The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-11

mand and at $4.S242 for sixty days. posted
rates. s4SSQ4s3lz and s4.S515; commercial
bills. $4.S1.
Silver certificates, 57@57l5c; bar silver,
56s4c. Mexican dollars, 4S19c. At London bar
silver closed easy at 261ad an ounce.
The New York weekly bank statement
shows the following:
Surplus reserve decrease ............. g. $500
Loans, decrease .-...................... 262 $40
specie increase ....................... l,9SS 4J0
Legal tenders, decrease ............... 4,5H 3U
Deposits, decrease ACKNOWLEDGEMENTS. 2,6l6OU0
Circulation, increase .................. $3.50
The banks now hold s13 4S5, 500 in excess
of legal requirements.
The Financier says: 1.-The statement of the
associated banks of New York city for the
week ending Oct. shows a material reduc-
ton in cash, the reserve having decreased
over 100000. 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 on 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
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 a
stringency in the market. The heavy de-
crease in the reserve was unlocked for but it
is TO be observed that specie receipts are
already supplying the heavy drain of money
incidental to 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 legals which the
banks report. AS the specie on the
water and engaged for shipment from Eu-
rope amounts to $6,350O0O, 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
figure in next weeks bank statement, it
would not be surprising if further loss in
the reserve is noted at that time
Total sales of stocks Saturday were 49, 400
shares, including: Atchison preferred, 1900;
Chicago, Burlington & Quincy. 12,241 Louis
vile & Nashville, 4,SS5; Manhattan, S,7OO;
Missouri Pacific, S,97O; Northern Pacific,
2l,8i5, Northern Pacific preferred, $3.50;
Reading, 3,150; Rock Island, S,515; st. Paul,
1905; Union Pacific, $500; nay State Gas,
1855; Chicago Gas, 2S,420 Sugar, 6S19; Chi
caSo Great Western, $780,
The bears renewed their raid on the
market to such good account Saturday that
few stocks escaped with less than a point
net loss The course of the market Friday
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
q time. The usual end-Week covering of
short contracts 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 informal
ton of a mysterious something impending
in Washington that might play havoc with
values when it becomes known. What the
mysterious something was, was not dis
closed. The stock market is peculiarly SEN
sitiVe to intimationS from Washington at
this time, owing to a conviction in many
when the Cuban question shall lead to a
rupture with Spain. Much stress is laid
decision of the Supreme Court on the Ne
braska maximum treight-rate case and the
case against the Joint Traffic Association
Ine market was evidently unprotected by
supporting orders and the aggressive short
selling by the bears led to a rapid decline on
light transactions Only two stocks i'm the
list showed sales as high as 10 900 shares
These were Chicago Gas and Burlington
Chicago Gas Omaha Manhattan, Missouri
Pacific and Burlington were conspicuous in
the decline. Consolidated Gas fuctuated in
its characteristic way, breaking 49, 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
selllnS movement of stocks The profess
slonal trade usually accepts a decrease in
the surplus reserve as a specific admoni-
ton to sell. Saturdays decrease of $2.064,-
SOO IN mat 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. $262, 800. indicates that
banking authorities view with eouanimitVy
the decline in their reserve surplus con-
fdent in the Strengthening force of the
$6S50,O00 in sold now in transit to New York
rivals of the week reflected in an increase
In specie of $1,5S3,4O0 but are more than
Offset by the decrease in legal tenders of
81 302, 800. The demand for legal tenders is
very keen and the best efforts of the banks
and the United States treasury are not
equal to fully providing a supply. The New
fuse to supply legal tenders in return for
currency to other subtreasury points.
SETTLING IN GOLD.
The New York banks have been settling
their balances at the clearing house during
the week in gold to a large extent, and the
prediction is made that the payments of Gus
toms duties Will soon be made in gold. Chi
cago banks are reported also to be present.
ing gold 10 the subtreasury there, with
request for legal tenders, and the treasury at
Washington is beginning to find itself en-
barrassed TO supply all these demands Since
Sept. II the decrease in legal tender
IN the New York bank reserve has amounted
to $2l,S5l3o0. and the specie has increased
nearly Sl,S00,00o in the same time, notwth-
standing large exchanges of specie for legal
tenders at the subtreasury. The ample pro-
portions OF the country's gold reserve has
doubtless had much to do in deferring the
import movement of gold which was fairly
lnaueurated on Friday and the day before
the total amount of gold now in transit
amounting 10 $5,350OO0. The stlffening of ex-
change rates consequent on the purchase of
bills against these imports is believed TO
De Dut temporary and the movement OF sold
Is expected 10 continue steadily TOR some
time 10 come. The effect on the money mar
ket or the gold engagements has been To inn
part a distinctly easier tone, time money
declining TO per cent. for sixty days and
up TO per cent. fer four months and LONGER
per have been in the New York market
nd m,