The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-21
WALL STREET IS DULL
MONEY GOES BEGGING AND TRAD
ERS WAITING FOR CONGRESS.
Declining Tendency in Stocks Only
Partly Checked-LOcaI Business
Fairly Satisfactory.

At New York Saturday. money call
was easy at 1902 per cent.
Prime mercantile paper, 3l4Q41z per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S515Q4S55s
for demand and at $4.S2s464.S2% for sixty
days; posted rates, $4.S31aq4S61a; CONNER
cial bills, S4.S2.
Bar silver SIC; Mexican dollars, 451ac;
silver certificates, 5SQ59c. At London bar
silver closed quiet at 26s4d an ounce.
Exports Of specie from the port of New
York for the week were 1881, SOS (of which
$1S,OO5 was of gold). against $1,014,55O during
the same week last year. Imports of
specie for the week were $196.15S (of which
243 was of gold, against $156,17 last
week and $799,347 in the corresponding
period of last year. The imports of dry
goods and general merchandise at New
York for the week were S5609,361, against
$11, 1873 ASS last week and $9,115,S36 in the cor
responding week of last year.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. $40, 100
Loans, increase ...,.........,........ 1905, IVu
Specie, increase ACKNOWLEDGEMENTS. 1y5, SO
Legal tenders increase. ............ 2,lS5' G0 O
Deposits increase .s....,.............. seq 6UO
Circulation, decrease ................. 43,3OO
The banks now hold $23, 40S $50 in excess
of the requirements of the % per cent. rule.
The New York Financier says: 1.-THE
statement of the New York clearinghouse
banks for the week presents no features of
Importance beyond the plain evidence that
money is still accommodating at this center.
The weeks changes, however are so COM
plicated with the Union Pacific foreclosure
settlements, which begin Monday with the
transfer of the sinking funds to the syndi-
cate, that a definite Interpretation is some
what difficult. The first payment OF $lS,OOO,-
600 is to be made through the depository
banks, and preparations to that end have
been finally completed. The contamination
explains the heavy balances by some of
the banks at the clearing house during the
past day or two. and also the increases and
decreases in the totals of the statement
thus. the actual increase in deposits can
be traced to eight of the larger banks. Inc
accumulation of cash for the week was no
less than So, $50, 500, but 1t is noteworthy
that the reserve Of the bank which has
deal fell off 81 $50 800. Some of the more
prominent banks mentioned in connection
with the plan have gained in cash, but
there is no doubt that the expansion was
due in a perceptible degree to the flow or
funds from the interior. The loan increase
is also involved in the causes already men
toned. The gain for the week cannot be
attributed to mercantile needs, from the
fact that the expansion of one bank, which
truth of the matter is that the loans of the
rest of the banks have contracted S12S.OOO
since the previous settlement. AS matters
stand the total increase in the loans of the
New York banks since Nov. has been
sic. TIA 300, but as the loans of one bank men
fi0ned have in the same time grown about
$l2 200 900, the only inference is that the de-
mand for money for business needs has
fallen off, and that maturing loans are be-
ing liquidated
MONEY WILL BE CHEAP.
"rhis explains the present ease in money
rates. Good commercial paper is scarce and
little money is being loaned in the West
in channels which usually absorb large taxi
ings at this season. The season of an in
ward flow of money is at hand and unless
something unforeseen occurs. the outlook is
for continued cheap money. Bankers are
talking of a reduction of interest on coun-
try bank balances, but nothing definite is
yet forthcoming on this point.
The total stock sales Saturday on New
York Change was 500 shares, including:
Chicago Burlington & Quincy, $3.50; Metro
politan Traction Railway. S,492; Rock Isl
and, 2.lS1; ST. Paul, 5,1S4; Bay State Gas,
1850; Peoples Chicago Gas, o,SlO; Sugar,
l2.6O5.
inert and drifted under no very well de-
fined motive towards a lower level. Lon
fou's great fire seemed TO exercise a rather
depressing influence on that financial CEN
local stock market followed that lead. Deal
ings were on very small scale and the
movement of prices outside few special
cases very narrow. Even Consolidated Gas
took on a rather subdued aspect and
brought its variation within range of 3
points ordinary moderation for that eccen-
trio stock. metropolitan Street Railway
was notably strong and continued it's adj
vance of Friday to the extent of points
additional The New York political situa-
ton is cited as being likely to inure to
the benefit of this property. There was no
other notable feature in the market The
declining tendency seemed to be somewhat
checked at the last and the closing showed
some slight recoveries on short covering
The bank statement was without any in
fuence on the trading, as 1t showed about
what was expected. Bidding for choice
grades of commercial paper has been very
active but the market has been almost
bare of offerings. The money market has
not shown the slightest fiutter over the ap-
preaching S13.OO0,O00 payment to the gov
ernment on account OF the Union Pacific
sale. This payment will, In fact. amount
to little more than a series OF bookkeep-
ing entries, the transfer OF credits In large
part being confined TO the books of the in
dividual banks handling both accounts.