The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-07

Circulation, decrease ............-..,. ZI,oUU
The banks now hold 81, 1S1, 225 in excess of
the requirements of the 25-per-cent. rule.
The New York Financier says: 1.-THE
bank statement for the current week is of
q favorable character, no less than thirty
eight of the sixty-five clearing house insti-
tutions having participated in the loan ex-
pansion of S. S35 300 reported. 1t is true that
the changes of three of the larger banks
account for $4,SOO,OOO of the total increase,
but the smaller commercial institutions
figure more prominently in the aggregate
than for some time past. This of itself is
an encouraging sign. The week was charac-
terized by the revival of currency transfer
TO the South, New Orleans calling for a
large portion OF the shipments on account
OF the cotton and sugar movement. St.
Louis has been handling a great deal of the
money that usually goes to the former city,
and the revival of business at New Orleans
and at the centers tributary to 1t is re-
garded encouraging on all sides. 1t is
noteworthy that the National Park Bank,
one of the institutions most prominently
connected with Southern interests, made a
large increase in its loans last week. The
trend of money, however, is now largely
in the direction of New York, domestic ex-
change having hardened perceptibly at most
interior cities. The local banks are gain
ing in cash in consequence. The increase
in deposits in view of the expansion IN
logical.
closure payments may be expected to figure
in the statement for few weeks TO come,
although the result of the settlement as
now arranged ought not to disturb the
more in the nature of transfer TO the
treasury and again to the banks, with but
a short interval separating the beginning
and the end of the whole affair. But since
the January disbursement period lnterVeneS
there NAV be a slight advance at the end
OF the year.
LOANS HOLDING UP.
1T is rather remarkable that the loans
Of the banks were still within $5,OOO.OOO of
the high point reached Sept. IS. In the
same time deposits have decreased $1,000
QUO and cash no less than $751; 600.
Total sales of stocks. 2O5,s2O shares. in
Guiding the following: Chicago, Burlington
& Quincy. 19OS7; Louisville & Nashville,
$3.50: Manhattan, 1920; Missouri Pacific,
1892: New York Central. 3,S25; Northern
Pacific preferred, TO- 1888; Reading. 4,67O; Rock
Island, 1885; St Paul. 1858; Union Pacific,
$500: Chicago Gas $40: Sugar, $3.50; Ten
nessee Coal and Iron, 3,055; Chicago Great
Western, 64W.
There was some natural tendency towards
recovery in prices at the opening on New
York Change Saturday. in view OF the
heavy and rather excessive dechneS OF FIJI
day and of the active covering movement
in progress at the close of the market Fri
day. There had been recovery IN the
prices of Americans on the London Ex-
change before the opening at New YORK
The opening in London showed oecn l1 TO
the New York parity, but the lever was
sharply above New York by the tune the
market opened. This encouraged purchases,
and number of stocks opened over a point
higher than Friday night. The LONDON
market for American shares mas grown SO
narrow and floating supply OF stock there
Is so small that prices there are easily SUD
lect to manipulation for erect on the OPEN
Ing trading at New York. There seemed
grounds for suspicion that Saturday morn
lng'S rise in London was due TO some sucn
effort from this side. At all events, the
rise which was thus stimulated here LED TO
quick taking of profits and some furthe1
liquidation of long accounts, carrying prices
below Friday nights level. Iney haTueneu
again. but eased off finally, leaving frac-
uonal net gains in the majority OF cases.
Inc decrease in surplus reserves SHOWN Dy
the bank statement probably induced some
selling, though the change was Que IN
greater part to the heavy increase in depos-
It's and the constant rising of the legal re-
Serve limits than to the actual de-
crease in cash. The large increase in
loans in face of the heavy speculative ac-
counts that have been closed out on the
Stock Exchange during the week. probaoly
has TO do with the Union Pacific sale.
. The week has seen a total loss of conf
1eRce on the part of bull operators, VINO
nave been looking hopefully Tor the turn IN
the tide of reaction or the Stock Exchange:
On Friday there was heavy Liquidation OF
long holdings and sharp declines in prices,
and. so far as appearances go. IN Duylng
support for stocks at any concession, now
ever violent. The ostensible motive was
fear OF war with Spain on account OF CUBA,
intensified by the call from the Chamber
of Commerce for increased force to man
our coast defenses, and by the nature or
public utterances of the United States ex-
minister to Spain. The depression took on
rather an artificial and feverish tone before
the day was over. and absurdly sensational
rumOrs were put in circulation 10 Keep
prices down while shorts covered. These
Incidents coupled with Saturdays recovery,
are significant technical indications or
elimination OF q market movement JUST az
heavy buying. circulation of roseate views.
sharp rises in prices and the stirring up or
dead stocks are the technical concOmItants