The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-18


Silver certificates were 6OGsic: bar silver.
eoAc; Mexican dollars. 4794c. At London
silver bars sold at q 11-16d an ounce.
Exports of precious metals for the week
from the port of New York were $3.50, 5S5
In gold, and $Si9.Ol5 In silver bars and coin.
Specie imports New York for the week
ended Saturday were s2S,592 in gold and
$:7i.51s in silver
Imports OF dry goods and merchandise
for the week at the port OF New York were
valued at sS,243,5SS.
The weekly statement OF the associated
New York banks. issued Saturday. shows
the following changes:
Surplus reserves. decrease. ......-.... 1916, 500
Loans, Increase ,24S 800
Legal tenders. increase. ............. go, 200
deposits. increase 2, 024, 800
Circulation, increase ............-...... $500
The banks now hold $l7. $50 in excess
Of the requirements of the Is per cent. rule.
Discussing the weekly bank statement.
the Financier says: Despite the export of
E.5oo.ooO in gold to Europe last week. the
associated banks OF New York. according
20 the statement issued June 1s, have lost
only 10000 as the result of the six days
operations. This Is much less than the
actual calculations covering specific move
ments called for. and the discrepancy will
probably figure in next weeks statement.
The banks, to offset the loss of gold
through exports, gained heavily from the
Interior. Loans are still expanding. the in
crease last week amounting to SPAS, SO0
which brings the total to about nine hun
dred millions. This makes a new record in
the history of New York banking. The
terry, but more active query for COM
1nercial paper is noted, and conservative
houses are probably securing themselves,
IN advance. against any contingency that
may be met with during the presidential
campaign Out of town banks have been
free buyers of commercial paper in this
market for some days past and are SEEM
1ngiy content TO accept prevailing low
rates. Ii Is reported that loan of s., 900, 600
was negotiated with New York banks for
syndicate purposes last week, too late to
figure In the current statement. The gold
export movement, I'm view of the present
easier conditions abroad. is not regarded
as being OF consequence at present The
fiscal trade year ending with June will
show a trade balance due the United States
of at least $53000. 900. The balance has not
only remained unpaid. revealed by the
gold movement, but has been added to by
an excess Of specie exports over imports.
In the last three years the gold received I'm
excess OF exports had been only small
fraction Of the total balances owing TO
trade purchases by Europe and the world.
The present gold movement has been well
characterized as one of courtesy, rather
than one rendered imperative by financial
conditions In America"
wALL-STREET REVIEW.
Saturdays stock market abandoned the
attitude Of waiting. in which 1t has been
so long steadfast. and gave itself over to
active liquidation. with all the appearances
OF a state OF alarm. Two expected Incl
dents were the cause of this change. First
of these was the action of the directors
OF the Northern Pacific announcing the re-
duction Of the dividend on the common
This was accepted as a well-considered
and well-informed decision from conserva-
tive authorities that a deficiency in the
wheat crop III the Northwest was to be
faced this year, and that period OF de-
Ginning railroad earnings was to be ex-
IN general business. The effect was pro-
nounced on the stocks of grain -carryins
roads. especially in the Northwest, and
the numerous group of stocks which have
risen In price on the score of good earn
1ngs and hopes of liberal dividend dis
tursements. The policy OF conservatism in
dividend disbursements adopted by the
Northern Pacific, IL was taken for granted
would have an influence on other railroad
directors. The report OF a strike of the
employees OF the Tennessee Coal and Iron
Company weakened that stock and other
like properties by sympathy. This might
De called the first phase OF the short Sat
urday's session BY the end of the first
hour. what with the demand of shorts to
cover and supporting orders by the friends
OF Inherent stocks. the decline had been
arrested and the pressure of liquidation re-
Taxed at rally in prices The second and
decisive phase began with rumor and
was precipitated into weakness by the pub
lcation OF a bulletin reporting the destruc-
ffon of the foreign legations at Picking and
the killing OF the German minister there
This, though without confirmation. caused
some weakness and stocks were
thrown over. After momentary nausa
when room shorts began to cover. the de-
cline was renewed and the closing was ac-
tive and weak at the lowest. The princinaI
active stocks lost from TO 21b noints as
result OF the two hours trading. North
ern Pacific shows loss of AZ: Great
Northern preferred, 3. and ST. Louis 5
points.
The movement OF prices on the Stock Ex-
change has no significance this week. The
market was entirely in the hands OF room
traders" who operate on their own ar
count. and generally count on closing an
account before the day ends. taking their
Sometimes they carry a Contract over
night. which has the effect of leaving the
suppression OF net changes in prices at the
end or the day. only TO be rectifed on the
next day. The inertia of the market In face
of these professional operations is pretty
good evidence that the level OF prices has
reached the normal, and the real owners
az stocks are holding them to await more
dehnite developments regarding the future
ihtre IS no apparent pressure of louida-
ton. and this is evidence that holders feel
that. at the worst. current unfavorabl HE fac
tors have been sufficiently discounted in
the decline already effected. and they 40
not care TO sell unless they see prosnects
of more discouragfng conditions To develop.
NO SIGN OF RETIREMENT.
On the other hand. there is no evidence
that there is any confidence felt in any
quarter Of the world of capital that condi
tions are ripe for Improvement. or that
prices OF securities are liable to rise. The
fnfallible index Of any such confidence
would be buying demand for stocks. OF
such demand, there Is none. and even the
bond market has fallen into a condition
approaching stagnation. not equaled since
the days OF unsettled opinion. when the
Spanish war settlement was still in chaos
The iassitude In the bond market Is espe-
cially significant. in view of the present low
interest rates for money, which almost in
varfably serves TO bring Investment de-
mand into the bond market. Various spe-
cial causes which have been assigned for
the prevailing dizziness have had to be
dropped by process of exclusion The re-
capture. by the British OF johannesburg
and the gold mines. and the fall of Pre-
toria. failed 10 awaken the expected re-
Spouse In the worlds markets The Lon