The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-08-21

posted rates. $4.sS1za4.Si and A.S7Q4sIh;
commercial bills. siS1aI.s1A.
Silver certificates. 6oz46lhc; bar silver.
60hG6)zc: 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. ncrease.....-..... s6s6.915
Loans increase ..........."....- ictS's0o
Specle, increase I,o91'o0
Legal tenders. decrease ............- $1,000
Deposits, increase --..............-... Is2l,9O
Circulation, increase ......-......... i4O,lVV
The banks now hold sl5,0s2 $50 in excess of
the requirements Of the % per cent. rate.
The New York Financier says: THE
feature of the New York bank statement
for the current week was an expansion of
81. coo in loans. the first that has been
recorded since July s last. The liquidation
in this item In the intervening period has
been no less than forty-seven millions. The
loss in deposits in the same time has been
about fifty millions, but the banks have ten
millions more surplus reserve than reported
early In July. Their position is correspond
1ngly stronger and the fact that loans are
rising indicates that this steady liquidation
Is at an end. TIL Ioan expansion, In view
of the reviving Stock Exchange activity, is
very moderate, to say the least. The banks
gained 100000 as a result OF the weeks
operations, and as the increase Of $1,2s2.5O
In deposits called for an increase of less
than a third Of a million in additional re-
serve requirements, there was an addition
OF $685. .975 to surplus, making the excess at
the close of the week SIS. OS6, $50. This is less
than half the amount held at this season
in ordinary years, but yet nothing APP
preaching the present condition Of affairs,
so far as the wide distribution of money Is
concerned, has ever been known in this
country and II Is reasonable to suppose that
the drain on New York this fall will be
correspondingly less. 1t is reported, for in
stance, that the banks of Kansas are car
rying two-thirds as much surplus reserve
as the total held by the New York banks,
and other interior States are quite as well
or. But while the banks here have man.
aged to expand their surplus to a respecta-
BILE figure, IL Is not to be inferred that the
rates for funds will sink to a lower level
than that at present. On the contrary, the
money market Is expected to maintain
rather a firm level over the opening of Sep
TENDER. AS the crops have been moved,
however, it will be surprising If there is not
e. relaxation in loan quotations, but before
this occurs the heavy export movement in
the way of cereals and cotton may influence
exchange rates TO a point where gold i'm
ports will follow. 1t is an interesting COM
mentary hat the circulation of the New
York banks is beginning to expand once
more, after the greatest need for relief has
passed. This has always been the case in
Former periods Of stringency."
The New York stock market was strong
and active again Saturday after a brief pc
yiod of hesitation and reaction on the pub
1ication of the bank statement New buy
ing orders In a few conspicuous stocks lifted
them to the top level of the day. There was
some realizing AT OI0er DOlnt9 UNDER This
bidding up Of prices, and a few weak spots
made the market rather irregular at the
close. Fridays vigorous upward movement
attracted a large volume of buying orders
10 the commission houses, and the tone OF
the market was thus strong from the open
ing. The weekly reports of the various trade
and commercial agencies and the increased
earnings of practically all the railroads re-
porting helped on the upward movement.
The buying in Louisville and Tennessee Coal
continued in evidence, and Central Pacific
was bid up Southern Pacific, in spite of
large dealings, was held back by profit taxi
the day. Louisville rose an extreme 21s,
and Tennessee Coal shows a net gain of 312.
Takings of ST. Paul were on a very large
scale, and were accompanied by rumors of
an intention to declare an extra dividend
were Norfolk & Western. common and pre-
Serred. the common gaining IL. Pacific
Coast common and second preferred rose 2E
Atchison preferred. American Cotton Oil,
National Steel preferred. Steel and Wire
gains of a point or over. On the other hand,
Sugar, Brooklyn Transit the tobacco
stocks. and some OF the steel and iron stocks
were under some pressure. and losses are
shown here and there in the railroad list
in stocks which were only lightly dealt in.
IN ir tsat pa the depesit liabilities We're p NOT ins
creased by as much as the cash and loan
increase. But the smallness Of the changes
mentary hesitation traders decided to take
the optimistic view of the statement. South
ern Pacific collateral fours, when issued,
were taken I'm large amounts at a gain of 1
A LIVELY WEEK.
Speculative sentiment has been I'm a good
deal of hurly-burly all the week. An in
spection OF the price list discloses some very
wide movements Of prices in contrary direc-
lions. Industrial stocks as a rule are lower.
the exceptions being tobacco stocks. Some
very striking gains are shown in individual
railroad stocks. but the changes in the ma
tority OF these stocks were surprisingly
small until Saturday. considering the &C
tivtty OF the market and the furious specu-
lative contest which has been waged. So
Tar as an effort 10 cause a general reaction
In prices is considered. the bears have suf-
fered a total rout, and have shown symp-
toms of exhaustion and disposition to cover
short contracts as the week progressed. A
marked effect was produced
early In the week by a published announce
ment from q stock operator noted for his
boldness and many successes that he per-
elsleu IN MS Deliet tnat prices were 100 ulSH
and certain TO go lower. This announcement
induced a considerable following among the
board room traders. who have constituted
the greater part of the market for some time
past. and the buoyancy OF a few stocks on
Monday following the favorable bank state
ment OF Saturday did not awaken any gen
eral demand for securities. There was a
watchful anticipation of a bear raid. which
came on Tuesday with a fierce onslaught on
BROOKLYN Transit and American Steel and
Wire. On Wednesday the battle was con-
ffnued and shifted to Sugar, Tennessee Coal
and the tobacco stocks when signs or real
izing sales after the large gain in those
stocks made them vulnerable. Only slight
effect was produced on the standard railroad
stocks and Individual stocks I'm that depart
ment continued 10 show striking gains.
Quite a number of obscure stocks were
brought forward and the price run I'D rapid
" on favorable conditions OF the properties.
Powerful pool operations also came into evil
cence. The organized buying OF Southern
and Central Pacific and Louisville & Nash
vile were particularly notable. As there
are heavy holdings Of these properties in
delivery and the rise was thus aided. The
Southern railways generally sympathized
with this movement In Louisville and the
recent rotable strength OF Tennessee Coal.
which was accompanied by reports OF eX-
uaordinary favorable business conditions in
the southern part Of the country.
The pressure from bear sources was large
" removed as the week progressed. Late I'm
the week the market broadened very ma
teriaIy and began TO show signs OF an out
elde interest being attracted By the leader
ship OF the organized pools which had set
about builing stocks. The statement OF
earnings for 81. Paul for the second week In