The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-19

AT new 1OIhs yGSlSIudys AOACH OA1 SSAA
was nomnally 203 per cent.
Prime mercantile paper, 314@415 per cent.
Sterling exchange was steadier, with ac-
tual business in bankers bills at $4.S5 for
demand and at $4s2G4S21s for sixty days;
posted rates, $4.SS@4SS and $4.S6a4.S61A;
commercial bills, $4S11z
Bar silver 56c; Mexican dollars 45c; sill
yer certificates, sec. At London bar silver
closed quiet at % 5-16d an ounce.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. 50 1875
Loans, decrease ....................... IV40,W
Legal tenders decrease. ............. 4,S6S,10
Deposits decrease ACKNOWLEDGEMENTS. 5,ztS,oUV
Circulation, decrease. .............. lO3,l0O
The banks now hold $50 in excess
of the requirements of the % per cent. rule.
The New York Financier says: "A de-
crease of SO 161, 375 in the surplus reserves
of the New York banks, following reduc-
ton equally as large for the previous week,
brings the excess cash in the banks to $15,-
726,050, or very nearly to the point reached
at the height of the outward movement
during the crop season. In view of this fact
the sharp advance IN money rates noted
early last week, may be expected to con-
tinue for some time, although the upward
tendency has been regarded heretofore as
temporary incident. The changes in the
statement for the week are so intimately
connected with the payment of $S5OO,OO0 into
the subtreasury by the Union Pacific COM
mttee that the totals do not require de-
tailed attention. The National City Bank,
which has been prominent in financing this
operation, loses over 100000 in deposits
Its cash reserve has also decreased some
q ,l,.IIo oh
in loans is more than the total noted in
the average of all the banks. The other
banks, aside from this one institution, there
fore, appear to have gained both in depos-
its and cash. and their loans are slightly
higher. The bank statements for the next
few succeeding weeks should be unusually
interesting and important as two addition
al payments of over So, 600, 900 are to be made
to the subtreasury before Jan. and the
treasury, on the other hand, will begin Dec.
"a, the disbursement of the principal of ma
turing Pacific bonds, which will release,
when the operation is completed, something
like $50 600. Whether this money, which
may be slow in entering the active market,
and the rather heavy deficiencies which the
government will probably incur over the
January disbursements Will make up lor
the contractionS due to payments into the
treasury on Pacific settlements, is the Key
to the Immediate future of the money mar
ket. If interest rates continue TO harden,
and exchange weakenS, as was the case
last week some interesting developments
may be expected.
GOLD MAY COME BACK.
There can be no profit in sterling ex-
change investments under these cir
cumstances, and as the treasury
reports show an increasing ex-
port balance in our favor, rates
for money abroad will have to be main
tanned very firmly to prevent losses or
specie to this side. Shipments to the South
and the natural shifting of funds as the
January dividends become due, are points
In favor of continued hard money. or course
these conditions are as yet but vaguely de-
fined. and may be quickly changed, but on
the whole are important enough TO pear IN
mind during the next few weeks.
The sales OF stocks on Change SATURDAY
We're 1920 shares, including: CnlcaSo. DuL
hngton * Quincy Il ,293; Loulsvlile q Mash
ville 3,O4o Manhattan, u $50; Missouri Pa
chic. Z, l25; New Jersey Central, $3.50; Nortn-
ern Pacific $500 Northern tacitic preferred,
$50; Rock Island, $3.50, st. Paul, LII
Shscago Great Western, fSo0; People 1as'
S,1lo; sugar, q ,652.
Saturday was practically Uninterrupted dur
Ing the short session. Some very sharp net
gains are the result, exceeding per cent
IN some of the speciaiteS, over point IN q
large number of leading active stocks ana
sharp fraction all through the list Inc
rise was almost wholly the result or profess
sional buying outside interest in the mar
ket being at a standstill. Bull operators
extended their lines aggreSSlvely, ana the
bears covered heavily. Prices FOR Amer
leans were higher in London SATURDAY
morning, that center having become quite
persistently bullish on the outlook Ior Val
ues in this country on a long turn. rms
melted an advance in the lnlerha .iS.sS.
stocks from the opening. The speclalIles
We're next to show strength, ManhaIlsa;H.; d ue-
coming buoyant on belief that conuluons
imposed on the underground rapid lianslt
project by the Appellate Court would De,
IN effect, prohibitory. Local gas STOCKS en-
Joyed the benefit of rumor thdt 9lteL
enceS had been adjusted between the inter-
ests seeking an amalgamation OF the SdS
companies. New Jersey led lurtneI az
vance in the coalers on the prevalent DeueA
that at effective agreement mas peen az
rived al from restriction or productioli tLu
maintenance OF prices of product ousafr
shorts. This combination OF strength III III
dividual stocks due to special causes
would have been powerful sustalnIlhs - tar
tor in itself But the incident that uet '
mined the tone of the generai specuIssslottt
and awakened a general buying mosS.Il-S..s s
all through the list was the report lLOaH
London afterwards shown to be erroneous;
that over a half million dollars in goIu nsa4 -
been withdrawn from the Bank or Engia sn
for shipment to the United states. taken si,
IN connection with the easing OF the 80
loan rate Friday afternoon 70 Z per sbe;
and the quantity of funds oiteTlng at s Snat
rate this report had the effect OF olssl-
pating some of the fears of traters ~ 81
y cllrsfsoc = !, ~ taa fttfflra of the m1uey mdE-