The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-28

serve. in consequence. has fallen out by
So4I,S 30. The excess of the increase in de-
posts over that in loans reflects the move
ment of currency from the interior to this
center. The large proportions of the in
crease in loans and deposits are, of course,
reflections of the Union Pacific payment
on Monday. The condition of the money
market, present and prospective. has been
of greater interest all week than the stock
market.
MARKET NOT AFFECTED.
The heavy Union Pacific payment made
not the slightest impression on the market
OF course the fact that the government
left the whole amount on deposit after its
payment obviated it's actual withdrawal
from the market. but the fact remains that
the raising of an enormous amount of cash
was effected and an extensive shifting of
loans and credits accomplished that would
inevitably have stiffening rates for money
somewhat had the market not been in a
plethoric condition. Even the resumption of
business activity in the South the removal
Of yellow fever guarantees, has failed to re-
suit in any notable demand for money from
that quarter. The West is sending money
to New York bank vaults, that region
being pientifully supplied as the result of
paying off of long standing obligations.
SniiiGago Danks are reported to have several
million dollars leaned in Germany as the
result OF grain bills purchased at the CEN
ter which have not yet been drawn against
by exchange bills. This operation involves
the purchase of long exchange to hold un-
vi maturity, and New York banks have
leaned money abroad by similar opera
tion ThiS doubtless accounts in part FOR
the trmness of the foreign exchange rates
IN the face of continued heavy ex-
ports OF food stuffs. There has also
Deen some buying of long sterling for in
vestment during the week, based on the
Supposition that the balance of trade may
nave shifted by the time it natures and
SO nave raised the rates for exchange. 1t
Is worthy of special notice in that connec-
ton that the imports Of dry goods and gen.
eTal merchandise for the week at New York
snow an increase OF $2.o13,415. or nearly 40
per cent. over those OF last week, and in
excess Of those for the corresponding week
OF last year by $10O0,OO0. If this indicates
settled tendency Of foreign trade it will
rot only mark the beginning of settlement
or the heavy trade balance in our favor
which is a potential factor in the. case Of
the domestic money market, but 1t marks
an increase in the governments revenues
on important imports and consequent de-
crease in the deficit which is constantly
running from the treasury into the channels
of the money market. The foreign ex-
change money market has shown the eff
feet of the weeks sales of American Sc
curities for London account in this market.
London sold quite steadily of the stocks
which make up the bulk of ordinary
arbitrage operations, but there have also
been large sales of high grade investment
bonds by that center owing to the high
range of prices prevailing here, Remit
tances to pay for these have helped to keep
the exchange market firm
The stock market has offered almost no
feature of interest during the week. AS a
result of Saturdays strength the list gen.
orally shows small net gains. Stocks of
New York corporations were notably active
and strong. Metropolitan Street-railway
and Manhattan have risen AZ each. Con-
soldated Gas has fluctuated more than
twelve points, and closed over five points
lower. The Northern Pacific stocks have
been strong on talk of a dividend for the
preferred, and the preferred is 31a higher.
Sugar is up three points on the week.
The feature of the bond market has been
the large demand and the meager offerings
of high-grade bonds. The market has not
been notably active, but prices are general
ly slightly higher. Total sales, $6,60O,OOO.
United States old fours registered, are Is
higher bid, the old tours, coupon, and the
new fours a higher bid, and the fives Is
lower bid.
Louis, Room IL, Board of Trade, shows the
range of quotations: