The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-09-23

Portland ...-......-.................
Mount Rosa .--...--............-....... IL
WEEKLY REVIEW.
The investment and speculative interests
have been held in suspense by the gold ex-
ports and the uncertainty as TO what may
be done TO maintain the treasury gold re-
serve. says Henry Clews. ut has been
somewhat or a shock that the free gold
ia the treasury has fallen materially below
the official minimum. and without compen-
sation from the syndicate. There have
been several contributions Of gold from
various points 10 the interior, which have
had an assuring effect so far as they show
the disposition OF financial institutions out
side OF New York to help the treasury ac-
cordlng 10 their ability, and this assurance
Is worth the more because the amount OF
goio scattered among banks and trust
companies at interior points is unprece-
denled.y large: and could the gold which
has been thus diverted from Its former
usual resting place in the metropolitan
banks and the subtreasury be systematic
ally gathered together. so as TO afford a
mass or thirty or forty millions. 10 aid the
payments with each other as formerly.
then this scattered treasure might most
nemedy ef the seP sat
these casual and partial contributions from
the sources alluded TO are quickly lost 70
sight in the export maelstrorn and their
benefit is only small moral gain. The
really disconcefting fact is that there is
still an absence of any sort OF intimation
as TO what steps are likely 10 be taken for
staying the new current shipments of
specie and TO provide for the outflow that
usually sets in early in the new year. In
der such circumstances, opinion has in
clined TO the conclusion that the govern
ment is likely 10 issue, sooner or later,
new loan. and the more so because the
President is known to be resolved to take
that course should the reserve fall TO sew
| enty-five millions. Such course. no mat
| ter how necessary would be regarded as a
serious misfortune, and could not fail to
| have a chilling effect in every department
| of business. This possibility has already
had its effect; and yet discouragenent is
eleventh hour, some means may be found
| for applying a real and permanent remedy.
This week the syndicate and their friends
are understood TO have co-operated for
keeping down the gold shipments as low as
possible, and no doubt have done their best
IN that direction In the meantime. there
| is little export of cotton; and wheat, though
advancing In price, is for that very reason
| the less likely to be shipped; Chicago, how
ever. notably increasing its supply OF
| grain export bills. and rates OF exchange
| are easier in consequence. There is SUD-
| stantial reason for expecting that the ex-
| port OF specie may soon be checked. If
money markets. The shipment of gold and
| the forwarding of large amounts Of cur
reacy to the West and s3usn are aosesheo
1 an extent that may early put up the rate
| for call loans to 4Q5 per cent. This, with
| gold flowing freely into the Bank OF Eng
| land and 2 per cent. discount at bank and
| Il per cent. on call loans, will quickly dis
| pose London bankers to allow funds 10 ac-
/ cumulate here instead of continuing to ac-
cept our gold in. settlements. Upon the
| whole, therefore, the Indications of the mo-
| ment suggest strong probability or an
| early abatement of the exports OF gold:
and this produced a marked Improvement
| of feeling IN stock towards the end of the
| week. or the intentions of the syndicate lit
/ nounced that they considered their engage
ments with the treasury fully completed.
| out intimated that 1t is their purpose TO
| future period. Some further help from that
| source may therefore be anticipated. IL
needed. The recent heavy break in stocks
| ket. rs II forced stocks from feeble hands
| INTO stronger ones and such as are capa-
Sic OF not only sustaining but advancing
| prices, Decides imparting more activity.
The st. Paul statement Of earnings show
i ing an Increase of $4,000 over the CORE
po date last sug really
| Changers were the most vulnerable part of
| he market and yielded readily TO the at
ac which nv we're very ,bs nosz nsre Is
| another bond issue. Such negotiation Is
net yet positive. although quite likely before
| Congress convenes. The advance of &c in
! heat from the lowest prices is a. favora-
ie feature in the situation. especially for
| ,he st. Paul road which has most TO do
| If London towards International American
| stocks he's been disappointing. is Is easily
accounted for, however, by the craze at,
! locks Such wild frenzy Of speculation
n doubtful properties has not been Wit
ressed in Eurone since the Panama ditch
.het the collapse in the Kaffirs may not
.nIifey turn out 10 be as disastrous TO the
holders who overstay their market as In
the case of the Panama canal deal; and
| when that time comes American securities
| VIZ doubtless seI'n take their position In
| no London market as favoKites The diff
| ard dcwns of American securities range
| VEN only a few points from week to
sSee TO WR deal in as compared to the induce
| -neris for operating in the Kaffirs which
| frequently provide for a profit of several
hundred per cent. within few days.
saturdays Bank CIearings.
At chicaro-Clearings $12.664.O00 Money
on sharp call. with approved local col; !;
banks. call loans are quoted at 5a5l4 per
cent. and time at 5l3aS per cent. New
kord Es starns $751; iSs and %
At-New York-Clearings. $lo1 lis, 594; bal
anees. s.1ass242; For the week, ssl5.oss' i2s;
At Boston~clearings SIS, 800 $50: balances.
500 sss; for the week: s9s.2lS'Soi; balances
At Baitimore-Clearings. s2.l15.sl2: bal
/ ances 81 $50 26S
/ AT MISUNDERSTANDING, s10 1913: bal
| ances 81 4O5.56S For the week. clearings,
| S67 $50 154: balances. So, 927 2H.
AT Cincinnati learings.. si.s72.s5o. For
! the week, $1l. $3.50; for the same week
| last year, $11.194.i50-
LOCAL GRAIN AND PRODUCE.
| Trade Did Not Reach Expectations
Changes In Values Slight.
| Notwithstanding the fact that the week
ending Sept q closed the State fair week.
| in which a big trade had been looked for,
| the volume of business was disappointing.
| While II is In some measure attributable
| to the extreme hot weaIner for this season
/ of the year, there Is a perceptiDle lack of
| snap IN trade circles. Whether with the