The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-27
FALLING OFF IN STOCKS
GOOD DEMAND on THE WHOLE AND
DECLINES ONLY SMALL.
Money Situation Promises to BE Com
parativeIy Easy for This Season
Local Trade satisfactory.

AT New York, Saturday, money on call
was frmer at 2Q215 per cent; last loan, 212
per cent.
Prime mercantile paper, SAa44 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S4s4@4.S5 for
demand and at $4.S1%Q4S2 for sixty days;
posted rates, $4.S21s and $4.S6; commercial
bills, $4Ga4Sl&
Silver certificates, 60lk@611sc; bar silver.
597.c Mexican dollars, 4624 At London
bar silver closed quiet at 279sd an ounce
The gold and silver movement at New
York for the week was: Exports of gold,
$t66, SIS; of silver $,045. 7S9; imports of gold,
SllO79l: OF silver, $2065S4. The imports of
dry goods and general merchandise at New
York for the week ending to-day were
valued at $7O25,0OS.
The New York weekly bank statement
shows the following changes:
Surplus, increased ...................$ 81 $50 300
Loans. de eaSed Observation-Disclosures. 2,345, 400
Specie, delrt 1sed ...............,..-.. St2lCl
Legal tenders decreased. .......... l. SOS 400
Deposits. decreased .................. ), 1O3, 6oJ
Circulation, increased ................ So, 500
The banks now hold $1S.S57, 575 in excess Of
the requirements of the % per cent. rule.
The New York Firancier says: "The bank
statement Of averages for week Nov. &c
shows a decrease of s., 345, 100 in loans and
a gain cf S764,S0O in cash. AS the loan con-
traction has affected the deposits total, the
reserve requirements have been lessened,
and this with current receipts swelled the
surplus $16S0 20, making the excess above
legal reserve SIS. 351, 30 The statement is
confusing in several directions, but as it
does not cover the full week, the probable
tiles are that conditions reflected do not pre-
vail to-day. The banks have an unusually
as u result of active exchange transactions
and borrowings incident to operations of
syndicates in connection with recent reor-
CARNATIONS and Interpretations. and the
loan total therefore is susceptible of sudden
changes The closing of several syndicate
deals has returned great deal of money
TO banks, and this may be regarded as a
contributing factor toward the fluctuations
noted. Still, ii is to be observed that the
decreases in one bank accounts almost alto.
Sgther for the changes in loans and deposits
Tor the week. The International exchange
situation changed somewhat during the
week. and the evident trend of sterling,
1UreShadOWing smaller profits in invest
MCutS. has lesSened buying. The absorption
OF large quantities of sterling bills has con-
tributed directly and indirectly for some
weeks past toward swelling the loans of
New York banks. The loss of specie for the
week amounting TO SSi21OO, was due to, OPP
erations with the treasury, representing the
balance which the banks owed on settle
meuts and sums deposited for Geographic
transfers to the South The gain in legals
reflect the trend of money from the interior
10 this center although at the close of the
week it was estimated that the banks had
lost nearly or quite as much as they gained.
CIRCULATION INCREASING.
The banks are increasing their circula-
tion to an appreciate extent, the new per
cent. bonds being used as a basis. If the
statement is to be regarded as typical of
circumstances controlling the money market,
the outlook might be said to favor easy con-
oitions. but as the close of the year usually
creates a demand for funds TO be employed
IN dividends and settlements. it is not i'm
possible that rates may harden slightly
The constant outward movement of cereals
and manufactures is adding to the balance
owing this country abroad. The only effect
last week was the selling of American Sc
cur.tes on German account and this is
Iecled is uncertain but the next thirty days
Will show. whether loans 10 Europe are TO be
continued or called for payment"
TOTAL sales OF stocks We're %, 800 shares. in
Guiding: AtchiSon, 4,035: AtchisOn preferred
zo.9S; Baltimore 4 OHIO, all assessments
paid, 1913, louisville q Nashville, 6,6J7; Man
haitian, 40; Metropolitan Street-railway
45i2, Reading first preferred, $3.50; Northern
Pacific Ala: ST. Louis & San Francisco,
S,'Oi; st. Louis * San Francisco second pre-
Ierred. 1867; Union Pacific. 1880; st. Paul.
OBS; Southern Railway, 3,E0; Southern Rail
1900; Union Pacific, Denver & Gulf, first
assessment paid, 1850. American Tobacco,
loco; Federal Steel. Z, Se3; Federal Steel pre-
ierred. u,056; Peoples Gas, $500; Sugar,
saturdays short session of the New York
stock Exchange was long enough for sew
eral uncertainties to develop and TO resolve
themselves again. so that the session, as
whole continued of the same irregular and
mixed character as those Of the whole week
nave been. The strength OF Americans on
we, sne London market was not sulneientiy pro-
nounced 10 affect the opening prices, and
prices We're below the London parity, even
Wnere gains were shown. it was clear
enough. however that there was continued
good demand for the st. Louis < San Fran
cisco preferred stocks. and Northern Pa
enc recorded a recovery Of part or Fri
cay decline. There was continued pront-
taxing evident at other points, and Nam
haitian suffered d break Of IFS on published
eenials OF a Vanderbilt interest. and To-
paeco almost much on the threatened
competition In cigarettes There We're con-
spleuous fractional recessione. also IN the
baltimore * Ohio stocks. ana the coaiers