The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-07
SLUGGISH ON CHANGE
FIRM UNDERTONE TO STOCK MAR
KET AND BEARS ARE GLUM.
Bank Statement ON This Side Does Not
Reflect the strinsency Abroad
Local Markets Active.

STERLING exchange was steady with actual
business in bankers bills at $4.S524Q4S6
for demand and at $4.s2szd4.S3 for sixty
days; posted rates, "a. s3115 and $4s7; CONNER
cial bills. s4.S1A.
Silver certificates. 611sG6124c; bar silver,
6l1sc; Mexivan dollars, 471a. At London bar
| silver closed steady at 2S1sd an ounce
The gold and silver movement at New
York for the week ending Saturday: Ex-
ports of gold, $2S,022; of silver, $685., 325 I'M
ports of gold, $991,976; of silver, $95,5S7. The
imports of dry goods and general mer-
chandise at New York for the week end
ing to-day were valued at &c. 459,733.
The New York weekly bank statement
shows the following changes:
surplus, reserve, decrease. ........ 81 O6S, 800
Specie, decrease .................. 3917 zoo
Legal tenders, decrease. .............. 1,271 SEQ
DepoSIts, increase ................... 1913, 200
Circulation, increase ............. So 800
The banks now hold $40, O23, $50 in excess
of the requirements Of the Is per cent
| rule.
The New York Financier says: 1.-THE
statement of the New York clearing house
banks for the week ending Nov. s. came as
a distinct surprise, so far as the changes in
the principal are concerned. According to
| current indications, the banks had gained
| from the Interior they received some gold
| from Europe and from San Francisco and
| the treasury disbursements had added to
| their cash. Yet the statement shows an
| actual loss of $3.50 200 in specie and legals,
| and as reserve requirements were increased
| by the gain of $7,5O0000 in deposits, the re-
| serve in. banks suffered loss of over ST.
| 100000 Loans, on the other hand, continued
their upward tendency and expanded $11,-
| 6l2,5OO What brought about the unexpected
| changes may not be clear, but how they
We're caused may be traced through a study
| OF the figures of the individual banks. Thus
| the gain in loans came mostly from in
| tional City, the Hanover National, the Ma
tlonal Park and the Western National
Banks, the gains of these institutions ag
! gregating, roughly, nearly $l0OOOOOO. The
National Citys loans are five millions
greater than. for the previous week. and as
II lost $3,0OO,OOO of specie and gained only
$ZGVu,OUO in deposits, its statement about
balances. The loss in specie by all the
banks, the gains OF these institutions ag
the National City's decrease in this item
that of the Hanover National amounting
to about $13O0,O00, the shrinkage is more
IMAM accounted for In ordinary transac-
lions increased loans mean large deposit
credits, but in the case named the loans
seemed to have resulted in a loss in cash.
The deposit account also seems to have
been affected by the changes in a verv few
banks, the gains of the National Park, the
Western National and National City being
$!,5l3AO reported by all the banks. The
changes noted merely Indicate, as stated,
how the fluctuations were brought about.
Taking the statement as an average exhibit,
il reflects perhaps much as anything else
the cessation of the factors so often eX-
planned in this analysis which have brought
about the heavy expansion of the past five
or six weeks. AS any small decreases in
cash which the banks report can be abund-
antly replaced from several sources, the eff
feet on current rates will be small, even if
at all noticeable
Total sales Of stocks Saturday were III. 200
shares, including: L. & N, 1889; Northern
Pacific $40: st. Paul, $685. Union Pacific
preferred ed S,188; TOBACCO, 1890; Bay State
Steel preferred $50: Sugar. Is 49, euoi al
The New York stock market was dull and
sluggish throughout Saturdays session, but
with an undeniably firm undertone, closing
at best prices. with no disposition to take
profits after the two days rise, such as
might commonly be anticipated at the end
of a week given over largely to professional
trading. The market, in fact, resisted an
attempt to reduce ces after the appear
ance Of the bank statement, the attack CEN
tering on local securities. Third-avenue
Metropolitan Street-railway, Consolidated
Gas and Peoples Gas all showed the eff
feet of the bear attempt, but the market
generally, continued upwards to the close.
No effort was produced by the action of the
Spanish peace commissioners in refusing
the American proposition for the DISPOSE
ton Of the Philippines. The speculative
mind was almost prepared for a rupture OF
negotiations. The reassurng words uttered
Friday night by the British prime minister
and the Semi-official statement from Paris
served to clear up apprehension of foreign
complications. The various weekly trade
reports were, on the whole, encouraging as
to the business outlook, and there were
strong statements of railroad earnings from
Oregon Snort-line, Oregon Navigation, St.
Louis & San Francisco Flint & Pere Mar
quette Louisville & Nashville and other
roads The demand for bonds continued
very large and we'll distributed. The bank
statement showed a rather unexpectedly
large decrease in cash, but the fact that
credits have been extended $11 612500 in face
of a decline of over $5,0O0,GOO in cash re-
serves, is convincing evidence of the conf
dence felt in the money market outlook.
Since Oct. loans have expanded $42 465, 600,
while cash has increased only $14 S49, 600. AS
a consequence. the surplus reserve is but
1919 45O higher than it was a month ago.
large proportion of the loan expansion, of
course, represents money lent abroad.
RECOVERY IN STOCKS.
The recovery in stocks during the latter
part of the week indicates that the selling
early in the week did not extend outside
professional limits and for short account.
a dull and waiting market is almost sure
to invite this class of professional opera
tions. There were various factors tending
to uncertainty in the speculative mind in
the earlier part of the week, outside of the
small group of industrial specialtes, which
were under violent manipulation and the
dealings in which made up the large pro-
change. One of these factors was the pro-
verbal dissemination of stock operators to
make fresh commitments on the eve of q
general election. Another was the threat
enlnS aspect of European political affairs.
This factor was emphasized by the news of
"Wednesday from China, reporting the hos
tile preparations of the Russian and Brit
ish fleets and indicating the possibility that
France and Russia were in cooperation to
press on Great Britain a solution of Sundry
VeXed problems of international relations
which would threaten an immediate en-
broilment of all of the powers Appre-
hension on this score was somewhat re-
HeVed by the late news that the Fashoda
difficulty had been solved by the withdrawal
of Major Marchand. 1t also appeared that
the sharp decline in consOls on Wednesday
was partly due to the process known as
borrowing from the market by the Bank
of England which, in reality, consists of
sales of consols from the banks reserve Of
government securities. The bank is re-
sorting to this device to keep the private
discount rate up to its own rate, with a
view to shift the possible demand for gold
ency in Berlin and London is, in fact.
continued factor in the outlook
for the worlds financial markets
OF domestic affairs there are
several factors melting to caution and con-
servatism. Notwithstanding the unfavorable
outlook. The unsatisfactory condition of the
boot and Shoe leather, cotton and wooden
trade are among these. though the weeks
business in wool at Boston shows an en-
the continued depression in the anthracite
trade keeps the coalers a drug on the
market They were subjected to fierce raid
during the week but scored substantial re-