The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-17
on Iast sunday has not restored conhdence

on last Sunday has not restored confidence
to buyers
FREIGHT RATE QUESTION.
Much has been made of the unfavorable
effect on railroad values. which follow ad
verse decisions by the Supreme Court in the
maximum freight rate case and Joint Traf-
fc Association case. Yet the prevalent be-
lief in the street is that the right of the
State of Nebraska to fix maximum freight
rates will be denied, and there has never
been much doubt felt that the Joint Traf-
fc Association will be declared illegal. as
was the Transmissour Freight Association.
There is more sincerity in the apprehension
expressed that the Cuban problem will ui-
timately lead to a rupture with Spain. The
substantial harm done by the yellow fever
outbreak and the consequent interruption
TO railroad traffic is brought in evidence
by the decreased earnings shown by the
IallIoaus IN the territory affected. The adj
Hltted rate cutting by the railroads is also
feared Tor It's enect on earnings, as is the
falling on in the grain movement. The re-
turns Oh railroad earnings nevertheless con-
uEue TO make large snowings, said to be
due to the movement of general merchan-
disc and passengers.
The trade reviews all report continued
expansion IN their lines, the Improvement in
Ihe IRON INDUSTRY being especially marked.
me increase in the output of pig iron and
the decrease in the stocks indicates that the
rate OF consumption has increased about 40
per cent since July /. Further engage
ments OF gold for import were expected to
nave been made this week, but the pur-
chases OF exchange bills against last week S
engagements have kept the rate OF ex-
cnange above the import point. This point
has also been lowered by the advance in
the price of gold bullion in London and by
the rise IN discount rates at London, Paris
ana Berlin. very heavy movement of
god before the season ends is considered
inevitable. London has ceased to sell Amer
n
and this week has been a buyer. The gov
ernments trade statement for Sep
TEMPER shows a balance of trade
Tor the month in favor of this
country of over $50, 0oO, 900. The movement
OF cotton, now just gaining full tide, is
expected to give a heavy balance for
October in this country's favor 1t is to be
borne in mind, however, that the low price
or cotton prevailing will make great diff
to pay for the exports. To-day's statement
OF imports at New York for the week also
show q striking increase over last week Of
for this week fell off 81, 1894. This must
modify the internal exchange situation TO
an appreciate extent
OF the increase in specie of $93S, 200, shown
by Saturdays bank statement, there is in
cluded only 100000 received from Europe
Fridays receipts of 81, 900, 600 ard Saturday S
of nearly 4,4O0,OO0 in gold by incoming
steamers are not included in the return.
The return is a strong one without this, the
increase in surplus reserve being due largely
- IHSledse III SeSli SIhu ~ i79 NS7 &c 70
decrease in deposits than has been the case
of late. An actual increase in legal tenders
is a surprise and is a measure of the large
diminution in the demand for money from
interior points. Banks of Western and Cen
trail cities have been bidding in the New
York market for commercial paper and the
decrease in loans of $2614.100 may be &C
counted for in part by this fact. The
weeks declines have been heaviest in the
specialties, Sugar and Tobacco leading with
61a and 5A per cent. respectively Declines in
the railroad list range from to per cent,
the grangers, Southern and Southwestern
roads leading. Chicago Gas sold as low as
S71a, but recovered to "a.
Railroad bonds were less active and weak
in sympathy with stocks, but the declines
were less important. Total sales were &c.
10000 United States bonds have been
strong and higher, the new fours coupon
selling at 1271s, a new high record.
The following table, prepared by L. w.
Louis, Room H. Board Of Trade, shows the
range of quotations: