The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-26

was uOIHlldlly zt2uo per cent.
Prime mercantile paper 414q5 per cent
Sterling exchange was steady, with ac-
tual business in bankers bills at SASSY
less 1-S2, for demand, and at s4S234, less
1-S2, for sixty days; posted rates, $4.SSq4S4
and $4.s519Q4S619; commercial bills, $4.S1
Bar silver, 56Ac; Mexican dollars, 1880;
silver certificates. 5611c At London bar
silver was weak at 269sd per ounce.
The New York weekly bank statement
shows tho following:
Surplus reserve, increase. s., S97, SIS
LoSns' decrease .....'....'.-.-....- z'e c ~
legal tenders decrease. ............. 6.514, 700
Deposits, decrease .................. 1862, 800
Circulation, increase ................. 601,200
The banks now hold SIS, 997, 500 in excess
of the requirement of the % per cent. rule.
The New York Financier says: 1.-The
statement of the New York banks showed.
as had been anticipated a heavy loss in
the cash and a shrinkage of the reserve to
the lowest point recorded since Nov. last
With gold imports beginning, the impress
sion prevails that the banks will be fully
able to meet all demands made on them.
The advance in the money market was evil
IDENTIFY brought about some liquidation. 1t
is noticeable, however, that the operations
of the Bank of National City account for
the total change in loans. So, also, its de-
post changes make up at least one-third
of the entire decrease reported by all the
banks The cash withdrawn ell went to
the interior. The statement does not bal
ance. but the plain Interpretation is that
the demand for money for crop purposes
is at its full height and may be expected
to continue for some time to come. 1t will
not be surprising if the loan item exhibits
furt%er decreases. in view of the urgent de-
mand from the South and West. The de-
crease ir loans for the present week is the
first that has occurred since the opening
week in May, since which time the expan-
sion has reached total of $74,OOO.OO0
BELOW THE RESERVE.
Seven of the New York banks are be-
low the % per cent. reserve requirement
and a large number of the other institutions
are only slightly above it. The future of
the money market rests largely of course,
on the extent of gold imports. The treas
TRY deficit will help the banks to some
extent but against this is the coming
Union Pacific foreclosure SALE which will
take a large sum from the open market.
1t is estimated that the foreign trade bal
ance in our favor for the three months end
ing Sept 80 will not be less than $40, 000,-
600, and this with cotton exports only be-
ginning The resources which the country
can command in case of q sudden hardening
in the money market are thus enormous.
Even with the continued use of funds to
meet the immense expansion of trade at
interior points, the outlook remains cheer
Total sales of stocks were 247 $40 shares,
including the following: Atchison, 1860;
Atchison preferred, 1000; Chesapeake &
Ohio. 1920; Chicago, Burlington & Quincy,
IA 600; Louisville & Nashville IL $50; Man
haitian. 4.46O; Missouri Pacific, $780, Mis-
souri,, Kansas 4 Texas. $3.50; New. York
Central, 3400; Northern Pacific preferred,
$500; Reading, 1000; Rock Island, 1880; st.
Paul, 2l,626: st. Paul 4 Omaha, 1920: South
err o Rq noS PT aec p eEas P Pac
Denver & Gulf, ESQ; Wabash preferred.
1921; Bay State Gas. s,72O; Chicago Gas.
Iron. $3.50: Western Union, $780, Chicago
Great Western, 5,160.
There was no large and aggressive element
in the New York stock market Saturday.
and the trading was largely in the hands of
the reactionistS. They were persistent in
seeking for the weak spots IN the market rESi
they succeeded IN doing in a number of
stocks and accelerated the decline. There
were feeble rallies during the day, but the
saggine tendency for the most part was UNI
interrupted. Dealings We're not on large
scale nor were they as widely distributed
as OF late. Many stocks showed nc move
ment at all during the day The rise at
the opening in sympathy with London
served to restrict the net declines in the in
ternational stocks and London also was a
buyer of some stocks during the day. There
was nothing in the general news to cause a
recession in prices, and the heaviness of
the market has no other explanation than
the withdrawal of support and the contin-
uance of some offerings to realize profits.
efforts to uncover stop-loss orders. but there
was no aggressive general selling manifest.
and much caution was apparent in putting
out short sales Trading halted after IL
o'clock and waited for the bank statement.
The response was not immediate when the
statement appeared, showing some hest
fancy about constituting its character. An
unfavorable view was finally adopted and
prices drifted downward again. closing in
many cases at the lowest of the day. In
some stocks, however. there was a final
rally of a fraction. Sugar covered a range
Omaha lost points, Consolidated Gas 21R
and many other active shares from l to 2
points
Interest centered in the weekly settlement
of clearing house banks. The condition of
the money market after the weeks develop
ments was looked on as the salient factor in
determining the course of speculation in the
Immediate future. The most notable feature
OF the statement is the decrease shown in
the deposits of 1902 500. The actual loss
A statement of specie shows a small net
increase. The heavy decrease in deposits
probably represents the demand from in
terror banks which have had funds on de-
post in New York banks for many months.
The proportion of the Withdrawals ac-
ing the week, which was attributed i'm spec
uatiye circles 10 concerted effort to
manipulate the money market. The con-
traction in loans is stated at s.. 800. and
this contraction served 10 reduce so much
the loss 10 banks In actual cash and to
save a corresponding additional decrease in
the surplus reserve
DECREASE IN BANK RESERVE
The fact that the increase in the surplus
reserve is not as large as expected is due