The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-15

business in bankers' bills at $4.S512Q4S524 for
demand and at $i.S324 for sixty days; posted
rates, s4.S31z and $4S5lz commercial bills,
$4.S2a4S294.
Bar silver, 57slc: Mexican dollars. 451sc
AT London bar silver closed steady at 265sd
an ounce.
The export of specie from the port of New
York for the week amounted to 81, 1888 in gold
and $S19,447 in silver. The imports were:
Gold, $62, ia; silver, $94,6OS; dry goods, ST.
SS4,56S; general merchandise, Suisse
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. ............ $5S3 ,935
Loans, increase ....................... 12S1 100
Specie, increase ........................ ESQ 800
Legal tenders increase. ............. $50 800
Deposits, increase ..................... $685. FOG
Circulation, decrease ................. IL 800
The banks now hold $21, 765, $50 in excess
OF the requirements of the % per cent rule.
The New York Financier says: THE
statement of the New York clearing house
banks for the week ending Nov. Is, viewed
in it's general results, is decidedly mislead-
ing. The loans, for instance, are reported
$1,2S 100 higher than the week previous,
whereas the loans of sixty-four of the six
ty-five banks in the Clearing house Asso-
citation have fallen off no less than So 49, 1OO
the decrease having been more than offset
by the increase of So 41S, 200 reported by one
large bank, which occupies a prominent po-
sition with reference to the Union Pacific
settlement now pending. Just what the
heavy loan expansion indicates specifical-
ly is hard to determine but that it is in
Volved in these settlements is doubtless
true The same bank has deposited with
the government something like 100000 of
bonds to secure the Union Pacific deposits,
which further bears out this presumption.
Otherwise the business of the banks has
not been so good forty-two of the institu-
lions individually considered, having de-
creased their loans. The item of deposits is
also of a misleading character, and with
one bank eliminated the loss for the week
has been So, 424, 200 Adding the increase of
20, 439O0 reported by this bank the gain
becomes $2,9SS,70O as given in the clearing
mouse totals, Here, too, the Pacific pay
ments are in evidence. But treating the
statement in this manner, that is, consider,
Ing the bank making the greatest changes
as apart from the rest it is found that the
total gain of 81, 331 100 in cash made By the
banks is to be credited entirely to the six
ty-four institutions, as the bank reporting
the heaVy expansion in loans and deposits
has almost precisely the same reserve car
Tied the week previous. AS the increase in
loans loans and deposits of this institution were
banks lost heavily in loans decreased, their
cash $lSOO,OOO and their deposits So. AIS, 200
CONFUSING STATEMENT.
THE statement thus treated does not
balance, but that Is all that can be made
out of it. The actual facts are that the
banks are gaining money. and as interior
institutions are oversupplied with cash.
the chances for a firmer money market.
even with the heavy payments due the
treasury, are growing less from day to
day.
Total sales of stocks Saturday were 122-
800 shares including the following: Chica-
go, Burlington & Quincy $685.; Louisville
q Nashville, 1885; Northern Pacific pre-
ferred, Also; Reading, $3.50; Rock Island,
1853; ST. Paul, 1865; Bay State Gas, 3,485;
Peoples Cas- 5,22O; Sugar, 81, $40.
The bears exercised no influence in Sat-
urdays New York Exchange market for
securities and made no apparent attempt to
do so. The bear element was in fact en-
gagged in buying stocks to cover short con-
tracts over Sunday, the general firmness
IN the tone of the market admonishing
them to protect themselves. Thus relieved
from bear pressure and helped by the COW
ering of shorts, prices moved quite uni
formly upward. There was no great anima-
ton to the trading, but some of the buy
ing was called of a substantial sort. The
coalers continued to display strength on
reports of a pending agreement to restrict
the output and on the more seasonable
weather that has come to prevail. New
Jersey Central and Delaware & Hudson
each rose points at one time, but both
reacted, the latter losing all of its gain
The grangers also showed gains Rock ISL
and being especially strong. The buying of
these stocks was partly in anticipation of
a possible decision by the Supreme Court
on Monday in the Nebraska freight-rate
case. The opinion is almost universal in
Wall street that when the decision does
come it will be in favor of the railroads
The days gains In this group of stocks
were nearly point Sugar made further
progress towards recovery Saturday. rising
at one time 2ss above Friday nights close,
its net gain being ia. This stock again alb
6orbed about One-thirC of the DAYS total
transactions with sales of over 5000 shares
Rock Island was the only other stock on the
list to show sales over 10000 shares and
nd odd a1 T. +l,f ii
comprise all showing over 5000 shares each
The bank statement created little impress
sion, it indicated 10 change in the money
market, and the increase in loans and de-
posts had still left 4 substantial increase
in the surplus reserve. Notwithstanding
sharp reactions on Monday and again on
Thursday, the level of prices for stocks is
substantially higher than it was a week
ago and net gains are over two points in
a large number of the leading railroad
shares. The industrial shares. notably Con-
solidated Gas and Sugar have not done
so WE'LL and the former is 81 points lower.
Sugar shows a net decline of 1M, which is
q recovery of 3Ss from the lowest of the
week. The stock has been far Ia the lead
IN point OF activity all through the week,
and its depression has strongly influenced
the whole list at times by sympathy. The
recoveries shown in the general list are
the. more noteworthy in view of the activity
and weakness of Sugar. The coalers were
also quite conspicuous features, breaking
heavily on Monday on reports of overpro-
duction and price cutting and the continued
mild weather with small demands. On
wednesday came the decision of the appel
late division of New Y0rh'S Supreme Court
affirming the decision of a lower court that
the attorney generals petition INSULT
cient TO warrant an order for the president
of the coal companies to appear before
referee for a hearing under the antitrust
law of the State
ANTITRUST LAW DECISION.
The impression prevailed in Wall street
throughout Wednesday that the courts de-
cision had been that the antitrust law was
unconstitutional, thus overthrowing the law
as whole. This law was directed not only
against the coal companies, but also against
the great Industrial aggregations of capital
and the stocks of all these corporate insti-
buttons mounted strongly upwards in price
on news of the decision. Much stress has
been laid also on the decision OF the Su-
preme Court of the United States, delivered
last Monday. which denies the right of the
Interstate Commission to enforce rates alb
Eolutely under the long-and- short haul
clause where water rates are in COMPETE
the decision OF great Importance in that it
tends to enforce the rights of railroads to
fix their own rates. AS il restricts the au-
thcrity of the Interstate Commission, 1t is
also looked TO TO stimulate the advocacy by
that body OF railroad pooling BILL which
railroad owners and managers are inclined
70 regard as a panacea for their financial
Ills. These two judicial decisions were
coupled with reliable information from
Washington that the President and men,
berS, OF the Cabinet regarded SPANS reply
tod fof