The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-10

equal to fully providing a supply: The New
York subtreasury has been Obliged to re-
fuse to supply legal tenders in return Tor
currency TO other subtreasury points.
SETTLING IN GOLD.
The New York banks have been settling
their balances at the clearing house during
the week in gold to a large extent, and the
prediction is made that the payments of Gus
toms duties viii soon be made in gold Chi
cago banks are reported also to be present.
ing gold to the subtreasury there, with a
request for legal tenders, and the treasury at
Washington is beginning to find itself en-
barrassed to supply all these demands. Since
Sept. II the decrease in legal tender
in the New York bank reserve has amounted
to $2l,35l 300, and the specie has increased
nearly s1,S00000 in the same time notwith-
standing large exchanges of specie fer legal
tenders at the subtreasury The ample pro-
portions OF the country's gold reserve mas
doubtless had much to do in deferring the
import movement of gold which was fairly
lnauBurated on Friday and the day before,
the total amount of gold now in transit
amounting to $6,350,0O0. The stIffening of ex-
cnange rates consequent the purchase OF
pilIs against these imports is believed to
pc put temporary and the movement OF golu
Is expected to continue steadily for some
time 10 come. The effect on the money mar
ket OF the gold engagements has been to inn
part distinctly easier tone, time money
declining to per cent for sixty days ana
up to per cent. for four months and longer
periods. Outside buyers of commercial pa
per have been in the New York market
during the week, and, though the supply
OF paper has been in increasing volume,
rates have been easier and are at 4A to D
per cent for prime grades
The stock market has been singularly I'M
affected by the beginning of the gold move
ment, which almost always has marked
sentimental effect on prices. The resistance
of the market to the effect OF the heaVy
slump in Chicago Gas on Thursday and the
hardening tendency on Friday on the large
ShlInentS of gold announced on that DAY leu
TO the Supposition that reaction was at an
end and that a rally would ensue. But sat
urdays market has completely Deiled thlS
expectation. The market has been dull ana
professional all week, sensational move
ments of special stock failing to have any
marked effect on the general market. Inese
included jump of seven points IN Mahhat-
tan on Monday on a squeeze OF ShortS, the
slump in Chicago Gas on the purchase OF
competing companies by the great gas syn
dictate and the usual mercurial course of
Consolidated Gas. Union Pacific has nue.
tuated widely ON different rumors regard
ing the adjustment between the reorganlza-
ton committee and the government. Inc
unprecedented earnings of the railroads Tor
September and the handsome net returns
for August which have been reported during
the week have been as lnenectual as the
gold movement in checking the reactlon,
and prices are, with few exceptions, lower
the losses in the grangers extending up 70
per cent. and in Omaha and burlington o4s.
Prices in bonds were relatively Drm, soile
small gains being shown. TRANSACTIONS
were light compared with recent averages.
Total sales were S. 100000. Government bonus
are Is to u higher, the latter the new
tours coupon. This issue sold during 'he
week at 1888, new high record.
The following table, prepared by Il. W.
Louis, Room II, Board of Trade, shows the
range of quotations: