The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-14
LOSING THE RESERVE
NEW YORK BANKS ARE BEGINNING
TO CALL IN THEIR LOANS.
Silver C~ertfncntes the Feature of the
Week In Wall S~treet-LocaI Mar
kcts Fairly Active.

At New York, Saturday. money on call
was nominally 3 per cent; last loan. 2;
closed. 2.
Prime mercantile paper. 4s.6s per cent.
Sterling exchange was firm. with actual
business In bankers bills at ~$Ls7l4Q4.s7A
for demand. and x.ssiIG4.ssA for sixty
days; posted rates. $4.s704sh and A.SSa
ASA: commercial bills. s4Ssh.
Bar silver. ss1zc: Mexican dollars. SIC. At
London bar silver advanced to 31ssd per
ounce. Silver certificates were active and
strong. the dealings amounting to $371. 900,
at 674c to ss4c. The final sale was at ssssc.
The New York FTnancier says, this week:
There Is no cessation TO the movement
which is drawing down the reserve held
by the New York clearing house banks.
the statement issued Saturday. Oct. Il.
showing a further decrease of s.. 29f. 625. The
total excess reserve now stands at $l4, 49,
sV. OF which a limited number OF banks
hold the greater part. Some of the New
York banks are below their reserve require
menfs and are calling i'm loans, the decrease
m the loan item for the week being &c.
81: 10 Total loans are 500. SOC. 900, sixteen
millions less than reported Sept IL. The
which practically the entire amount was i'm
iegais since Sept I the loss in cash has
been <so.5Z. lV3- The deposits now aggregate
$50. 49,, 900. the decrease for the past week
having been S6.60s. 800. This is a loss of
$h.3ssooo since the 1st of September. but
is nfty-seyen millions less than during the
corresponding week last year.
New York for the week amounted to s79s,-
oiu I'm gold and S524.S35 In silver. The inn
ports were: Gold. s1ss.64s: silver. sis.s4I: dry
az, 80. :"
The weekly bank statement shows the
following changes.
Reserve, decrease &. 29t s25
loans decrease -r.---.---..--- 3.596.e0o
Legal tenders. decrease .......... ESQ. ZOO
Deposits, decrease ............. 6.6Os.30
CIRCULATION. increase .-....-......... SO. 700
The banks now hold Nl.176, 800 In excess of
the requirements OF the % per cent. rule.
Total sales of stocks Saturday were 81, os7
shares. including: american Tobacco. LOO:
burlington, f.20U; Chicago Gas, 1900: Dis
tillers'. $50; 81. Paul. $500: Silver Bullion.
1900: United States Leather, 300: United
states Leather preferred, 5000; Western
stock market Saturday did not reach
more than holiday proportions. Though
business was light. a firm tone Character
lied the speculations in most Instances. a
tact which was attributed to the reassur-
ing advices cabled from London as to the
progress OF the settlement in Kafirs. The
market opened dull. but as a rule frac-
tionslly higher. The speculation left of
frm Ia tone. with The net results showing
ing The week. has been unsatisfactory to
botn bulls and bears. The salient features
rise In the price OF silver. due primarily
10 It's accumulation In London preparatory
20 the M of another insfaliment of.
the Japanese indemnity by China. the gov
eminent crop report. the anticipation of
the publication of a plan for the reorgani-
zation or the Union Pacific railroad and a
similar prospect for the consolidation of
the Chicago gas companies. The contest
IN tnion tanned sole leather between the
Trust and Independent tanners had special
effect on the Leather stocks. The crop
report confirms the impression that the
corn crop Of 1879 is the largest ever gath
Cotton. according to the estimates. will be
probably one-third shorter than In 1894.
tically 60 per. cent. more money per bale
than they received last year, and are mar
extremely favorable for picking the cotton
York and Chicago. while the heavy move
ment or spring wheat towards the head of
the lakes has given the st. Paul road the
largest earnings in its history. excepting
naces In blast indicate a production greater
{nan ever before with shipments of ores
ing the record. TO sum nm the Jomess,c
news Is favorable. while the stock market
SHOWS an uncertain and even declining
the peculiar situation in London and on the
continent; due to tbs extraordinary inna-
on the average are selling at four times
their par value; Anthracite coal has been
steadily marked up. both at tidewater and
IN the Interior The stocks OF the bitumin-
Gus coal companies. while firmly held. have
not advanced. though the business of the
roads has improved on the activity in the
In financial and railroad circles great ex-
pcctations are based on the proposed Joint
lines and connecting roads," The only
stocks whose movements deserve comment
The first was sold heavily early i'm the
week and declined from IL. the limited
sale. to 65%. A rally ensued which was
the certificates had been deposited under
the consolidation plan. The stock adj
vanced TO 20 on heavy dealings, closing
only y lower than a week ago. The un-
settled condition OF the sole leather mar
ket encouraged a bear drive on Leather
preferred. forcing the price down s% per
-announcement of two per cent. dividend
caused a recovery to S4ss. The discovers
a special one reinduced weakness. The
final transactions recorded a net loss of
SH. and for the common s% per cent.
weeks closing sales, but exceptional gains
occurred I'm starch Ffrsts OF AZ. Erie TeIe-
Tfh sp aggregate gait SAY sales s' mere s iisr' S IS p sSar cent
Trading In bonds in to-oav's brief ses-
sion was fairly large. the sales aggregat-
generally firm. In the usually ~inactiy.
issues some material gains were scored.
Prices for the week were irregular, with a
~ AAAoll II d1AIlG -
sues we're prominent in the dealings and
scored advances on the news of the inn
pending reorganization plan. The Oregon
Improvement issues were depressed early
in the week on the unsatisfactory financial
condition OF the company, the frsts declin-
ing 3 per cent. with a subsequent recov-
cry of az per cent. The other more prom
fnent net changes are Advances-Iilinois
Steel debenture fves. II per cent: Toledo.
~. Louis & Kansas city hrsts trust re-
ceiPts, .. and Erie hrsts conso!s. al: In
terDational 4 Great Northern thirds are
down ; per cent. The dealings amounted
10 S.3SO00
Government bonds we're less animated
than IN the previous week. the transac-
tons footing up only sisl.0o0. The market
ruled firm.
State issues were quiet. with sales of
$1,000 Virginia centuries. $4,000 Virginia
deferred skies stamped and S1,00 of Ala
bama Class X
The f%oIlowine table. prepared by James p.
Berry. Room Is. Board OF Trade. shows the
range OF quotations:
Open High Low Clos.
Ing. est est. ing.
Alton & Terre Haute. -. 80. - so
American Express $500 - 49,. ll6
Atcnison ...-+.--- zlH ia Iis 21h
Baltimore & Ohio =. -. 49,. =. 6Ois
Canada Pacific .... COZ
Canada Southern 5tL