The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-10

was nominally PEAS per cent.
Prime mercantile paper, 414Q5 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4.S4s4 for de-
mand and at $4.S2t2 for sixty days: posted
rates. $4.S3Q4S31a and $4.s5Is; commercial
bills. $4.S1.
Silver certificates. 57@57lac; bar silver,
56a4c Mexican dollars. 45l@c. At London bar
silver closed easy at 26g4d an ounce
The New York weekly bank statement
shows the following:
Surplus reserve, decrease ........... 81 064, SEQ
Loans, decrease ..........-.........-... 2bz,av0
Specie increase Observation-Disclosures. oS3, 40
Legal tenders, decrease .............. 43U2, 800
Deposits, decrease ............-........ 26Ib,UJU
Circulation, increase .................. $500
The banks now hold S1S, ass, 800 in excess
of legal requirements
The Financier says: THE statement of the
associated banks of New York city for the
week ending Oct. 9 shows a material reduce
ton in cash, the reserve having decreased
over S2Go100O, all of which apparently has
gone to the interior. The money lost seems
TO reflect actual shipments, although the
statement is complicated by the adjustment
of October settlements, which have been
going during the week The decrease in
loans is to be attributed to Stock Exchange
liquidation, since the market for CONNER
cial paper and time loans has been more and
more active of late and a great deal of new
business has been doing in these lines Some
of the banks, in fact have Withdrawn their
call money for the purpose of putting it
into mercantile paper. The reduction in the
loan item, therefore represents rather para
doxically a better business condition. The
banks apparently have accepted prevailing
rates as the maximum, and are taking adj
vantage of them on the theory that heavy
gold imports will prevent anything like
Stflngency IN the market. The heavy de-
crease in the reserve was unlocked Tor, but il
is 10 be observed that specie receipts are
already supplying the heavy dram of money
incidental 10 the interior movement. The
gain in gold was made up from receipts at
this port and from San Francisco, and coun-
teracted in part the loss in legais which the
banks report AS the specie now the
water and engaged tor shipment from Eu-
rope amounts TO $6,3J0,00O, further losses in
cash will be replenished easily, and the out
look becomes much brighter. The interna-
tional shifting OF funds is now working au-
tomatically, and the volume will be deter
mined largely by money conditions prevail
ing here.
NO CHEAP MONEY LIKELY.
while there will be no really cheap
money, it is yet difficult to see how there
can be an actual stringency at any time
this year. AS the gold due to arrive will not
would not be surprising if further loss in
the reserve is Noted at that time"
Total sales of stocks Saturday were 17S, 400
shares, including: Atchson preferred 4,GoO;
Chicago. Burlington < Quincy. 12.241; Louis
vile & Nashville, ASS; Manhattan $500;
Missouri Pacific. $3.50; Northern Pacific
also; Northern Pacific preferred, $500;
Reading. $780, Rock Island, S.515; st. Paul,
lo09t; Union Pacific. $780, bay State Cas-
lO5lo, Chicago Gas, 2S,420; Sugar. 6,3l9; chi
cagO Great Western, $3.50.
Tho bears renewed their raid on the
market TO such good account Saturday that
few stocks escaped with less than point
in face of extraordinary dullness had led
many TO suppose that the bear campaign
had come to an end and that the market
Would probably sink into Illumination for
a time. The usual end-week covering of
short contracts was expected to stiffen
prices slightly. Quite the contrary occurred.
Prices did improve a fraction in the first
hour on a very light volume of DEALINGS
but weakness developed in Chicago Gas
soon afterward detected selling by houses
With Washington connections and bears
seized on this as proof OF inside informa-
ton of a mysterious something impending
in Washington that might play havoc with
values when II becomes known, What the
mysterious something was, was not dis
closeds The stock market is peculiarly sem
sitive to intimations from Washington at
this time, owing TO a conviction in many
II
when the Cuban question shall lead to a
rupture with Spain. Much stress is laid
also by traders in stocks on the pending
decision of the Supreme Court on the Me-
braska maximum freight-rate case and the
case against the joint Traffic Association
The market was evidently unprotected by
supporting orders ana the aggressive short
selling by the bears led 10 a rapid decline on
light transactions. Only two stocks in the
list showed sales high as I0, 900 shares
These were Chicago Gas and Burlington
Chicago Gas, Omaha, Manhattan, Missouri
Pacific and Burlington were conspicuous in
the decline. Consolidated Gas fiuctuated in
its characteristic way, breaking 9la points
at one time, but ending with a recovery of
points There were slight recoveries in
some stocks just at the close, but most
stocks closed at the lowest. the prevailing
tone being very weak
Probably superficial view of the weekly
statement of the New York Clearing House
banks had something to do with Saturdays
selling movement of stocks The profess
slonal trade usually accepts a decrease in
the surplus reserve a specific admoni-
ton TO sell. Saturdays decrease of 81. 064. :
800 In that item was, in fact, something of
a surprise In view of the rather strenuous
efforts by the banks in the last two weeks
to prevent further shrinkage in the sur
plus But the small decrease in loans re-
ported for the week, S252 800 indicates that
banking authorities view with equanimity
the decline in their reserve surplus con
fldent In the strengthening force OF the
$3.50 600 in gold now in transit 10 New York
from England and France. The gold ar
rivals of the week reflected Ia an Increase
In specie of 81 $4,000. but are more than
Offset by the decrease Ia legal tenders of
N302. 300. The demand for legal tenders Is
very keen and the best efforts OF the banks
and the United States treasury are not