The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-14


Legal tenders, increase. ............. $50 800
Deposits, increase ..................... $685. 700
Circulation, decrease .s............... IL, 500
The banks now hold $21, 765 $50 in excess
of the requirements of the % per cent. rule.
The New York Financier says: 1.-THE
statement of the New York clearing house
banks for the week ending Nov. 10, viewed
in its general results, is decidedly mislead-
ing. The loans, for instance, are reported
$l21,1O0 higher than the week previous
whereas the loans of sixty-four of the six
ty-tive banks in the Clearing house Asso-
citation have fallen off no less than SIS, 137, 1OO
the decrease having been more than offset
by the increase of Sc, AIS 200 reported by one
large bank, which occupies prominent po-
sition with reference to the Union Pacific
settlement now pending. Just what the
heavy loan expansion indicates specifcal-
~ is hard to determine, but that it is in
vowed III these settlements is doubtless
true The same bank has deposited with
the government something like SO GOO 900 of
bonds to secure the Union Pacific deposits,
Wnlch further bears out this presumption.
OtherWiSe the business of the banks has
not been so good, forty-two of the inStitu-
IONS, individually considered, having de-
creased their loans. The item of deposits is
Also OF misleading character. and with
one bank eliminated the loss for the week
has been So 424 200 Adding the increase of
$6413900 reported by this bank the gain
becomes s., 1855, zoo. as given in the clearing
mousse totals. Here, too, the Pacific pay
HehtS 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 gam of 81, 331, 100 in cash made by the
banks is to be credited entirely to the six
ty-Iour institutions, as the bank reporting
me heaVy expansion in loans and deposits
mas almost precisely the same reserve car
Iled the week previous. AS the increase in
loans and deposits of this institution were
IDENTICAL. 1t follows that the sixty-four
banks lost heavily in loans, decreased their
cash SlSOO'OO0 and their deposits So. 4252OO.
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 1922
800 shares, including the following: Chica-
60, burlington & Quincy, 5,S65; Louisville
X Nashville 2935; Northern Pacific pre-
IIeer RED Also; Reading, S45O; Rock Island
y y Cos; st. Paul. 1850; Bay State Gas, S.4S5;
Feopies Gas. $3.50; Sugar $3.50.
The bears exercised no influence in Sat-
urday 5 New. York Exchange market for
securities and made no apparent attempt to
90 SO. The bear element was in fact en-
sdSed in buying stocks to cover short con-
tracts over Sunday the general tirmnesS
IN the tone of the market admonishing
them to protect themselves. Thus relieved
from bear pressure and helped by the COW
erlng of shorts. prices moved quite uni
formly upward There was no great ANNA
tlon TO the trading, but some of the buy
ing was called of a substantial sort The
coalers continued to display strength on
reports of 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
ana being especially strong. The buying of
these stocks was partly in anticipation OF
q possible decision by the Supreme Court
on on Monday in the Nebraska freight,rate
case The opinion is almost universal in
wan street that when the decision does
come II viii 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
sorhed about one-third of the days total
transactions with sales of over $4,000 shares
RI;ock Island was the only other stock on the
nst 70 show sales over 10000 shares and
burlington ana st. Paul added to this would
comprise all showing over 5000 shares each.
Inc bank statement erected little impress
SION, as II indicated no change in the money
market and the increase in loans and de-
POSTS had still left a substantial increase
AZ the surplus reserve. Notwithstanding
siiafp reactions on Monday and again on
thursday the level of prices for stocks is
substantially higher than il was a week
ago and net gains are over two points in
large number of the leading railroad
shares. The industrial shares notably Con-
soldated Gas and Sugar, have not done
20 well, and the former is So points lower.
sugar shows net decline Of rs, which is
recovery of 3ss from the lowest of the
week The stock has been far in the lead
IN point of activity all through the week,
ana its depression has strongly influenced
vie whole list at times by sympathy. The
..Sseoyeries shown in the general list are
the more noteworthy in view Of the activity
ana weakness of Sugar. The coalers were
$50 quite conspicuous features, breaking
heavily on Monday OH reports Of QEerDro-
auction and price cutting and the continued
mid weather with small demands. On