The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-22
MONEY GOES BEGGING AND TRAD
ERS WAITING FOR CONGRESS.
Declining Tendency in Stocks Only
Partly Checked-LOcal Business
Fairly Satisfactory.


silver closed quiet at 26a4d an ounce.
Exports of specie from the port Of New
York for the week were 1881, sos (of which
$1S,O05 was of gold, against $1.O14.55O during
the same week last year. Imports of
specie for the week were 1885, 1873 (of which
s12O243 was of gold), against $156.717 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 $5,6o9,961, against
$11. 1884, ass last week and $9,115,S3 in the cor
responding week of last year.
The New York weekly bank statement
shows the following changes
Surplus reserve, increase ........... 81 $40, 100
Loans, increase .........-.............. 4,o9S,1U
specie INCREASE 19e 3OV
Legal tenders, increase. 500
Deposits, increase ...................-. t'S3 guy
Circulation, decrease ........-......,. 4S,SO
The banks now hold $23, 40s, 250 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
rncney 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 definite Interpretation is some
what difficult. The first payment of $780,
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 or
the banks at the clearing house during the
past day or two, and also the increases ana
decreases in the totals of the statement.
Thus, the actual increase in deposits can
DO traced to eight of the larger banks. The
accumulation of cash for the week was no
hon
that the reserve of the bank which has
taken the leading part in the Union Pacific
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 OF
funds from the interior. The loan increase
As 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
has been advancing money to the Union
Pacific syndicate, was over $5,50O.O0O. The
truth of the matter is that the loans of the
rest of the banks have contracted $12S,OOO
since the previous sta tement. AS matters
stand the total increase in the loans of the
New York banks since Nov. has been
so, IA. 300, but as the loans of one bank men
toned have in the same time grown ABOUT
So 600 OOO 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.
This 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 TAX
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
vet forthcoming on this point.
al
York Change was 1850 shares. including:
Chicago, Burlington & Quincy 5.9S5; Metro
politan Traction Railway, 1892; Rock ISL
and. 31S1; st. Paul, 5,1S4; Bay STATE Gas,
1850: Peoples Chicago Gas, $50; Sugar,
The stock market Saturday was almost
inert and drifted under no very we'll de-
dned motive towards a lower level. Lon
don's great fire seemed to exercise rather
depressing influence on that financial CEN
ter and for lack of another initiative the
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 q rather Subdued aspect and
brought its variation within a range of
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 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
huence .on the trading, as Ii 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 flutter over the ap-
preaching $l3Go0.000 payment to the gov
eminent 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 10 the books of the in
dividual banks handling both accounts
These banks have deposited in the treas
ury at Washington government bonds to
the full amount OF this payment as secur-
ity and the government has arrangements
to leave its funds on deposit in the vaults
OF the banks.
LITTLE INTEREST IN STOCKS
The stock market has been a rather triv-
ial affair all week, trading being of small
volume and the movement of prices slight.
The average price of stocks is slightly lower
than last Saturday and the weakness of the
coalers is most responsible for bringing
down the average. Elsewhere in the list
there are few prominent stocks that show
net change exceeding a fraction either
way. Sugar and Consolidated Gas have
shown the widest variations and have alb
sorbed the greatest share of activity and
interest, and the net result is shown in
gains Of less than per cent. Console
dated Gas has sold as high as 1892 and as
low as Ia. closing about points below the
best. The variations in this stock have fol-
lowed the mutable utterances put forth by
an interest whose assent is being sought
TO the plan for merging the local gas COM
panies and IL has kept the stock quite ac-
tive 10 keep up with these changes. Union
Pacific was markedly heavy. Outside of
these and few of the specialties, specula-
ton is apparently dead for the time being.
On Thursday the total sales Of all stocks
fell To less than 10000 shares This apathy
OF speculation is the more notable in view
of the amplitude and the cheapness of the
supplies of money and the large reserve of
money supply made availaOie by the heavy
trade balance in favor OF this country. The
halt in speculation cannot be attributed to
existing conditions, which continued to be
very favorable, but rather to doubts re-
garding the future. 1t is usual Cor Wall
I'm November pending the session of Con-
gress the publication of the Presi-
dents message and the perception
OF the temper and intention
OF the legislative branch. The tendency OF
railroad earnings is also being scrutinized
with great attention. now that the abnormal
grain movement has abated. The returns
Tor the second week in November show
earnings well up to the best records in
ern and Southwestern roads, where arrears
OF traffic released from quarantine restric
tons are coming forward, the showing is
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