The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-27

posted rates Sf.o31z ana e1ocAfoSf I'm
mercial bills. S4.SsAG4SfA-
Bar silver was 6lsc; silver certificates,
6i1kQs21zc; Mexican dollars, Rssc.
The imports of specie for the week at the
port of New York; were sl1 .5s1 in gold and
G4.2s1 in silver. and the exports aggregate
ss5.347 in silver bars and coin. and s1.155.S'0
In gold.
The imports of dry goods and merchan-
disc were valued at 50. IA
The weekly statement of the associated
New York banks, issued Saturday. shows
the following changes:
Surplus reserves. increase ..........S3.35l,SaS
Loans, increase ..-....---..".-...-- .'Sds' y
Specie, increase f,oyo'SoV
Legal tenders, increase .....-....--- fSz'9D
Deposits. increase ......"............. i'goo',W
Circulation, increase ............--.- oO-,3W
The banks now hold SO, SOS. 925 in excess
of the requirements of the % per cent. rule.
The Financier says: 1.-THE loss shown
last week in the cash holdings of
the clearing house banks has been
more than half made up by re-
ceipts from the subtreasury and by remit
tances from the interior. The total dis
bursements by the former amounted to
s.. $50. 600 and the receipts from interior
banks exceeded shipments By nearly 5000
600. Drafts drawn by the Treasury De-
partment and deposited I'm New York IN
payment for gold received at the assay
offices on the Pacific coast have con-
trfbuted slightly to swell the total gain.
1t was anticipated that the advance would
nearly. If not quite. equal last weeks loss.
and this may be the case actually, but as
the money has been coming In almost up 10
the closing moment 1t is not all shown In
the weeks statement. The export of gold
Is practically ar an end for the present and
probably will not be resumed TO an APP
preciable extent before the second week in
September. when the third installment OF
the British exchequer bonds will have to
be provided for. 1t is possible. of course,
that EnglandS need in this direction may
lead to an offer of inducements that may
cause the yellow metal TO flow In her d.
%rection. but In the meantime the supply
will be considerably augmented by receipts
from the Pacific coast, so that in any
event nothing but an unprecedented de-
mand can cause us even temporary en-
barrassment. The fact that the New York
banks received from the interior during the
week almost $1,000, 600 more than was with
Drawn gives proof of a very satisfactory
condition in the South and West; in fact,
reports from those sections seem to indi-
cate a plentiful supply OF money and lead
to the belief that no heavy demand need
be expected until much later than usual"
WALL STREET REVIEW.
Weakness was pretty generally mani
tested Throughout the entire stock market
Saturday, but as the offerings of stocks
were fairly large only in Brooklyn Transit.
not much of an inroad was made on prices.
Early ~hesitancy was succeeded by a rising
market. but the entire list weakened in the
late tradings on the publication of the
bank statement and liquidation i'm Brooklyn
Transit. Numerous favorable statements
OF weekly earnings came to hand. but their
~showings were without avail i'm sustaining
prices. Respecting the recent activity and
strength in st. Louis Southwestern, the
Ir1~ -aIA Ill l.
explanatory. The report showed a gain of
50 per cent. in net earnings over the c0rre-
spending period of a year ago. Estimates
as TO the extent to which the banks had
recouped themselves on subtreasury opera
lions and the interior currency movement
for the loss in cash last week was not
borne out in the official report. The dis
crepancy Is thought To be due to the COM
plicated system of averages which does not
Indicate the banks real strength.
Results in the stock market this week
We're disappointing 60 bulls and bears alike.
While the market was unresponsive to
good news. unfavorable factors failed to
create any marked liquidation. The flow
ing supply of stock is admitted TO be small.
owing to the absorption of prominent in
terests who have perfected or are project
ing various deals. With the leading of
investment interests to be considered
caution necessarily surrounds bear opera
tions- No important bull pools developed.
but there was some movements which had
a manipulative appearance. The best i'll
lustration of the narrowness of the market
was attested by the wide changes which
occurred in special stocks when a large
selling or buying order was executed. TAX
Ing into consideration the changes in the
market values which were made through
these. operations, the paucity of ready supply
and the inability of the market to digest
easily was apparent. When conditions like
this arise. general interest in fluctuations
wanes and the market is given
over the traders whose operations are of
the day TO day order. What produces the
general ~stagnation in financial markets,
the world over. becomes of iterest, and
unsettled Chinese situation agitating civ
flizatfon, measures to recoup the treasures
OF the various nations involved for the
Immense sums expended are heard of.
Financiers are we'll fortified against any
possible unusual drain of gold, and banks
are steadily strengthening their position by
increased circulation. Foreign govern
mental institutions are also pursuing meas
ures TO enable them to meet the enormous
expenditures of their respective govern
ments. The position of the Bank of Eng
land was considerably strengthened by re-
ceipts of gold from here and the colonies
While borrowing heavily i'm the open mar.
ket, IL maintained its high rate of discount
and reduced loan liabilities by many mil.
lions. Retrenchment, as for some time
past. continues to be the policy Of the
strong position of the bank with prepara-
tions for inanciering the reported Russian
loan.
IN STRONG POSITION.
Home institutions have TO contend witt
liquidation of the balance due on the por
ton OF the British Exchequer loan allotted
here. and the disbursements for crop-mov
ing purposes. With the installments fol
the British loan falling due. when ordi
narily the movement of currency To th'
interior is progressing. the effect on Ioca
reserves requires consideration. Already
rates for foreign exchange are raising. bu
rs the level is well below the prohtabl,
gold export point. no uneasiness is felt
In fact. the strength of exchange IS ex
planned by the ~cheapness of our money
Market, capital being naturally attracted
abroad. where better rates are obtained
Authorities agree that IL is yet too earl,
TO forecast the disposition of the balanc,
due on the loan. 1t Is cOnjectured tina
the amount may be utilized to offset tn
fall exports of our staple products.
According TO trade reports a distinct i'm
provement Is noted in various lines, Blu
the volume Of business is not up TO tn
average. owing TO the unsettled state o
leading industries and the usual contrac
ton in n national election period. No es
sential change occurred in money marke
Oh refunding operations and gains from
cash loss TO the banks Of last week. Stocks
moved very irregulaTly throughout. bu
worked lower toward the close on sales b.
tired holders. Various factors combine
TO infuse activity IN special issues. but nj
fbough rumOrS were DlCnfiful no 1adpft