The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-22
STOCK MARKET LOWER
BRIEF SESSION ON 'CHANGE RE-
SUITED IN FALLING QUOTATIONS.
Cuban War Scare Worked for q Time
with Poor success-LocaI Mar
kets Continue Firm.

At New York, Saturday, money on call
was easy at 21z per cent.
Prime mercantile paper, AZ per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S514d4S6 for
demand and $4s2A04.S21s for sixty days.
posted rates. s4S2AdLSSls and $.S6q4S7;
commercial bills, &S1.
Bar silver. 65c; Mexican dollars 5Ossc
Silver certificates closed at 65lka651Ac. At
London bar silver closed at % 15-16d per
ounce.
The exports of specie from the port of
New York for the week amounted to $40, 100
In gold and $995. $50 in silver The imports
were: Gold. S764.099 silver. s35.24S; dry
goods. $l,464,3ii; general merchandise, ST.
Col 4a2.
The New York weekly bank statement
shows the following changes:
Reserve, increase. ACKNOWLEDGEMENTS. s.. so. $50
loans, increase .-..............-.-... y995 400
Specie. increase. 4,206, 500
Legal tender. increase. 7.07S. 500
Deposits, increase. p, 937, 500
Circulation, decrease. ................ 167 200
The banks now hold So. 3O5. SIS in excess
OF the requirements of the % per cent. rule
The new York Financier says: THE
magnificent showing made by the clear
ing house banks of New York city for the
week ending Nov q was a matter of sur
prise even to bankers, who had expected
a favorable statement, but had not counted
on the enormous increases which were re-
ported. Deposits expanded to the amazing
figure of 81. 937 500, which is the largest
total ever recorded in a single week while
loans ran up $9.553, 400 Counting from the
statement OF Nov. Z. the banks have gained
S23 800, 600 in cash, while loans have eX-
banded only sl27S2.OOO. The ease in money
rates is, therefore, not remarkable. 1t is
estimated that the banks gained $1,000 900
from the interior movement alone during
the week"
Total sales of stocks were 112ll2 shares.
including the following: Burlington, 17,O0e;
American Sugar, S.lO0; Chicago Gas. 1900:
500; Rock Island, 800; St. Paul. IL 800 Ten
nessee Coal and Iron, 300: Western Union.
S.5Oo; Wheeling * Lake Erie. 400; silver
Saturdays brief session on the New York
Stock Exchange was dominated by the
the granger group. The recent unfaVora Bile
gross returns published and the predictions
of continued light exhibits Tor some time TO
como. based on the decreased movement of
grain. were the arguments advanced in IA
vor OF lower prices. Liquidation was evil
dency toward Improvement in other prop-
critics. Some of the low-ppiced stocks fig
ured prominently in the decline, notably
Reading, Missouri Pacific and Tennessee
Coal. Decided weakness was also apparent
In a few Of the usually inactive stocks. on
very light dealings. however. Consolidated
Gas was very irregular on moderate trans
actions, but left off at a slight gain The
bank statement was exceptionally favora-
BILE showing, for instance. an increase of
1881 900 in deposits, but, in view OF the
decidedly easier monetary conditions ex-
erted no appreciable influence on prices.
The closing was at the lowest of the day
at let concessions averaging point.
PROFESSIONALS IN CONTROL
The speculative movement of the week
was mainly shaped by the bear profession
ais and sold-out bulls. who made unremit-
ting efforts TO force out long stocks, and
precipitated decided reaction. The course
OF prices was erratic, but with a tenden-
cy towards a lower level, a result which
was chiefly brought about by a material ex-
pansion OF the short interest. The develop
ments bearing values were mainly IA
vorabIe TO the advocates of depression. and
the bears made special play against the
high-priced specialties for effect on the
general list. The fluctuations with few
exceptions were extremely narrow and the
market finally lapsed into extreme duIlness
Continued suggestions OF possible political
complications in relation TO the Cuban
question. although not widely credited. de-
TERED the general public, as well as lead
ing operators, from making ventures on
the bull side and restricted the dealings
Trade reports were Indicative of quieter
general movement. and unfavorable traffic
returns put damper on efforts 10 advance
prices. On the other hand, the decidedly
easier monetary conditions. evidenced by a
drop in call rates OF Pa In time accommo-
cations 10 per cent, as well dS an urgent
inquiry for prime pnercantile paper. facili-
tated the carriage of stocks and offset the
efforts 10 induce liquidations. This condi-
ton would also favor operations by leading
stockholding interests against an unwieldy
short interest The bulls contended that it
was too early TO admit OF the reflection In
earninGp OF the Improved business cond-
lions, while the bears laid stress on the re-
action in grain. which. IL was alleged. would
cause a lighter movement OF east-bound
tonnage. Foreigners were moderate sellers
OF our stocks and bonds. being influenced
20 some extent by the hardening rates
for money abroad. The traders hammered
Sugar on successive reductions in the prices
Of the various grades OF the product. and