The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-01


demand and at $Ls2AG4.s2a for sixty days;
posted rates, $4S3h and $4.S71z; commercial
bills. $4.a94S1k.
Silver certificates. 5S1zG6Oc; bar silver,
bS4c; Mexican dollars, 45c. At London bar
silver closed quiet at 271zd an ounce
The exports of specie from the port of
New York for the week amounted to $396J9
in gold and 1865. ia in silver imports, gold,
S199, S29; silver, $7O66S; dry goods and general
merchandise, $6.416,171.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. 367 100
Specie Increase. Observation-Disclosures. 10000
legal Tenders, increase. .............. 24SO 800
deposits, increase. ISl4,0O
Circulation, increase. 1C0,4GO
The banks now hold $24, 271, SEQ in excess of
the requirement of the Is per cent. rule.
The New York Financier says: THE bank
statement for the week cannot be inter-
preted to mean what the totals usually in
dictate. The heavy increases in the loan and
deposit items reflect, actually, transactions
which have involved only one or two of the
Iarg st banks. The loan increase of So O25 10
for the week is covered by the expansion
reported by three banks, leaving the totals
of the other sixty-two clearing house insti-
tutions practically unchanged. What the
increase means is rather difficult to deter
mine, but it is perhaps connected with the
loans on sterling bills in this market aided
by domestic inquiry for funds. The Incl ease
in the deposits of one bank alone has been
$S,06l, 100 which is of itself larger than the
aggregate change for the week, or, to put
the matter in another way the deposits of
the remaining banks have fallen off since
Oct. %. The expansion in loans accounts
for part of the deposit increase, but in the
banks. despite the heavier reserve called
Tor through the swelling deposits, hold in
idle cash 81, 367, 100 more than reported for
the previous week. One bank gained in
cash a. 65S, 200, or 81 1922 600 more than the ag-
eregate increase reported. The only infer
ence is that Slxty-four banks have less
cash in their vaults than was the case last
week.
FEW BANKS HOLD THE MONEY.
Reduced 10 basic factors, the statement
shows that the banks have made no great
change during the past six days. The sup
ply of money is larger than reported on
hand week ago, but under the control of
very few banks. The principal event in
the money market for some days past has
been the revival of currency transfers to
RI Louis, but that rates for loans will
harden to any extent seems for the moment
rather improbable"
Total sales of stocks Saturday were 1OO-
800 shares, including the following: chi
cago, Burlington q Quincy, q, APO; Northern
1acific, 4SS5; St Paul. 1850; Union Pacific,
$50; Bay State Gas, 10,129 Chicago Gas,
45S5; Consolidated Gas, 4,6S5; Sugar, 1885;
Chicago Great Western, Ito.
There was little activity ard small vara-
ton in prices on the New York Stock Ex-
change Saturday except in few special
cases. Consolidated Gas was the con-
spicuous feature with a break of points,
to 1874. The stock fell several points be-
tween sales on dealings in single lots of a
hundred shares. The last sale was at
rally of points. Consolidated Gas at 1874
shows fall of 47la points from the price
on Sept. 16, on which day it sold for 2411a.
Saturdays slump was effected by the bears
with the purpose of uncovering stop-loss
ders.. They argued that the result of Tues
days municipal election in New York might
be an organized agitation for dollar gas"
Union Pacific was heavy throughout
rumorS that the foreclosure sale of the
property might be enjoined. The stock was
over a point off at one time, but rallied Is.
Burlington alone of the list was traded in
20 the extent of more than 10000 shares.
1t was strong on favorable crop reports
from along its lines. The total sales of all
600 shares. The strength OF the
market generally was due to the
closing up of contracts for intervening
holidays. which virtually extend over to
next Wednesday, as Mondays transactions
are expected to be Insignificant pending the
Monday being bank holiday in London
The substantial increase in loans OF S.
O25125 shown in Saturdays bank statement
IS the nrst increase SHOWN since the state
ment of Sept Is. The contraction in loans
from that date up to oct rs was SlI, SSS, 800
the interior for money Although there was
active movement of currency from New
York TO st. Louis during the week to move
the cotton CROP the net movement has been
Eastward, and that interior banks have
more money than is needed is shown in the
item of deposits. which have increased ST.
S4uOO representing, in part the surplus
funds of interior banks. The bidding for
all week, interior banks continuing to of
fer funds in this department of the local
money market. The increase in loans in
: the bank statement, while partly due TO
purchases of mercantile paper. is probably
due for the most part to operations on ac-
count Of pending Union Pacific foreclosure
sale The Union Pacific also has been the
overshadowing influence in the stock mar
ket, which was otherwise exceedingly mar
row and entirely professional Some confu-
sion has seemed to exist in the minds of
holders of Union Pacific securities at times
as TO the effect of the developments at
Washington on their interests, but the
weeks net result shows that they consider
they were last Saturday. The stock fell 4ia
on Monday on the governments announced
Intention to postpone the foreclosure sale,
It being feared that the whole plan of reor-
ganization was threatened.
THE SYNDICATE'S CLAIM
The reorganization committee announced
that il would bid the full amount of the
governments claim on the main line that
allotments made under the plan to Kansas
Pacific security holders would remain
served for the reorganization of the Kansas
line, and that no change in the plan or
ACOi 6dAAIdtlOn was lHNQlN6Q III THIS. HIS
coupled with the announcement of the gov
eminent that 1t would accept this bid on the
main line, rallied the stock limitations that
the reorganization syndicate would be loser
by the increased bid, which had increased
some $13O00.O00 over that contemplated for
the whole system when the plan was made
seemed TO cause irritation and explanations
were offered that the increased outlay by
the syndicate to be compensated by el-
lotment of hrst-mortgage bonds and pre-
ferred stock. The syndicate, il is an
nounced, receives par in the new per cent.
bonds and 30 per cent. in the preferred stock
for the money furnished by ii. This, il was
explained, would not necessitate the absorp-
ton of securities that would otherwise have
accrued to the treasury of the new coIn>
pany, but the issue of additional bonds 10
the par value of at least IS 900 COO 1t further
developed that the increased bid made no
provision for the subsidized portion of the
Kansas Pacific, the bid on that portion be-
ing considered withdrawn and the reor-
ganiZation interests relying their control
of lines and a connecting link which can
be built to parallel that portion and COM
plete the system if they were unable to
cure the Kansas Pacific on their own terms
The stocks net loss on the week was Az
points, the price being about what il was
before the recent fve-dollar second assess
ment was paid. Kansas Pacific console have
also suffered to the extent of l07s per cent,
the Union Pacific skies of SO trust receipts
2h and the sinking fund Fights. trust
receipts per cent. The activity and weak
ness OF Union Pacific and the susceptibility
to attack of Sugar affected the whole mar