The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-09

business in bankers bills at SfSiG4S1A Tor
demand and at s4S424d4s5 for sixty days:
posted rates. s4.seQ4.se1z and s4ss1a; COM
mercial bills, A.S5.
Silver certificates 60a61c: bar silver. 6ossc;
Mexican dollars, 474c.
New York experts Of gold and silver to
all countries for the week aggregated $685.
45S in silver bars and coin and ST., $50 in
gold. The imports of specie were SIS. $50 gold
and sA, $50 silver.
The imports of dry goods and general
merchandise at the port of New York for
the week were valued at $8s17.7so.
The weekly bank statement shows the
following changes:
Surplus reserve, decrease.............$9.12 GIs
Loans, increase ...-...-...-...-....... $1,000
specie, decrease ...-..-.............. ., SW
Legal tenders, decrease. 80 80
Deposits, decrease ...-.-..-.......- As 49,"
Circulation, increase ......-.....-..... 4V,'W
The banks now hold $5,062,4!5 in excess
of the requirements.
The New York Financier says: THE as
ISOLATED banks of New York. If their state
ment for the week ending July be accepted
as correct, have less surplus cash on hand
than at any time, with the exception of
September 1893. since the 1893 panic. But
the current exhibit is complicated by
incidents due to July disbursements and
also by the system Of averages employed
in making 1t, that its totals do not possess
tie significance that otherwise might at
tach to them The loss of about ten mill
lions in cash. for instance. is very much
moro than known operations called for and
the expansion Of nearly seven millions In
loans must reflect the present weeks bust
ness. The demands for accommodation
within the past four days certainly did not
necessitats this violent rise. As the state
ment stands 1t plainly indicates that every
dollar of the loans has been taken from
the banks in cash and withdrawal Of de-
posits has been by similar operation
Manifestly this is an impossible contingency.
A more detailed explanation shows that OF
the loss in cash. the National City and the
Chase National Banks are responsible for
the entire reduction, the National C1tys
less having been about 100000 and It's In
crease In loans more than SWVVo
CONDITION OF BANKS.
''It is interesting to note in this connection
that, whereas the average reserve in all the
banks Is now 25.5 per cent, loss Of per
cent, the reserve. exclusive Of the institu-
ton named, is 26 per cent In other words.
sixty-two Of the sixty-three banks have
within a small fraction OF 1 per cent. as
much paper money as reported at the open
ing Of July. The refusal of call money to
advance perceptibly in the face OF the
showing made by the banks proves that the
situation is pretty we'll understood and that
no fears are entertained as to the future.
During the next week the banks Will gain
heavily in cash, not only on government
account, but from other sources as we'll 1t
Is no exaggeration TO say that at the close
Of business SATURDAY the various sno insti ar
way than their statements would imply.
The maintenance Of a per cent. rate on
call money Is of itself enough to induce
Total sales OF stocks were 2s0, 43 shares,
including: American Steel and Wire, 400;
CO., HtchsoG Baltimore
Ohio preferred. $500; Brooklyn Rapid Tran
sit. 1000; Chesapeake & Ohio, 500; Chi
Fuel and Iron, $500; Federal Steel. 1000;
Federal Steel preferred. 2.O00; Louisville q
Nashville, 800; Manhattan, "A, 200; Mexican
Central, 240O; North. Pacific, 800; Ontario
& Western, 1900; Pennsylvania, 5000; Peo-
pies Gas. 200; Rock Island. 1900; St Louis
Southwestern, 1900; st. Paul, II, 500; South
ern Pacific $500; Tennessee Coal and Iron,
$500: Texas Pacific, 1000; Union Pacific,
The character Of the trading In stocks was
much confused throughout Saturdays ses-
sion. There were points or aggressive
strength which encouraged the maintenance
Of prices, but the certainty of an unfavora-
BILE bank statement encouraged the con-
tinuance Of profit-taking In some Of the
stocks which have recently advanced several
statement the whole market sold off and net
gains were preserved in only few cases.
the ne bears covered short G.. contracts at the de-
cline, causing a rally from the low point.
The denials Of the reported alliance be-
caused the advance In those stocks, but the
amount of selling was remarkably small
The bank statement on its surface. pre-
most unprecedented to have the cash re-
serves down to within a. little over $S.oe1, 900
Of the Is per cent. required by law at this
time of year. Yet the banks expanded their
loans during the week nearly $1,000, when
they were already at the highest figure on
record last week. The conclusion Is un-
avoidable that the bank authorities see
prompt relief in certain prospect In fact.
the easing tendency OF money during the
latter latter part Of the week shows that the re-
part from the release Of funds that had
been accumulated for the disbursement of
semi-annual obligations 1t is also taken
into consideration that interior points are
better supplied with money than ever be-
fore. so that the conviction lie held in bank
ing circles that tightness in the New York
terror points to New York.
ONE WEEK IN STOCKS.
The action Of the stock market during the
past week has justified the confidence OF
those who bought securities the previous
week in the belief that opportunity would be
offered to realize profits quickly. The ex-
pected demand for stocks was Forthcoming,
but 1t was 30 freely fed with offerings ac-
cumulated the previous week that the
strengthening effect on prices was Offset and
the tide turned In favor Of reaction. Thus,
In spite Of a very active market for the
short week, after long holiday period, the
net changes are not conspicuous In the ma
Jority OF cases. The profit-taking was most
enect1ve early IN the week In Pennsylvania
and New York Central and the Vanderbilts.
Selling was not heavy In either of these,
but the large and confident buying of last
week was discontinued and prices were not
supported. The early disposition to take
statement Of st. Paurs earnings for the
fourth week in June, showing an Increase of
nearly 100000 over the corresponding week
OF last year With the largest earning in its
history, thus recorded for the fourth week,
the month of June and the fiscal year 1899
the effect was encouraging for the new fiscal
year Just opening. the more so as all reports
OF railroad earnings received during the
week showed the same prosperous condi-
tions on railroads In all sections Of the coun-
Try. Much stress Is laid on the large amount
OF the years earnings that have been rein
vested In railroad properties, resulting in
higher efficiency and paving the way for
future reductions in the ratio of operating
expenses. There were Incidents corrobora-
tive OF the earlier rumors of far-reaching