The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-31

posted rates. A5fz04S51s and S+sooi.So1s;
commercial bills Si.s3q4-A-
Silver certificates. 6O1zq61c; bar silver.
60hc: Mexican dollars. 4sc. AT London bar
silver closed quiet at q 11-16d an ounce
The New York weekly bank statement
shows the following changes:
Surplus reserve decrease ............$l. 2A,4.5
Loans, decrease .-...-.......-....-..- o,55i,yvv
Specie, decrease ...................... f,Z4ltW
Legal tenders. decrease ..-.--...- lsa S Svo
Circulation, decrease ................ Zi0U
The banks now hold $40 .125 in excess of
the requirements of the % per cent rule.
The New York Financier says: The
statement OF the New York clearinghouse
banks for the week ending July % cannot
be regarded as favorable exhibit, although
there Is good reason for saying that 1t does
not show the real condition of the banks at
the close of business Saturday. The loss or
nearly four and one-half millions in cash,
for example, is much more than the six days
operations called for. The contraction OF
s12 7Ss, 200 in deposits reduced reserve require
ments by over 100000. so that despite the
shrtnkage of si.429.3O0 In specie and legals.
the excess declined only 81, 244,4 AS, leaving
the surplus at s10,s Us
THE deposit loss, as usual, is to be traced
to a 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 as much by the
National Park Bank, accompanied by pro-
portionate addition Of specie, stands in di-
rect contrast with the trend of the other
banks. The liquidation in loans continues.
the decrease Of 81. 334, 500 in that item for
the week making a total of more than
$34. 100000 IL 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
mlllionS more or excess reserve. This has
Deem made possible by the liquidation of
outstanding commitments. but it 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
lWenIy-eignt millions in specie and legaS.
The continued loss of cash TO the treasury
and the approach of the crop season, with
make the i 0 sie ft on ths
subject Tor 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
Inc New YORK stock market for Satur-
Volume of reszop Was SteHng S,os, large
reason or an increased demand to the COM
mission houses and the market stood up
well under a bank statement that was un-
expected!y weak, the majority of stocks
showing net gains when trading was over
LOT 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.
fnal. but there is evidence of quite liberal
offerings of funds from outside sources. The
high level Of railroad earnings shown by
all companies reporting and the reported
eager demand borrow
cars from many sections OF the country
was a potent source Of strength for stocks.
G. st. l.. enjoyed the beneft of the pub
lished June statements, showing largely in
June statement brought realizing. The coal,
ers were helped by the statement of Lehigh
valley, rejecting growing Improvement
Reports Of the unprecedented activity and
strength In the Iron trade caused advances
the exception of Federal Steel. American
Steel and Wire rose over point This fac
tor helped the railroads situated in the iron
American Tobacco was marked I'D five
points on light transactions and wit, with no
per preferred and Consolidated Gas rose two
points The decline after the bank state
ment was checked by good absorption, but
the recovery was not to the top level. The
closing was quiet and firm Bonds were well
held on moderate volume of business.
The course OF the stock market during the
terest and strength. The principal appre-
hension has been over the future of the
upon the unusual abundance of funds at all
interior centers. but the activity of trade
and industry are also unprecedented. and
the enormous volume of bank clearfngS
throughout the country shows that more
money is turned over in profitable employ
ment than ever before. The question has
been whether in moving the crops the usual
demand would be made on Eastern centers
for money. or whether the large funds at
N fnf lVla
question Is not answered definitely yet. Call
money in New York has continued pretty
firm. and IL developed during the week that
many Stock Exchange houses were resort
ing to time loans. This resulted in a hard
ening tendency of the time money rate, and
as there was apprehension that a money
squeeze in the call loan department might
intervene demands began 10 be felt for crop
moving purposes. Except for domestic dis
quiet In France the outlook is for easier
money abroad. and sterling exchange n
New. York has shown a sharp decline to.
wards the end or the week. New York mer-
camille paper has been reported selling
in Chicago. The money condition in New
York is affected by the failure of some new
industrial securities TO meet expectations
Some Of these have declined sharply from
the subscription prices or from the prices
taken as a basis for distribution OF New
York securities In exchange for those Of
constituent companies Money supplies fol
waiting 10 realize Not little OF the eH long, ~
continued speculative doubt has been due L
the threatened Transvaal trouble, with &
gold production OF the Rand. The expected
large supply OF gold from this source is q
factor In the estimates OF future world
prices. The various causes OF inactivity
however have tended towards amelioratior
during the week The period of hazard &c
the crops has come nearer its end. Indus
trial activity continues undated, interna
tional trade and railroad earnings break al
records and the export trade Is proving It.
self permanently established at a new high
level. The strength of stocks, which de
veloped first In few obscure and isolated
cases, then in the Southwesterns and Louis
vile and later in the grangers, has per
meated pretty much the whole list through
out the week.
Bonds were dull and heavy during tn,
early part OF the week and did not respond
to the late strength TO the same extent a:
stocks. United States threes, registered. de
clined X and the threes, coupon. Il in tn,
bid price.
Following is a list OF sales on the New
York Stock Exchange Saturday. with tn,
closing bids:
CLOSING
Stocks. Sales Bid
Atchison ........-.................... 2.SS5 20i
Atchison PREF ....................... Is, 260 ga
Baltimore x Ohio .................. eco 4Si
Canadian Pacific ................... -. Ss
Canada Southern ................... -. 53s
Central Pacific ...................... l0sO 52s
Chesapeake * Ohio ...-.-........... l220 2si
Chicago Great Western ........... -. la
Chicago. Burlington Quincy. 400 1a7s
Gil. Ind. * Louisville. - 10
CHI. Ind & Louisville pref. 100 Al
Chicago & Eastern ulirois........ 100 75l
Chicago A Northwestern .......... 2asO fs2
chicago. Rock Island & Pacfdc q 420 no.