The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-17


bills. s4-s5A-
Silver certificates, eua6lc; bar silver, &C;
Mexican dollars, 47Zc- At London bar sill
yer closed steady at 275sd an ounce.
The imports of dry goods and merchandise
at the port of New York for the past week
were valued at s10,01s.S $50.
Exports of gold and silver to all countries
aggregated Ss5s,1z in silver bars and S. s5
gold. The imports were 500. 81 gold and
So.s13 silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase .....-..... s., 366. 215
Loans, decrease ...-.-............... l',1ou ~
specie, decrease 9o5' - "a
Legal tenders, increase .............. 1900
Deposits, decrease ................-.. lo,I13,Iu
Circulation, increase 49,. -..-.-.- l'S"
The banks now hold SIC, SOS, 80 In excess
of the requirements of the 25-per-cent. rule.
The New York Financier says: There
was a material Improvement in the condi-
ton of the associated banks of New York
last week, the reserve above legal require
ments showing a gain of $3.50, 275. which
brings the total surplus cash to $40, Cos, $50.
This was the result of a rather drastic
liquidation In loans. that item having de-
creased no less than ST., $50. 200. A coinci-
dent transaction Of SIC. 27S. 100 In deposits re-
duced reserve requirements by S3,s1s, 0o0. and
this, added to the gain of $,S1s.O00 in specie,
made the expansion in surplus as stated.
The statement is much more favorable
than preliminary estimates had forecast
The known Of money indicated
that the banks had lost more money than
being responsible for this opinion. But it
Is possible the previous statement, as set
forth last week in this review. very much
underrated the real position or the clear
ing-house institutions. In the same man.
ner the gains from the interior for the cur
rent week were probably larger than ex-
pected. In any event, the reserve has been
materially strengthened, although IL Is still
much below the average Whether the
statements for the next week or two will
continue to show cash gains cannot be as
serted positively, but Ii is known that a
portion. of the July dividend disbursements.
not yet been redeposited in bank. The treas
ury, owing to customs collections. has been
q gamer OF late from the banks
OUTLOOK FOR THE FUTURE
'The principal point of interest centers in
the crop movement demands, the season
for which is rapidly approaching. If re-
ports from the interior be correct, and the
bank exhibits now being published seem
to show that hey are, it Is difficult to see
where New York can lose much money in
that direction during the early fall. Re-
serves all over the country are extremely
nigh Ia q 0Idiu III VIEW -1OIk nedNy
enough to advance interest rates would in
evitably attract large sums of money to
this center. The question OF foreign ex-
change Is again a subject OF interest, but
IN the present state of the market 1t will
require a profitable premium, indeed. to in
duce an outward flow or gold. Considered
from every standpoint the next few weeks
give promise Of developing some important
fhases In the monetary world"
The total sales OF stocks, Saturday.
amounted to 126.150 shares. including:
American Sugar, 1900; Anaconda. 400;
Atchison preferred, 300; Brooklyn Transit,
cSesapeake & Ohio. 800: Missouri Pacific Cine
1000.
Saturdays New York short market was
90 narrow and so nearly stagnant that
movements Of prices were of little signifi-
cance. There was a .psrceptible tone Of
ffter the appearance of the bank statement
BY the hasty covering Of some small bear
S SUn'e ous 5u .a tne Sf5ang so the ws appea naa beer OF
the settlement. Probably the greater part
OF the days business was given over to the
This contingent has been particularly active
IN Brooklyn Transit during the past week.
on the nersistent talk OF a pending strike.
stock the most active on the list, and moved
It up two points from the opening decline.
time IA over last night. Peoples Gas re-
covered sharply from Fridays price. Ore
gon Navigation preferred advanced la on
the discharge OF the voting trust and the
the amount Of 10 per cent. in yearly INSTALL
ments. Cotton Oil rose over a point. Man
haitian and the railways were
also inclined to strength. The bank state
ment was up to expectation in the item of
loan contractfcDs and the consequent re-
auction In deposit liabilities. 1t was unex-
pectedly favorable In the showing of a gain
In cash, considering the payment of $780,
600 to the subtreasury on customs payments
rEfn tho uwaaE Nh NA-- =. -@-A,-
market worked still lower, but demand
sterling advanced a significant fraction and
london discounts were also harder. Ster-
ling exchange. at continental ~centers, also
rose sharply. lending point TO the note of
alarm sounded by the weekly English fnan-
cial publications over the immediate future
OF the London money market.
BAD WEEK IN STOCKS.
The week In Wall street has offered evil
neDces that an eager speculative contingent
is watching for an opportunity to embark
on the long side of the market. There is
evidence also that a large portion of the
contingent was not possessed Of abundant
funds and the continued tightness of the
money market and the successful machina-
lions Of the bears rave checked the bullish
enthusiasm, wiped out margins and pre-
cipitated considerable speculative iiquida-
tion- A number Of individual stocks, how
ever, has shown aggressive strength on
large buying and sustained the general list.
The activity OF the market for call loans
on the STOCK Exchange, even at the high
rates. also indicates confidence in some
quarters IN the early clearing of the situa-
ton The extended period of the hardness
OF money after the July l period upset the
calculations OF many observers and last Sat
urdays bank statement, showing surplus
reserves down TO near 100000 and lower
n since the panic of 1893. caused some
thing like alarm There were large orders
10 sell at the opening on Monday, as IL
was certain many loans would be called TO
were below their legal reserve limit. The
acute phase OF the Transvaal situation in
terfered with values abroad and so empha-
sized the money stringency in all foreign
centers. with the result that London offered
large amounts Of stocks for sale In New
New York Traction stock and in Peoples
Gas. The combined effect was a violent
break in prices through most OF the list
and active selling movement. The
almost complete recovery on the following
day on only two-thirds the volume of Mon
cipitate selling had been well absorbed and
the amount OF stock for sale greatly dimin-
eDhed. The technical position OF the market
was thus much strengthened by the shak-
Ing out OF weak holders. II came 10 be bet
ter understood that Saturdays bank state
day In the preceding week. did not fairly
reflect the actual condition of the banks
on the date when IL was made. At the same
time IL became known some very large
loans made on account OF an Organization
of the tube industry and TO the New York
bonds had been liquidated and that funds
disbursed on July I for dividends and inter-
ests were coming back into the deposit ac-
counts OF the New York banks. But the