ending July % cannot
be regarded as a favorable exhibit, although
there is good reason for saying that it does
not show the real condition of the banks at
the close of business Saturday. The loss of
nearly four and one-half millions in cash,
for example, is much more than the six days
operations called for. The contraction of
So. 739. 200 in deposits reduced reserve require
ments by over ssoOo,oO0 SO that despite the
shrinkage of A.42s, 300 In specie and legals
the excess declined only 81, 244,475. leaving
the surplus at $l0S11,lN
The deposit loss, as usual, is to be traced
to few of the mort important institutions,
the National City Bank being responsible for
about five millions of the total. On the other
hand. the gain of nearly much by the
National Park Bank, accompanied by pro-
portionate addition of specie, stands In d.
rect contrast with the trend of the other
banks. The liquidation in loans continues
the decrease of IS, 500 in that item for
the week making a total of more than
SS4OOO,0O0 in four weeks. In the same time
deposits have declined forty millions and
specie and legals something in excess of
four millions. 1t Is to be noted that while
on July the surplus reserve was but five
millions. the clearing institutions, despite
the fact that they have four millions less
cash now than at that time, still report six
millions more of excess reserve. This has
been made possible by the liquidation of
outstanding commitments but 1t is becom-
Ing question how much further the process
can be continued. Loans are now the
smallest since the middle of February and
In the last six months the banks have lost
twenty-eight millions In specie and legals
me continued loss of cash to the treasury
ana the approach Of the crop season, with
its demands on the resources Of this center,
make the immediate future an interesting
subject for speculation. Still, as bank bal
anceS have in many instances been diverted
from New York, the demand may fall more
or less on other large cities"
The New York stock market for SatuT-
large
volume of realizing was well digestsd BY
reason OF an increased demand to the COM
mission houses and the market stood UP
well under a bank statement that was un-
expectedly weak, the majority of stocks
showing net gains when trading was over
for the day: London continued to buy stocks
with considerable confidence and this was
the prime factor in the opening rise and IN
the further decline in sterling exchange
rates. The money market was largely nom
inal, but there is evidence of quite liberal
from outside
high level of railroad earnings shown by
all companies reporting and the reported
cars from many sections Of the country
was potent source of strength for stocks
Northern Pacific, Pennsylvania and p, c..
9. & st. L. enjoyed the benefit Of the pub
lished June statements showing largely in
creased net earnings. Burlington's strong
June statement brought realizing. The coal
ers were helped by the statement of Lehigf
| Valley, rejecting a growing improvement
in the long depressed anthracite industry
Reports of the unprecedented activity anC
strength in the iron trade caused advance:
| in the prices of steel and iron stocks, will
| the exception of Federal Steel American
| Steel and Wire rose over point. This fac
| regions, notably Louisville & Nashville
| American Tobacco was marked I'D five
| points on light transactions and with M
| news to explain the rise. International Pa
| per preferred and Consolidated Gas rose TIVE
| points. The decline after the bank state
| ment was checked by good absorption. hu
Il
closing was quiet and firm. Bonds were vel
| held on a moderate volume Of business.
The course of the stock market during thu
1 week has shown evidences Of awakened In
| terest and strength. The principal appre
| hension has been over the future of tn
| money market. All accounts have agreed
upon the unusual abundance of funds at al
1 interior centers, but the activity OF trad
i and industry are also unprecedented, am
t the ehorm'f fse country shows that NOR
me e than ever before. The question ha
demand nn m1 would be made on Eastern center
| for money, or whether the large funds a
interior points would prove ample. Thi
| question Is not answered definitely yet. Cal
| money In New York has continued prett,
firm, and 1t developed during the week tina
many Stock Exchange houses were resort
ening tendency of the time money rate. an
| as there apprehension that none
squeeze In the call loan department. nigh
| intervene demands began to be felt for crop
| moving purposes Except for domestic dis
| quiet In France the outlook is for easie
money abroad. and sterling exchange a
| New York has shown a sharp decline to
| wards the end Of the week. New York mer
| camille paper has been reported as sellin
in Chicago. The money condition in Ne'
York is affected by the failure of some ne'
industrial securities to meet expectation:
Some of these have declined sharply fror
taken as a basis for distribution of Ne'
| York securities in exchange for those 9
| constituent companies. Money supplies 10
underwriting has thus been kept tied u
waiting to realize. Not little of the Ions
continued speculative doubt has been due I
the threatened Transvaal trouble. with;
special view to its probable effect on To
| gold production of the Rand. The expecte
large supply of gold from this source is
| factor in the estimates of future worl
| prices. The various causes of inactivit!
! however, have tended towards amelioratlo
| during the week. The period of hazard
| the crops has come nearer its end. lndu:
| trial activity continues undated, internf
| tional trade and railroad earnings break a
| records and the export trade is proving L
| self permanently established at new hfg
| level. The strength of stocks. which d.
| veloped first in a few obscure and isolate
| cases. then in the Southwesterns and Louis
vile and later in the grangers, has PEI
meated pretty much the whole list through
| out the week.
Bonds were dull and heavy during III
| early part of the week and did not respon
| 10 the late strength to the same extent Z
| stocks United States threes registered, d.
| clined u and the threes, coupon, Il In II
| bid price
Following is a list of sales on the Ne
J York Stock Exchange Saturday, with Il
closing bids:
| Stocks. Sales. Bi
| Afchison Z,osS ~