The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-10

bills, s4.S01k
Silver certificates, 6OG61Ac; bar silver,
| 60%c; Mexican dollars, 47c AT London bar
silver closed steady at IS 1-16d an ounce
| The imports of specie for the week at this
point amounted to So, $50, Ass in gold and $751;
PIP in silver. The exports were: Silver $751;
| 740; gold, $s1 300 The imports of dry goods
and general merchandise for the week were
valued at $6,73OS34.
| The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. SO, 416, $50
Loans increase. Observation-Disclosures. S07 300
Legal tenders, decrease. ............... $4,000
Deposits increase s,67S, 500
Circulation, decrease. OBSERVATION-DISCLOSURES. 30,20J
| The banks now hold $1S743,6OO in excess of
the requirement of the % per cent. rule.
| The New York Financier says of the
week: 1.-THE changes in the statement of the
associated banks Of New York for the week
| ending Oct. s can be traced almost entirely
| to one or two banks. OF the expansion of
| $S,67S, 900 in deposits the National City ac-
| counts for about 100000, which was
| brought about apparently by an increase of
| 81 100000 in the banks specie account and
| a gain of 100000 in it's loans. With these
| figures taken into account the weeks
| changes, so far the remaining banks are
| concerned, are not so important. 1t is not
! to be forgotten, however, that one less bank
reports its clearings this week, the Trades
mems having suspended. More or less, of
| the latter'S business has gone into other
| institutions, but there is an elimination of
| S3,OOO,OOO in loans and $2,5OOGGO of deposits
| that went to make up the totals last week.
| Had these been added to the current state
ment, loans would have shown much
| larger increase, and deposits would have re-
| Elected corresponding GAIN. as would
| items, \ these facts
held in view, the statement becomes more
| favorable than otherwise for new business
by the other banks was counteracted by
| the loss of the Tradesmen's. Practically,
| of course, the results are as stated in the
| totals, but the inference of better business,
| as shown above, is correct in a limited
| measure. There is nothing in the statement
| cess reserve is larger than for the CORE
| spending periods one and two years ago.
| and is increasing steadily, both from gold
imports and treasury disbursements. The
| loss of $3.50, 100 in egals shows the effect of
| interior demands the banks having shipped
| more money than usual lately.
LOWER LOAN INCREASE.
Domestic exchange at leading centers is
| quoted lower and the Withdrawals may
continue for some time. Against such losses
| however. is the gain from the sources
named. Loan increases, as already shown,
were lower than indicated. They reflect
| very satisfactory condition of business. All
fear of further complications in the money
market must be regarded as at an end and
at even with a continuing demand in the
| interior, rates will probably ease off some
what from this time on. Depository banks
| over the country owe the treasury large
| amounts, but the net balances, deducting
the continued disbursements over receipts
| by the government will be replaced to some
! extent by new circulation.
| Total sales of stocks Saturday were 1885,
%orthern Padc Norfhern Pacific
preferred, 3,12O; Tobacco, 1885; Sugar, u.s.
The New York stock market Saturday
| continued in the hands of the professional
| trading element Transactions were of
| small volume and widely distributed. Such
| as they We're, they reflected a decidedly UNI
| settled and hesitatng frame of mind on
| the part of the traders The opening ten
of point in Brooklyn Transit and contin-
| ued pressure on Northern Pacific. The for
| eign markets We're unsettled by the polit
| 1cal outlook in France, tight money in
| Berlin, and the public agitation in Spain
| for the payment of interest on government
bonds in pesetas instead of francs. This
| had some influence on the opening in New
| York, although Americans had been sup
| ported in London on orders from New York.
| Strength in Tobacco which rose 21s points,
supplemented by support in Brooklyn Tran
| sit, Peoples Gas and Manhattan and COW
| ering of shorts in Sugar, checked the de-
| cline. There was a rally also in Northern
| Pacific which drove the shorts to cover
| and which was accompanied by a rumor
| that conflicting views of the interests DOM
|
professional traders then took the long side
| of the market for turn and there was
genera, coy, covering Of shorts The appearance
| feeling rs it was fully as favorable as
| had been expected. although the reserve
requirement had been raised by $2,619.G50 by
reason of the larger deposits. the increase
| of $5.518,000 in cash left the surplus reserve
$3,416.450 higher. The expansion of loans,
| though less than a million dollars, indi-
Gates the turn in the tide of the money
market and is the first increase in that item
since Sept. 2. The loan contractions from
that date up to last Saturdays return was
| $36, 601 100 Even for the week before it will
| be remembered the gain In cash reserve was
| only accomplished by loan contraction of
| Sc. $50. 500. The past week the strengthening
| of the reserves has not prevented an eX-
tension of credits to the amount of $SO7.SCo.
| 1t is not improbable that the early invest
| ment in long sterling exchange for the pur
pose of lending credits abroad figures in
| this item.
PRICES STILL low.
| The failure of the downward turn in prices
to come to an end this past week in the
stock market was disappointing, though
there were many indications of returning
confidence in the underlying strength of
business conditions and the value of securi-
| ties Most of the embarrassments which
| have been cited to explain the failure of
| prices to rise have been moved. Money is
| working steadily to easier basis and the
| process of loan contraction and consequent
! forced liquidation of securities has come to
| an end. The government has collected prac-
tically all of the $500 coo 900 bond subscription
| and has commenced its disbursement by the
| payment of obligations on account of the
war. Imports of gold to the amount of less
| than $40 600 900 have brought adequate relief
| and have ceased, while the continued ac-
! emulation Of credits abroad is evidently
being left there at interest. as rejected in
| the investment in long sterling in the ex-
! change. Apprehensions that the holding
back of winter wheat for higher prices
would result in decreased earnings for the
railroads compared with last years high
| level have been dissipated by the large earn
| ings shown in the traffic statements of st.
Paul. Northern Pacific and other important
grain carrying roads. showing the large
| growth in general business in spite of the
| decreased grain movement. The large and
| persistent foreign demand for breadstuffs
| and the advancing prices with the markets
| free from large speculative manipulation
give increasing ground for confidence in
| profitable disposition of the country's
| crops But in spite of the numerous
favorable factors in the, situation,
| vance materially. One reason has been
| the unsettling influence of the violent fuc-
| tuations and feverish activity in the great
| industrial specialties. Tobacco suffered from
| the complications of speculative liquidation,
| dropping to 113 with a subsequent rail- of
| over 10 points. Sugar has been affected by
| the opening of the war in the trade and
| there were violent breaks in other indus
| trials and as violent advances at some
| points. notably Metropolitan Street Railway
| and Brooklyn Transit Company. The most
potent influence in checking the advance in
| the market was the weakness of Northern
| Pacific common which was offered in enor-