The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-10
DEPRESSION IN STOCKS
Money Market and Foreign News Con-
cal Trade Not in the Best Shape.

At New York, Saturday, money on call
was nominal, offering at per cent.
Prime mercantile paper. S1zd4A per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at s4.S714G
LS7ss for demand and s4.S4ssq4S4S4 for sixty
days: posted rates. 81. S5lz and s4.sS1s; COM
nercial bills, s4S3z4q4.S4.
Silver certificates were eO@e1c; bar silver.
SOC: Mexican dollars 471kc.
At London. bar silver was 27ssd an ounce
Imports of specie for the week at the
port Of New York were sl7,957 gold, and s74,-
e6l silver.
Exports of specie to all countries for the
week were ss3l.S46 in silver bars and coin,
and $s2,5Sl in gold.
Imports of dry goods and merchandise at
the port of New York for the week were
valued at se.291.177.
The weekly statement of the associated
New York banks. issued Saturday shows
the following changes:
Surplus reserves, decrease. 81 749 OBS
Loans, increase ......---..-.-....... 6, 4S3, 900
Specie, decrease ACKNOWLEDGEMENTS. $50, 200
Legal tenders, increase ............. 37S, 900
Deposits, increase ......-........... 5, 100, 900
circulation, increase. 1850
The banks now hold s1S,374,25O in excess
The sF'inancier saws: after three
weeks expansion in surplus reserve the
New York banks again report a loss in cash
held above legal requirements, the contrac-
ton over tpe past six days having been 81,
1898 This decrease was due more to the
operation OF a rising deposit total than to
real loss of cash. the reduction in the actual
holdings footing up only about $500 600. The
cash decrease is traceable TO the amounts
paid into the treasury in response TO the
call of the secretary for a percentage of
public deposits, but these payments were
Counterbalanced in large part by receipts
OF funds from the interior. Following the
expansion noted a week ago of about seven
and One-third millions in loans, the same
for the current week shows another gain of
$6.4S3,000 although in what channels these
new commitments have gone il is not easy
10 explain The loan total is now $13 600, 600
IL excess of the highest record of 1893; de-
posits for the week are s., 800 higher,
owing TO the increase in loans, but the total
does not come up 30 the maximum of $914,-
$4,000 reached during the earlier part of the
year 1899. The general trade and specula-
tive situation does not sustain the theory
that the rising totals in both loans and de-
posts are caused by demands from either
source. and il is probably true that special
operations are responsible for the heavy
changes The approaching July dividend
period, now less than three weeks distant.
VIII begin 10 influence the weekly statement
from this time on In view OF this circum-
stance, and also because of the payments
cessation of a flow of interior funds to
New York, it is to be expected that the re-
ports OF the banks will soon show declining
averages. Whether higher money rates are
70 be looked for is a problem that is not
capable of solution just now. Taking into
consideration all that has been outlined and
the additional fact that presidential cam
paign and heavy crop movement are draw
Ing near, the natural inference Is that with
the maintenance of volume of business
anywhere near the present level money
q q n N
circulation taken out by banks will not be
al apPreciabie factor IN stopping ordinary
movements OF money over the present crop
year. although IL may change TO a slight
extent the character of the money sent
West The circulation taken out by one
New York bank alone amounts TO date TO
more than 5000. 000
WALL STREET REVIEW
Those who expected that the bears who
sold stocks short in large volume during
the final dealings Friday would scamper
TO cover their short contracts yesterday
and work sharp rally to close the week
were disappointed. The depressed condi-
ton Of foreign stock markets continued
Saturday in spite OF the rather more assur-
ing openings for a peaceful outcome of
affairs in China, so far as the interests OF
European powers are concerned. Selling
for London account was on liberal scale
here. Runors are disseminated 10 the
eject that this foreign selling Is really Tor
the account of some large New York oper-
ators. at present in Europen, and who have
long been prominent on the bear side OF
the market The fact is that Fridays
sudden weakness OF stocks is not clearly
understood as 10 its motives or its course.
and current rumors represent the surmises
OF those cropping for light more than any
authentic knowledge. Wall street is. IN
reality. rather skeptical about reports of
crop failure at this stage. Neither is the
foreign selling in sufficient volume 10 &C
count for the weakness. The news OF the
day. while inclining toward depression. Is
OF about the same character as Tor some
time past, while the market has been slug
gtshly Indifferent. Spectators are there
fore inclined 10 fear that some unfavorable
factor not yet known 10 the public Is In
oucing LIQUIDATION
The money market outlook. beyond the