The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-02
IN FULL CONTROL
LOSS FOR THE WEEK IN STOCKS AS
HIGH AS 81 POINTS.
Bank surplus Increasing and No Fur
Their Fear of Tight Money Market
Local Trade Promising.
At New York, Saturday money on cal

At New York, Saturday, money on call
was steady at 312 per cent. all day.
Prime mercantile paper, 315@5 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.s4@4S4A for
demand and at $4.S1d4S1% for sixty days;
posted rates. ss~S2Q4S21s and $.S5; COM
mercal bills. $4627A
Silver certificates, 61Q62c; bar silver,
60 15-l6c; Mexican dollars, 47ssc. At London,
bar silver closed quiet at 2S s-16d an ounce
Exports of gold and silver from New York
for the week aggregate 81, OO1, S4S silver and
$l3 $50 gold.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. OLA, 275
loans, decrease OBSERVATION-DISCLOSURES. 6,5S9 800
Specie, increase ....-.-.-.-........-.. 1867 500
Legal tenders, increase ............... 10000
Deposits. increase .................. ], 374 900
Circulation, increase ACKNOWLEDGEMENT. 5A, 400
The banks now hold $15, S27, $50 in excess of
the requirements Of the % per cent. rule
me New! New York Financier says for the
week: THE New York bank statement for
the-current week is an argument in favor
of lower money rates. The excess reserve
Is now practically the same reported for
the corresponding weeks during two previ-
Gus years The operations with the treas
ury on bond account are nearing an end,
the demand from the interior is very light,
and, as the bank reserves are being re-
penshed by imported gold now arriving,
there seems to be no reason for further
fear as TO the future The contraction of
$685. 800 in loans reported for the week is
due, in part, to the efforts of banks to in
crease reserves, but, aside from that, the
liquidation due to Stock Exchange opera
lions has been considerable A detailed
comparison, however, establishes the fact
mat the greater part of the loan reduc-
tons have been made by several of the
larger banks. The increase of Sc, 667, 800 in
specie was brought about principally by re-
- nj INN tod GOLD &c rfaf hot
some gold arrived late in the week from
California, probably representing an
ucipating Australian imports. The gold re-
celpts. OF course, swelled the deposits and
the increase of 81, 374 800 in that item is the
frst reported in five weeks, Logically, the
expansion should have been larger. A better
understanding of the position of the ma
uonal banks, at least, is obtained from
comparison of the September totals, pub
hshed officially last week.
THE BANK RECORD
THE bonds to secure United States de-
posts foot up A Is millions. specie and
legals have decreased since July IA about
$42O0O,00O, loans have fallen off So 10000.
bank deposits show a decrease of $40. 600 900.
and other deposits S3S. $50, CO., This will serve
10 show what effect payments into the
treasury on bond account have had in the
last nine or ten weeks for very. little of
the total of the decreased bank balances
have gone to the interior banks. Since July
ii, and counting to the end of the week just
elapsed the circulation of New York ma
uonal banks has increased at least $780,
go, principally new per cent. bonds.
Payment of current interest and principal
by the treasury from this time on will re-
lease large sums of money. The outlook
taVors decline in interest rates to a level
reported before the bond payments began
10 disturb the market"
Total sales of stocks Saturday were 226 400,
ircludlng Mahattan, is, pa; Northern Pa
cifie 500; Rock Island, 500; Union Pa
cihe 4,7S5; st. Paul, $3.50; Union Pacific
preferred 42S3; Tobacco, $3.50; Chicago
Great Western 400; Peoples Gas, 5,154;
Consolidated Cas- 5000; Sugar, 2S,2S5; United
states Leather preferred, 4,345; Rubber,
5,195
Saturdays New York stock market dur
ing the short session gave striking evidence
that the power of the bear faction had not
diminished In erecting lower prices. The
Dfeak IN Tobacco was the more sensational
In view of the half holiday. No new de-
Nelopments concerning the speculations in
THIS stock were announced and the bears
pursued the same dilgent tactics that have
been responsible for the tremendous drop
this week. New, spots of weakness have
appeared every day and to-day'S Develop
ment was Consolidated Gas. Competition
of the electric light companies and a rival
gas plant furnished the basis for a break
of 6ib points The railway list had an in
terVal Of strength but the influence of the
specialties was too overpowering and losses
resulted. The bank statement exceeded the
favorable expectations and its publication
checked the break. In a discussion of the
financial developments OF the week, the in
Custrial group must have first consideration.
The Dyrotechnical movements of these
stocks disturbed general confidence and this
condition found expression in an enormous
liquidation of all classes of securities.
humors regarding the status Of industrial
properties were circulated freely and the
operations by the bear faction We're con-
Quoted with marked brilliancy. Influential
Speculative interests were apparently band
Cd together 10 create Generalization among
holders end reports of bad faith between
interested cliques were assigned as the
cause for the spasmodic attacks in various
quarters. Liquidation In the group was
uninterrupted throughout and the volume
OF stop orders reached exceeded any previ-
Gus outDourng. Weekly marginal accounts
were swept away and bank institutions in
home cases took exception to the industrials
~ eolaterals for loans. Difficulty In pro-
SSsellns holdings necessarily caused sacri-
nees or tbs standard railway stocks and
tns advantage secured by the bears in this
connection WAS responsible for the curtail-
n na 81 the outside demand. Monetary
s0noltions also exerted an important bear