The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-11
1T HAS BEEN A MARKED FEATURE
OF THE WEEK.
Money Market and Foreign News Con.
thine to ne of Bearish Enect-Lo-
cal Trade Not I'm the Best shape.

AT London, bar silver was 275sd an ounce
Imports of specie for the week at the
port of New York were sl7.s57 gold and s4.-
POI silver.
Exports Of specie to all countries for the
week were 1881. 346 in silver bars and coin.
and s62.5sl in gold.
Imports of dry goods and merchandise at
the port OF New York for the week were
valued at s9,2sl,177
The weekly statement of the associated
New York banks. issued Saturday shows
the following changes:
Surplus reserves, decrease. 81. 749, 025
Loans, increase .....--.-....--.... o,4S3,OO0
Specie. decrease -.-----.-..--.---.--. 6S0. 200
Lesai tenders. increase -.....'.--.'.. sIssOo
deposits, increase .................. ., IS0, 800
Circulation. increase. 419, 500
The banks now hold sls,374.250 in excess
Of the requirements of the % per cent. rule.
The Ffnancier says: After a three
weeks expansion in surplus reserve the
New York banks again report loss in cash
held above legal requirements. the contrac-
ton over the past six days having been ST.
749. 025- 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 100000. 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 week ago of about seven
and one-thfrd millions in loans, the same
for the current week shows another gain OF
$685. 900, although in what channels these
new commitments have gone Ii is not easy
10 explain. The loan total Is now SIS, 000, 900
in excess Of the highest record of 1899; de-
posts for the week are IS, 800 higher.
owing TO the increase in loans, but the total
does not come up to the maximum of s914,-
bod he Ifor
year 1899. The general trade and specula-
tive situation does not sustain the theory
that the rising totals in both loans and de-
posits are caused by demands from either
source. and Ii is probably true that special
operations are responsible for the heavy
changes The approaching July dividend
period now less than three weeks distant,
will begin to influence the weekly statement
from this time on In view of this circum-
stance, and also because OF the payments
OF the banks to the treasury and the early
cessation of flow OF interior funds to
New York, 1t Is TO be expected that the re-
ports Of the banks will soon show declining
averages Whether higher money rates are
TO 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 a presidential cam
paign and heavy crop movement are draw
Ing near. the natural inference is that with
the maintenance of a volume of business
anywhere near the present level money
must advance II 1t moves at all The new
circulation taken out by banks will not be
an appreciable factor in stopping ordinary
movements of money over the present crop
year, although 1t may change to slight
West The circulation taken out by one
New York bank alone amounts to date to
more than $6000.000."
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 a 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 a liberal scale
here. Rumors are disseminated to the
effect that this foreign selling Is really for
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 TO its motives or it's 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 to ac-
count for the weakness The news of the
day. while inclining toward depression is
of about the same character as for some
time past. while the market has been slug
efshly Indifferent. Spectators there
factor not yet known to the public is in
ducing liquidation
The money market outlook, beyond the
immediate future. is not altogether salts
factory The weeks additional loan expan-
sion of S6.4s3. 900 must clearly be attributed
to renewed foreign demands on our credits
Estimates of the future ease of the local
money market have been predicated upon a
cessation of this foreign demand The
acuteness OF the stress for funds in Berlin
seems TO be the cause of the new demand.
II this loan extension TO foreign borrowers
should continue into the period when New
York banks are called upon 10 finance the
crop movement. now not far distant, a
rapid dissolution of the surplus. which was
reduced Saturday To $iS.374 go would neces-
sariIy result Fridays additional call for
3e.ooo.oo0 OF government deposits will be
followed by three other calls of the same
amount an thus taking up the whole of the
$25.oooOoG necessary to redeem the govern
ment tw0s. which are called for Aug Is
These bonds are in the names of the banks
and are on deposit as security for circula-
ton. IL Is optional with the banks when
they shall be presented for REDEMPTION
Until they are redeemed the calling OF the
government deposits from the banks will
continue to act as a drain on the money
market The market closed steady on
covering movement by room shorts.
Prices for stocks are considerably lower
for the week. and the speculative mood
continues depressed and respondent over
the uncertainties in the outlook. and the
fear OF decreased profits in business and In
dustry is resulting in drain In values. 1t
IS to be considered that IL this fear were
backed by conviction there would be liqui-
dalton In force and active speculation
the bear side. On the contrary. liquida-
tion has been restricted 10 inappreciable
drfbbungs for the most part, and the pre-
vailing mood Is one Of apathy and indif-
ference The changes for the week have
teen accomplished on very small volume
OF business. Trading on the Stock Exchange
has approached the point OF absolute stag
nation Holders seem content TO hold for
the present. hoping for better things, even
with no. present demand for their stocks.
The incidents OF the week have been on the
side OF depression. and the natural reaction
from last weeks fictitious rise has been
made IN the same direction. The covering
OF short contracts. which was the real
cause OF that rise, left the market techni-
caily weaker. The reduction OF the short
interest withdrew a prop from the market.
and the taking on OF long lines with the
advice TO take profits I'm it's train.
FOREIGN INFLUENCE.
These causes exceeded the dominant in
nuences. which were the acute stage de-
veloped In the complications in China and
growing fears OF failure OF the spring
wheat crop IN this country. The weeks mar