The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-08

an ounce.
Exports of specie from the port of New
York for the week amounted to $l21SO
in gold and $7O2, I'll in silver The imports
were: Gold, $79,9O1 silver $943O6; dry goods
and general merchandise. $6,4Ss,313.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ........... .$3 O90575
Loans increase ..........'.....,..-.s. ooco'900
Speeie' increase craas S SS4 900 sOO
Deposits. increase ..........e........ IOO5,9VO
Circulation, decrease ................. 2,3OO
The banks now hold $21, ISL, 225 in excess of
the requirements of the 25-per-cent. rule.
The New York Ffnancier says: THE
bank statement for the current week is of
a favorable character, no less than thirty
eight of the sixty-ive clearing house insti-
buttons having participated in the loan ex-
pansion of Sc, S35, 300 reported. 1t is true that
the changes of three of the larger banks
account for $4S0O,00 of the total increase.
but the smaller commercial institutions
figure more prominently in the aggregate
than for some time past. This of itself is
an encouraging sign. The week was charac-
kerized by the revival of currency transfer
10 the South, New Orleans calling for
large portion of the shipments on account
of the cotton and sugar movement. st.
Louis has been handling a great deal of the
money that usually goes to the former city,
and the revival of business at New Orleans
and at the centers tributary to it is re-
garded as encouraging all sides. 1t is
noteworthy that the National Park Bank,
one of the institutions most prominently
connected with Southern interests, made
large increase in its loans last week. The
trend of money. however is now largely
in the direction of New York, domestic ex-
change having hardened perceptlbly at most
interior cities. The local banks are gain
J..
in deposits in view of the expansion in
loans is entirely logical. The PACING fore
closure payments may be expected to Inquire
in the statement for few weeks TO come,
although the result of the settlement as
now arranged ought not to disturb the
money market. The settlements are now
more in the nature of a transfer to the
treasury and again to the banks, with but
a short interval separating the p beg nal
the January disbursement period intervenes
there may be a slight advance at the end
of the year.
LOANS HOLDING UP.
1T is rather remarkable that the loans
of the banks were still within $5,C0OC0O of
the high point reached Sept. IS. In the
same time deposits have decreased $4,000
600 and cash no less than $l5.OOOODO"
Total sales of stocks, 2O5,s2O shares. in
Guiding the following: Chicago. Burlington
& Quincy, 190s7; Louisville & Nashville,
$685. Manhattan, 1890; Missouri Pacific,
1892 New York Central S.S25; Northern
Pacific preferred, 10. 1885, Reading. 1870; Rock
Island 1885; st. Paul. Il, S63: Union Pacific,
5.600 Chicago Gas. $40; Sugar, 1850; Ten
nessee Coal and Iron, 3065; Chicago Great
Western, 6.404.
There was some natural tendency towards
recovery in prices at the opening on New
York Change Saturday. In view of the
heavy and rather excessive declines of Fri
day and of the active covering movement
in progress at the close of the market Fri
day There had been a recovery in the
prices of Americans on the London Ex-
change before the opening at New York.
The opening in London showed declines to
the New York parity but the level was
sharply above New York by the time the
market opened This encouraged purchases,
and number of stocks opened over point
higher than Friday night. The London
market for American shares has grown
narrow and floating supply of stock there
Is so small that prices there are easily sub
ject to manipulation for effect on the OPEN
grounds for suspicion that Saturday morn
ings rise in London was due to some such
effort from this side. AT all events, the
rise which was thus stimulated here led to
quick taking of profits and some further
liquidation of long accounts, carrying prices
below Friday nigbCs level They hardened
again, but eased off finally leaving frac-
tiOnal net gains in the majority of cases
The decrease in surplus reserves shown by
the bank statement probably induced some
selling, though the change was due in
greater part to the heavy increase in depos-
us ana the constant rising of the legal re-
serve limits than to the actual de-
crease In cash. The large increase in
loans. in face of the heavy speculative ac-
counts that have been closed out on the
stock Exchange during the week, probably
mas TO do with the Union Pacific sale
the week has seen a total loss of conf
uence on the part of bull operators who
have been looking hopefully for the turn in
the toe OF reaction on the Stock Exchange
on Friday there was heavy liquidation of
long holdlngs and sharp declines in prices
ana. so far as appearances go, in buying
support FOR stocks at any concession. how
ever violent. The ostensible motive was
fear of war with Spain on account of Cuba
intensified by the call from the Chamber
OF Commerce for increased force to man
public utterances of the United States ex-
minister to Spain. The depression took on
rather an artificial and feverish tone before
the day was over. and absurdly sensational
Iumors We're put in circulation to keep
prices down while shorts covered. These
incidents. coupled with Saturdays recovery.
are slgnlncant technical indications of a
Sulmlnation of a market movement just as
heavy buying, circulation of roseate views
sharp rises in prices and the stirring up of
uead stocks are the technical concomitants
OF the eumination of a sustained rise The
IN sugar, 5es in New Jersey Central and
1hree points or over all through the active
list or railroad ard industrial stocks
Sugars special weakness was due to the
serious illness OF the president of the COM
pany. Inc decline of prices has continued
now practically without interruption of any
Importance since the second week in Sep
tember, when the elimination of the rise
was reached.
THE SLUMP IN STOCKS
On Sept 10 the average price of twenty
active railroad stocks was about $66S3 a
share, and last night the average price of
the same stocks was $3.50. On Sept 10 the
average price of twelve leading Industrial
stocks was $55.S2 a share. Last night ii
was $45.7S. 1t is an invariable rule that an
upward course OF prices in the market does
not terminate until it has apparently ex-
ceeded itself and reaction is a certainty.
corroborated by abundant historical pre-
ceoent' even in face of continuing favorable
conditions. The rise which eliminated in
the second week in September can be traced
10 Its sources in the latter part of July
There had been Improvement before then
and speculation on the prospect of business
reVivals. But the final passage of the tariff
Dill was accepted clearing the industrial
situation and giving settled conditions TO
work on. There was some reaction in the
prices OF stocks afterward on profit-takinS
but FOR the most part the course was stead
lily upward from that time 10 the culmna-
ton. The growth of the conviction of a
bountiful harvest and OF ain argent demand
Tor our products from abroad were reflected
N the pull market Of that period. A COM