The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-04

The New York weekly bank statement
shows the following changes:
Surplus reserve, decreased. ........ 81, 259, 625
eo1Iis' Increased .....'.............. BOZ ,60O
Legal tenders, increased. ............. 45S, 800
deposits, increased ................. g. 796, 800
Circulation, increased ............... los, 800
The banks now hold ST., O97, $50 in excess of
the requirements of the Is per cent. rule.
The New York Financier says: IAN ex-
pansion of Sc. 327 900 in the loans of the New
York clearinghouse banks last week, obvi-
ously in the form of credits, accounts for the
greater part of the increase of Sc, 796, 500 IN
deposits. The gain in cash was only $439, $780,
and as the added reserve requirements were
over eighteen and two-thirds millions, the
excess reserve falls 81, 259, 625, and now stands
at $17,097 $50. The statement reflects the
active business of the week, although re-
celpts Of currency from the interior do not
appear to have been in the volume est
mated. Whatever gain was made, however,
mas been offset by treasury operations
mere is no question that the activity on the
Stock Exchange accounts in part for the in
crease in loans, but to what eXtenc absorp-
ton of sterling figures it is difficult to judge
The New York money market has compli-
Gated series of circumstances to face within
LIe next thirty days. In the first place, the
growing volume OF business of a speculative
character Will call for steady supply of
lunGS. The banks are easily able TO furnish
this, but whether they can do so and still
continue investments in sterling is another
matter. Foreign credits are accommodating
mere, both on merchandise account and be-
cause of renewed purchases of American Sc
curities. A very slight fall in exchange will
start gold imports, and, while last week S
engagement OF something over a million dol
lars may be regarded as nothing more than
a spasmodic symptom, the fact remains that
the present balance cannot go on piling up
indefinitely. In this connection it is inter-
eStlng TO note that the treasury deposits in
national banks have fallen slightly. The re-
turn or considerable portion of this money
Will hasten the period of gold imports, al
though it is difficult to see how this balance
a long time to come AS the end of the year
approaches there is naturally a great deal
of preparation for dividend requirements,
ana 1T is not unlikely that rates may harden
fractionally. Still the outlook faVors a con-
tlnuance of easy money. The changes in the
statement for the current week can be
traced directly to one or two large banks
which loan heavy amounts on the street and
are interested in sterling exchange opera
TONS
The total sales of stocks were 191 200
shares including: Atchison preferred, 400;
Central Pacific, $3.50; Louisville & Nash
vile, $3.50; Manhattan, 1885, Metropolitan
Street-railway, 1850; Northern Pacific, &c.,
$50; Union Pacific, 7.155; st. Paul, 1890;
Southern Railway, 4,470 Southern Railway
Federal Steel, 1900; Federal Steel preferred,
11.511; Pacific Mail, Is $50; Sugar q ,239; Ten
nessee Coal and Iron, S,SO1; Rubber pre-
There was no marked change in the char
acter of the New York market Saturday
from that which has prevailed for several
days past. Activity was for the most part
confined to the specialtieS and the extreme
range in the prices of many leading railroad
stocks did not exceed Is to a. London was
a seller of Americans again, though the
rate for money was easier at that center, in
spite OF an additional withdrawal of over
$l,5OOO0O in gold from the Bank of England,
presumably for shipment to Germany. Lon
dons offerings of stocks here were fairly
well absorbed. but there was no increased
demand. The grangerS were remarkably
dull and sluggish, in spite of the st. PaulS
statement for the fourth week in November
showing a level of earnings, notwithstand-
ing the bad weather prevailing, never before
exceeded except in 1899. There was a slight
pressure of realizing sales in Northern,
Union and Central Pacific, but in the case
| of the latter there was q subsequent re-
bound of rs. Sugar dropped a sharp frac-
ton at the opening on rumors of further
reduction in the price of the product. but
this speciality afterward moved strongly up
ward on covering of shorts. Pacific Mali
was also a strong feature and moved up to
4O9s on the good business outlook for the
company. Metropolitan Street-railway con-
| tinued it's upward course above all previous
| high records, while Manhattan moved in
contrary direction, the movement being the
result of the traders Interpretation of the
revived talk of q rapid-transit system. There
was a resumption of the upward movement
| in Federal Steel preferred, and apparently
| sympathetic advances in Tennessee Coal
r
reserve shown by the bank statement was
due to increased requirement on account of
the deposit increase The increase in loans
| is attributed in large part to the resumption
of lending money abroad, a process which
involves borrowing on sterling exchange
collateral as an incident.
Perhaps the slight reactionary tendency
| towards the close of the week is fostered by
! fears that traffic returns for the fourth
| week in November, to be published next
| week. will show unfavorable effect from the
| stormy weather. The events of the week in
] the international exchange market nave
! given new and convincing evidence OF the
! strength of this country's financial position.
! The decline in discount rates abroad early
| in the week wiped out the margin of prohtS
between the interest rates abroad and those
| prevailing here. The heavy contracts for
| steel rails indicate a coming period OF rail-
| road Improvement and extension and there
! are numerous schemes for consolidation and
| organization of great industries constantly
| being fioated in Wall street Among those
| for the week are corporations III silver plat
| ing thread, tin plate, linseed oil, photo
| graphic cameras, etc, requiring many mill
| ions for the process of financiering.
In the bond market the course of prices
has been continually upward on large and
well distributed volume of business. United
! States twos. the threeS and the new fours
\ and the fives, registered. have advanced g.
and the old tours and the lives, coupon, Il
| in the bid price.
| The following table, prepared by l.. w.
| Louis room II, Board of Trade, shows the
\ range of quotations:
Open High Low Clos