The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-24

placed with a Chicago bank during the week
at 3A per cent, according to prominent
authority. Numerous other Western CEN
tiers have offered money in New York, and
their deposits are reported to be higher on
account of large payments of Indebtedness
by farmers and Western business men who
have realized on the grain crop. The quick
movement of the grain crop has led to an
early cessation Of demand for funds for that
purpose, and the interruption of the move
ment of the cotton crop defers the demand
from that qquarter. The release of funds
IN New York as a consequence Of this con-
dition has led to a marked easing of the
money market. call loans Friday and Satur-
day being. offered in abundance at per
cent. and in some cases below that.
PLETHORIC MONEY MARKET.
The money market is almost plethoric
and the falling off Of funds is not looked
on in Wall street as an altogether favor
able indication of the progress of general
business. 1t is reported that a movement
is or foot among New York banks to re-
duce the interest they pay on the balances
of out-of-town banks from 2 to IL per cent.
This condition of the domestic money mar
ket is coupled with something very like
stringency in the Berlin money market,
owing to keen activity in business and to
a stiffenlng Of rates in the London market
as result of efforts by the Bank of Eng
land to prevent gold coming to the United
States These efforts consisted of raising
the price of gold bars and of American
eagles and Of borrowing largely with
view of bringing up the open market rate
of discount to parity with that of the
bank, which remains at 3 per cent. The
open market rate in London Friday and
Saturday had about reached that point,
and it is reported that applications for
loans are being made to the bank itself.
The London rate of discount has crossed
the New York rate, and the disparity tendS
to increase SO that the important move
ment of gold has come to stop In spite
of the heavy trade balance in favor OF TINS
country. Exchange is being allowed 70 ac-
curulate at this center EXCHANGE oanR-
at rate which makes 1t prOHtdDle 10 Duy
these futures and borrow money on long
sterling bills as collateral until they ma
ture. The effect is the same as though
gold due to creditors in this country were
placed at higher interest in LONDON lnstea9
of oeing re-eXported. The opinion is based
on the tendency of the balance OF trade 10
shift again later in the season. the great
er ease in money has not resulted In any
increase in speculation of the stock mar
ket, the underlying sentiment being that
general business has not fully held It's own
with the first Improvement Rallroau earn
ings continue large, but some question has
begun to arise whether general trafhc VIII
keep up earnings after the gram move
ments and the arrearages OF soft coal trat-
| fic have subsidized. Some speculative ac-
| tivity has been shifted to the wheat market
stocks early in the week seems to be large
ly due to covering of shorts ana the latter
days have seen reaction due to profit TAX
ing and renewed short selling. The market
has been dull and professional throughout.
London was a buyer early in the week
The advance at the high point ranged from
two to five points in the. leading active
stocks, but the latter reaction has lett the
fell almost eight points on the announce
ment of the death of the head of the com
pany shows only a small net cnange. Su-
gar has risen over five points. Otherwise,
net gains of over three points are lntre-
quent.
have held their advances more firmly than
stocks, gains ranging up to per cent To-
coupon have sold at 12S, the highest on rec
ord The bid prices of other issues nave
moved UP in consequence with the ease IN
the money market
The following table, prepared by H. ".
Louis. Room II, Board of Trade, shows the
rar of limitations: