The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-29

75S,62S.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease............ sS47,325
Loans, increase observation-disclosures. N,O914O0
specie, increase ..-................... 100000
Legal tenders, increase............. 2,S3S 4e0
deposits, increase. IL 7H 100
circulation, increase ................. 1890
The banks now hold $22. $50, 1926 in excess of
the requirements of the 25-per-cent. rule.
The New York Financier says: 1.-The
changes in the totals shown by the bank
statement for the week ending Nov. q are
connected entirely with the transfer of
Union Pacific funds to the several deposit
tory banks and do not in the least reflect
the advanced business conditions which are
generally associated with heavy loan or de-
post increases. The statement does not
balance but the one item which affords
clew to the real position of the different
institutions is found in the gain of cash
during the week. This is larger than re-
ports of some of the leading banks had indi-
Gated, but the flow of money to this center
from the interior during the week, it is
known, has exceeded the outward move
ment by at least 100000 The increase in
check given by the Union Pacific reorgani-
cation committee to the National City Bank
and by 1t distributed pro rata among the
different depository institutions. Adding the
actual gain in cash from the interior move
nent to the Union Pacific, the deposit item
appears approximately correct. The indi-
XidIal increases, however, are interesting.
The deposits of one bank have beeen swelled
no less than twelve millions through the
operations described above, and the increase
of four institutions amount to seventeen
millions, which is larger than the total
gain of over two millions reported by the
Western National is due evidently to the
absorption of the business of the United
The result of the weeks business has been
to swell the deposit item of the statement
to figures never before approached. The
present deposits are ST. 0O00 600 in excess of
the highest total. achieved on Sept. IL last.
The great expansion in loans is a feature
of the statement that cannot be satisfactor-
lily accounted for. 1t runs almost coinci-
dentally with deposits, and the institutions
report the highest gains in loans. In other
words. the statement makes it appear that
profitable use has been found within three
DAYS Tor nearly all the money received
from the Union Pacific Company. The
known conditions of the market do not war
rant this assumption. As the reOrganza-
ton committee was supposed to have Sc
cured all the money 1t needed for its uses
before a settlement was made, the cause
must be looked for in other directions. Dur
ing the last several sales of bonds by the
government banks banks receiving bonds have
as loans but this does not apply in the
present case. The conclusion is inevitable
technical method of averages. Otherwise
the increase, is wholly contradictory of
known facts"
SATURDAY STOCK SALES.
Total sales of stocks were 1880 shares.
including Atchison preferred, 5000; Chicago.
Burlington & Quincy, 12,765; Manhattan l..
1878; Missouri Pacific, 4.O22; Northern Pa
citc preferred, 1885; Rock Island, 1884: st.
Paul, SAP; Peoples Gas, 6,115; Sugar, 29OO5.
The New York stock market awoke from
its lethargy Saturday and did a lively
business in the second hour of the short ses-
sion. The volume of the dealings and the
general movement of prices were greater
than have been seen for several weeks past
The appearance on the board room floor of
one or the principal operators during the
summer rise in prices and the distribution
OF large orders for his account were un-
doubtedly the principal cause of the rise
week to pressure and the gradual hardening
of prices in spite of the dullness had laid
the Ioundations Tor an advance in prices
manifested alarmed the shorts and thew
hastened to cover, thus helping along the
rise. 1t was noticeable that the strength
and activity OF the market were transferred
from the specialties and industrials to
which they have been largely confined of
late, to the standard railroad Shares Ga,n OI
of about point or over Were registered in
the granger shares, the coalers and in a
number of the trunk Ines. The Southern
lines Jagged in a rather conspicuous manner
notwithstanding the strong statement
OF the AtchiSon Company for October
showing an increase in net earnings of Sl35
1893. No small part of the strength in the
railway list was due TO the anticipation that
the supreme Court on reassembling on Mon
day after its autumn recess will hand down
q decision in the Nebraska maximum
This decision has long been looked forward
TO to give an upward impetus to prices and
prices have, in fs ct. been several times
advanced on the assumption that il would
be favorable and have subsequently reacted
Sugar was strong and easily led The list
with an advance of rs on reports that de-
eision from the Treasury Department would
soon be Forthcoming, applying the counter
vailing duty clause to duties refined SUI
CARS.
The bank statement was about what was
expected. Although there was an actual
Increase in cash reserve Of $sSae.7oO, the
amount. owing TO the tremendous increase :
of $l6,744 100 in the deposits. The surplus re-
$Si7.325. The excess of the increase in de-
posfts 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 ere 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 its 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
Ia re huf npin
being plentifully supplied as the result Of
paying of of long-standing obligations
Chicago banks are reported to have several
million dollars lcaned in Germany as the
result of grain bills purchased at the CEN
nI.Inl MT ELn