The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-24

The imports of dry goods and merchandise
| for the week were valued at $780, i1. The
imports of specie were s102. 752 gold and $685.
200 silver.
TIE New York weekly bank statement
shows the following changes:
Surplus reserve, increase. 81 $780, $50
| Loans decrease .................... s, S2S 600
Legal tenders, increase. 0l5, 300
Deposits, decrease IL Oh 800
Circulation, decrease ................. 22,6
The banks now hold So. GOO in excess of
| the requirements of the Is per cent. rule.
The New York Financier says this week:
1.-THE reduction of sl2.OOO.O 900 in the deposits
of the New York banks last week lightened
reserve requirements about 100000. The
institutions. however. according to their cur
rent statement, lost 81 .649. 100, cash, and for
this reason the increase in surplus reserve
was only s1,356 $50. which brings present
holdings s12 055. 900 above legal requirements.
The decrease in loans was nearly So 100000.
In the last three weeks the bankS have
contracted outstanding loan obligations no
less than twenty-six millions. In the same
| time deposits have been decreased nearly
twenty-seven and one-half millions while
| the cash in bank had remained stationary.
1t will be seen reserves have been strength
ened at the expense of outstanding commit
ments. and the process does not appear to
have reached an end yet. There is no ques-
ton. however, that the banks are now gain
ing cash, even if the statement does indi-
cate otherwise. The known operations of
money last week were decidedly in favor of
the institutions. the loss Of three-quarters
Of million to the treasury having been
offset by the gain of something like two
| millions to the interior The current exhibit
does not reflect this. but it is to be said the
| losses shown can be traced to two three
large banks, the remaining members hav-
ing really strengthened their positions. AS
to the outlook, the opinion is that there is
nothing in the situation at present to war
ran an undue expansion in bank figures.
| The liquidation which began with July has
| run its course to large extent, and while
| the present is a midseason period, the move
ment of money will probably continue this
| way for some little time. Foreign exchange
authorities agree that gold exports, except
| as special transactions, are at an end, and
while the crop season is near at hand. ii
| is not anticipated the demands this year will
| cause much OF a drain from New York. In
| terror bank reserves are above the average.
and this, coupled with easier rates for mon
| ey abroad, and the certainty that exchange
coming grain exports, seems to favor a
| relaxation rather than rise in rates here
Tor the time being.
an unimportant, even an insignificant af-
| fair. London manifested some continued in
terest in American securities. marking up
prices rather above the point reached on
| this side, even on the opening rise. The
| opening advance at New York quickly sue
| reaction in Sugar, which lost something
over a point Heaviness in a few other in
dustrials helped to hold back the market.
| But the bears were no more disposed to
operate than the bulls and the market sus-
| pended near Friday nights level. The bank
statement brought realizing movement
which carried prices off in some cases a
point from the best. Rock Island and few
other stocks which have been going up for
| several days being most affected. The Offer
ings were well absorbed and the short ses-
| sion ended with quotations not far from
| Friday nights prices. The oppressive heat
| prevailing had something to do with the ex-
| IRENE lassitude of the trading. The Ameri-
| can Linseed Oil and Iowa Central stocks
| showed good advances in prices, and the
| bonds rose IA on the requirement of track
| age rights between Denver and Pueblo from
| the Atchison by the Colorado & Southern,
| which controls the Texas road. The bank
| statement showed the surplus reserve in
| creased by reason of a contraction in loans,
as was expected, but the loss of over
ment is reflected in the bank statement. The
| million in cash was disappointment. In
| view of the low prevailing rates for money
at interior centers, it was expected that
| funds would have been attracted to New
York during the week, but no such move
high rate for sterling exchange causes some
| anxiety, as well as bewilderment, in view
| of the lower discount rates in London and
| the well-marked disposition of London to
| buy stocks in New York in the last few
days. The sterling rate has only yielded a
| fraction and still hovers within cent of the
| gold export point.
Net changes in prices of stocks for the
| week are mostly small and show both gains
| and losses. There were some sharp losses
| in the early part of the week and the
| movement after that was irregular. 1t was
w hr1Cf of he
| Even dealings by professional operators
| had dropped to minimum Looking back
Germ that the best judges failed to correct
| ly estimate the worlds needs for money
| and the release of large sums. which was
successfully retained from day lay to day and
from week to week. Large loans were re-
paid to the Bank of England in the first
days of July, but before the week
| over the market was again borrower from
the bank and has been ever since, at rates
o oR mhum O. pen cent ony n
| the last three days has there been any
marked relaxation in money stringency at
| as the situation developed that London and
| the continent were going to be more de-
| pendent on the United States for relief
| hardness of money here has aroused doubts
as to the availability of that relief The
situation is conclusive evidence OF the con-
| tinued strong influence of America in the
money markets of the world. The indus
| trial activity in Germany, especially in
| iron and steel, and the speculation on the
| Berlin Boerse have kept money high at
Berlin. In Great Britain itself there have
been expanding trade and interior demand
| for money beyond what has been counted
on, and the call of a portion of the japanese
loan pinched the London market. In the
| face of these conditions when London saw
| the money rate in New York holding high
and very slow to yield, the speculation in
securities came TO standstill, not only
| In London, but on the continent and in
New York. The largeness within which
the money paid in dividends and interest on
July IL has reappeared in New York bank
deposits, while II delayed relief is evidence
of the widespread distribution of securi-
ties. Several large financial transactions
have made demands on New York banks,
including the fiotation of the tube COM
bination, temporary loans to the New York
city government and the Mexican loan. The
uneXampled activity in all branches of
business and industry makes use for the
large funds at interior points. which would
otherwise find their way into New York
banking deposits but which only a high
rate for money in New York now serves to
attract Nevertheless. high-class bonds,
railroad. state and municipal. continue at
record figures and capital is evidently
abundant as never before. The conserva-
tive element views with equanimity the
failure TO arouse rampant speculation in
and ho1d ar ma w all