The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-13
LOSING THE RESERVE
NEW YORK BANKS ARE BEGINNING
TO CALL IN THEIR LOANS.
Silver Certificates the Feature of the
week I'm Val street-Local Mar
kets Fairly Active.

-
At New York, Saturday. money on call
was nominally 2 per cent; last loan, >;
closed, :.
Prime mercantile paper. Fac per cent.
Sterling exchange was firm. with actual
business in bankers bills at A.S7ISG4 ga
for demand, and A.ss1ad4ssA for sixty
days; posted rates. AS7m4s71a and $3.50
4sslz; commercial bills. AssA.
Bar silver. 6s1zc; Mexican dollars. sic. At
London bar silver advanced to 3lssd per
ounce Silver certificates were active and
strong. the dealings amounting to ss7f 900.
ut SAC to 6s%c. The final sale was at sS5sc.
The New York F1nancier 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. -.
showing a further decrease of s.. 294 .s25. The
total excess reserve now stands at Il .17s.-
sco' of which a limited number of banks
mold the greater part Some of the New
York banks are below their reserve REQUIRE
ments and are calling in loans, the decrease
IN the loan item for the week being &c.
$500. Total loans are S5O6, COG, 900. sixteen
millions less than reported Sept. IA. The
banks lost in cash last week $,572. 200. of
which practically the. entire amount was i'm
legals. Since Sept.1 the loss in cash has
been S5.332, 200. The deposits now aggregate
1888, 4sl 200. the decrease for the past week
having been S.60s. 3D0- This is a loss of
81 ,4sS.oo since the 1st of September, but
is hfty-seven millions less than during the
corresponding week last year"
The exports of specie from the port of
New York for the week amounted to s726.-
$40 in gold and s624S5 in silver. The i'm
ports were: Gold. a4s.s SIS: silver, 1884; dry
az, 2ss. w.
The weekly bank statement shows the
following changes:
Reserve, decrease 20 9ai s95
Loans, decrease ............... 1850
Specie, decrease 5000
Lear lenders, decrease -,-.,.-.-.- $50, 700
deposits, decrease .-----....--...... 6,6OS, 300
Circulation. increase ...-....... SO, 700
The banks now hold s14.l76. $40 in excess of
the requirements of the % per cent. rule.
Total sales of stocks Saturday We're 81. O97
shares, including: American Tobacco. 1000:
Burlington. 400; Chicago Gas, 1900; Dis
10000; United States Leather. s'ioo: United
states leather preferred, $500; Western
Stock market Saturday did not reach
more than holiday proportions. Though
business was light. a firm tone character
ized the speculations in most instances, a
fact which was attributed to the reassur-
ing advices cabled from London as to the
progress OF the settlement in Kafirs. The
ma z bpcutu Quu, DQI as a rule frac-
Sonaily higher The speculation left of
nrn in tone, with the net results showing
but little change. The course of prices dur
both bulls and bears. The salient features
OF the market influences have been the
y use IA tne Price OF silver due primarily
TO the payment OF another installment of
the Japanese indemnity by China, the gov
the publication OF a plan for the reorgani-
ration OF the Union Pacific railroad and a
sn prospect Tor the consolidation of
In Union tanned sole leather between the
Trust and independent tanners had special
erect on the Leather stocks. The crop
report confirms the impression that the
corn crop OF 1895 Is the largest ever gath
cred and hat the wheat crop is a fair one
cotton. according to the estimates, will be
probably one-third shorter than in 1891.
However; the planters are realizing prac-
than they received last year, and are mar
ketlng the crop freely. the weather being
The fan trade has been good both at New
YORK and Chicago. while the heavy move
ment or spring wheat towards the head of
the lakes has given the ST. Paul road the
in October. 1893. The returns Of iron fur
than ever before. with ipmen of ores
from the Lake Superior region also break
ing the record. To sum UP, the domestic
news is favorable. while the stock market
SHOWS an uncertain and even declining
tendency. This has been brought about by
the peculiar situation in London and on the
continent. due to the extraordinary infia-
ton in African gold-mining stocks. which
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-
pectations are based on the proposed 'joint
traffic association of the New York trunk
lines and connecting roads, The only
stocks whose movements deserve comment
were Chicago Gas and Leather preferred
The nrst was sold heavily early in the
week and declined from II, the limited
sale. TO 65%. A rally ensued which was
the certificates had been deposited under
the consolidation pian- The stock adj
vanced TO 10 on heavy dealings. closing
only q lower than p week ago. The un-
settled condition OF the sole leather mar
ket encouraged a bear drive on Leather
preferred, forcing the price down SAs per
cent TO Sis. Covering Of shorts on the
announcement OF a two per cent dividend
caused a recovery TO $40. The discovery
s a special sas d, ons rein %as rssaiar sna T nDs
hnal TRANSACTIONS recorded a net loss of
rs. and for the common 2% per cent
Final prices A. IN the main below last
weeks closing sales, but exceptional gains
occurred in Starch Firsts of Az: Erie Tele-
The aggregate sales were LII, SIS shares.
sion was fairly large. the sales aggregat-
Ne >ootoO Inc louc Oi the mdIhct was
generally firm. IN the usually inactive
issues some material gains were scored
Prices for the week were irregular, with a
declining tendency. The Union Pacific Is
sues were prominent in the dealings and
scored advances on the news OF the i'm
pending reorganization plan. The Oregon
Improvement issues were depressed early
IN the week on the unsatisfactory financial
condition OF the company. he hrsts declin-
ng > per cent. with a subsequent recov-
cry or AZ per cent The other more prom
Iens net changes are: Illinois
AT&2I 81 49,
st: Louis q Kansas CITY frsts trust re-
cefpts. ), and Erie nrsts consols, 4is, In
~ternauonal & Great Northern thirds are
aown 8 Per cent The dealings amounted
20 S.9S.e1.
Government bcads were less animated
tions foo-fnr m crfv All tss Iaa 1890