The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-12
LIVELY STOCK DEMAND
OUTSIDERS BEGIN TO BID AND
PRICES OF SHARES ARE HIGHER.
Determined Bear mpai Received
u Bnd Rap the Past
cal Markets Steady.

At New York, Saturday, money on call
was steady at PAPA per cent; last loan, 2
per cent.
Prime mercantile paper. 202la per cent.
Sterling exchange was steady, with actual
business in bankers bills at $.S7&s for de-
mand and at s4s5%@4s5% for sixty days;
posted rates. S.s614Q4S7 and A.s9; CONNER
cial bills. s4.SA.
Silver certificates, 601Aa62c: bar silver.
eOxc: Mexican dollars, 4S1ac. at London
bar silver closed steady at 277sd an ounce.
Exports of gold and silver from New
York to all countries for the week aggre-
gated 1927 ,342 silver bars and coin and A,-
f, 545, 800 gold. The imports OF dry goods and
general merchandise at the port of New
York for the week were valued at $685. 91.
The imports Of specie were $779,712 gold and
$3.50 silver.
The New York weekly bank statement
shows the following changes:
Circulation, decrease. .......... S3O,lW
Surplus reserve. decrease..-....-....3SS 1SV
Loans, .l9'sOS'4 o
Specie, decrease. l,oSl,5U
Legal tenders. increase............... s6SU
Deposits. increase..-.....-.-..-.---- 1,dfO,Vo
The banks now hold sS9,S23,1 in excess
of the legal requirements.
The New York FfnaDcier says: "The
statement Of averages of the New York
clearing house banks for the week ending
June 10 Is much better than was expected.
The known movements of money for the
week Indicated a reduction in cash of about
g yOO0. 900. and this, coupled with the expan-
sion known to have been made in loans and
deposits, seemed TO forecast a heavy reduc-
ton in reserves. The statement. however,
shows a decrease in surplus cash Of only
%. 3S7. 500. due TO a loss of s1.4S.Oco In specie
81 the deposit increase of 81. 7l0,0O. The sur
plus reserve now stands at over thirty-nine
millions. which, discounting expected gold
Shipment and larger loan commitments, Is
an assurance of a continued ease In money
rates The exhibit Of the week implies a
shifting OF funds as much as anything else.
One bank which has been prominent in the
export movement reports a loss OF between
eight and nine millions in deposits and in
gold. but this has been counteracted by the
Operations of other Institutions. The loan ex--
pansion Is due in part TO the revival OF
activity on the Stock Exchange, and the
by four or five banks. IL Is difficult to de-
termine what part current gold exports play
IN the Totals o. r ,es %ses' Il; as t ms a res I
There seems little likelihood. however, that
the export movement viii be checked by
Al Is true, have fallen of, and domestic ex-
change is quoted at a discount as against a
rather steady premium this spring, but the
July PCttOo WI
money in this direction The low quotations
on caTl rates have induced some New Eng
land borrowing in this center and Stock Ex.
with this drain and with the probability OF
further exports OF specie and Northwest
crop demands later in the .Jeason. nobody
expects anything like a hard money market
over the summer. and II rs conceded the
availat'c currency supply will be aug
mented by gold imports In the fall"
RESULT OF DEMAND
Total eolaz NJ sfocka amounted fo 900 OS1
shares. including: American Steel and
Wire. 1900; Sugar. $4,000; Anaconda. $500;
Atchison preferred. 23.l0: Brooklyn Rapid
Transit. @.5Oo; Chicago, Burlington &
Quincy. IA. l00: Consolidated Gas. 400. Con-
tinental Tobacco, 300; Denver g. Rio
Grande preferred. 1900: Federal Steel. II. 100:
Manhattan. IL. 100; Metropolitan. 400: Mis-
souri, Pacific. 4.soo: New York Central. 400:
Northern Pacific, 1850; Ontario & Western,
800; Pennsylvania. 1900: Peoples Gas; .
Island. $500; ST, Paul. 1890: Wisconsin
Central preferred. 400.
Fridays notable rise in prices of stocks
brought the expected result in large orders
TO commission houses to- buy stocks Satur-
day. These were put in AT the opening and
executed at the high prices to which values
were marked. Tie professional operators.
who have been buying stocks in the last
realize. After this trading had been con-
Guided IL looked as II the large operators
few days were disposed to pursue their ac-
fiyities and the market began TO sag on
light transactions. The low point was made
just before the publication of the bank
statement, when prices In many cases We're
below Friday nights level. American Steel
and Wire, Sugar preferred. Brooklyn Tran
sit and Manhattan were the SevereSt suf-
ferers from the reaction. The experts had
figured that the bank statement would show
q decrease OF 100000 in cash holdings, al
though IL was known only Sl,500.se of the
weeks gold would figure in the
statement The losses or the banks to the
eubtreasury were expected to be heavy. In
ktead or this there was a decrease in cash
OF only about a MILAN and a half, and the
liberal expansion in loans or over $40. o0.e
was evidence Of the easy feeling of bankers
over the outlook for money. Prices or
stocks hardened as a consequences and re-
covered most OF the earlier decline. Sugar
touched the top price for the day and Con-
solidated Gas rose about 81 points. Penn
eyivanfa was consistently strong throughout
Paul enjoyed the benefit o. IT'S increase OF
$1,000 In gross earnings for the first week
I'm June The bull leaders are undoubtedly
counting on the favorable effect TO be pro-
duced by coming reports of railroad earn
fngs. which for the next few weeks will
compare with the period last year when the
Letter wheat deal reached It's collapse. the
price or wheat suddenly dropping and the
movement OF grain. and. consequently. the
earnings OF ralroads. had the only notable
sef-baek OK the year. AS the grain roads
have been making excellent comparisons
even with the period Of the maximum grain
movement last year, the increase for the
next Few weeks Is expected to be phenom-
enaIly large The bull movement sought TO
be inauGurated Friday In American Steel
y wire proved aboruve and the stock
failed 70 rally from It's axn saturday.