The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-19

Prime mercantile paper, 4G5 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4SSs4Q4S4 for
demand and s4M$4Q4.S2 for sixty days;
posted rates, s4.S3Q4S315 and S4.S5Q4 S515;
| commercial bills, $4.S@4S1A.
Silver certificates, 6OAq61c; bar silver,
eO7sc; Mexican dollars. 471sc. At London bar
silver closed steady at 2S7sd an ounce.
| The imports of species this week were
$2,226,616 in gold and $44.4S7 silver Exports
from this port to ali countries aggregate
sS62,671 in silver bars and coin, $2199S5 in
gold.
| The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ........... s., 375
Loans, decrease ...................... L, l502W
specie, decrease Observation-Disclosures. $500, lOO
Legal tenders increase .............. 1O179O
Deposits, decrease NEUTRALITY-SUSPICIOUS.. 10 S34 800
| Circulation, increase ................. 349 400
The banks now hold $4 240, 400 in excess of
the requirements of the % per cent. rule.
Total sales of stocks. 17s.SOO shares in
Guiding 1920 c., B. & G., 1870 Reading pre-
| ferred, 1850 Northern Pacific, 800 North
ern Pacific preferred, STA Union Pacific
11,4OO ST. Paul, 1882 Southern preferred,
$3.50 Union Pacific, $3.50 Tobacco, $500 Chi
cago Great Western 300 Peoples Gas, "a, 4O2
| Sugar.
The New York Financier says: Despite
a loss OF over SILL 900, 600 in cash to the treas
ury and to the interior last week the sur
plus reserve of the associated banks shows
a shrinkage of only S. 1876, 375, making the
excess above requirements 1920 400. The
| statement in the face of known facts must
be regarded as favorable, although the
banks seem loaned to their limit. The oper-
alton by which a heavy drain that normally
would nave left the banks without any sur
| plus reserve has been completed is very
| simple. Loans have been contracted $l2,-
| $4,000. This with the loss of 81, $1,000 spe-
| Gle, reduced the desposits 49, S34, 500, making
| the loss in this item alone about $40, 900 900
| in two weeks. Loans in the same time have
| fallen off more than $1S,0000O0, but as show
| irg the erect Of the payments of new
bonds on New York banks, it may be
| stated that the aggregate deposits of the
/ banks are now $65VOO,OOO lower than on July
To- while loans are actually $14, 000, 600 higher.
This, of course, has resulted in u heavy con-
| traction OF reserves, the loss in cash APP
proximating between $56,OOO,OoO and $57,OO6,-
OOo the principal causes which have led
! to this drainage of reserves are now ending
and further trouble will be opviated by
| tions have added S6 Oo1 000 or 81 000 drd nIhlic
deposits within week.
only about $20,OOO,OO0 of the new bond is
/ sue remains unpaid and this will be col
| lected in installments. On the other hand
| gold imports received or arranged for
amount to $4,000 exclusive Of Australian
consignments and the firm rate prevailing
| here has brought considerable cash from
/ surrounding cities. The net loss to the in
! terror last week did not exceed $2,0000O0,
| which is very much under the average at
| this season. and the shipments will continue
small for some time. 1t is not a scarcity of
money that is lack of per capita crcula-
| ton, which has caused the present state of
| affairs, but rather the adjustment due to
| temporary treasury absorptons. This fac
| tor, happily, is being eliminated. and within
the next few weeks will have disappeared.
money would not be freely Offering today
! in the principal cities under per cent New
| York was dear money market last week,
simply because the greater part of the wCrk
| in connection with the new loan fell to
| local banks"
London started prices downward on the
! New York Stock Exchange Saturday morn
| ing, and there were general declines after
| the opening on account of uneasiness over
| the effect of an unfavorable bank state
| ment. There was evidently profit-taking on
! a heavy speculative line of some of the
| leading stocks, the effect being most pro-
nounced in the Northern Pacifics and St
! Paul, the former running off a point. At
the same time there were points of strength
in the market, notably Baltimore d Ohio
| and Chicago Great Western, on reports of
passing TO the control of Great Northern
| interests looking to the formation of a great
transcontinental trunk line. One two
| specialties also moved briskly upward.
! There was a covering of shorts in Sugar,
| thus eliminating the leading factor of weak
ness from the market. AS consequence
| liberal demand sprang up at the low. level
| stocks Prices of the coalers were bid up
sharply in the second hour on the strength
| of the Reading statement, showing in
crease for the fiscal year of over $1,OOOOOO
! in net earnings and a balance of almost
per cent. after all prior requirements APP
plicable to dividends. on the first preferred
! stocks. The completion of the large specu-
! lative selling in st. Paul brought that stock
| up again on buying invited by the traffic
statement for the second week in Septem-
| ber showing an increase in earnings of
| 81 over last years high level. The
! expected, with a surplus remaining of over
$4.2O4,40O. and precipitated a general buying
! movement. Sugar suddenly raided down
points in the final transactions and caused
| sympathetic reactions in some of the spe-
cialties, but the general market held pretty
firm at net gains throughout New York
Airbrake rose AZ points, but reacted a
point Wabash preferred advanced IA.
Reading and wisconsin Central bonds were
| active and strong and Wabash debenture
| BIS continued TO advance.
The bank statement is expected to show
! the low-water mark of the New York
| banks surplus reserve. The weeks decline
was only $2SS6.S75. But this was done after
| the government had increased it's deposits
with New York banks some $5.OOOOO during
! the week and the loan account of the banks
was contracted $12,13O50O The stock mar
| ket liquidation in the early part of the
| week due to some calling of loans on
! collateral not of the higher grade. But
there was no such contraction of loans on
| Stock Exchange account that reflected
| in the bank returns. The item more prob
! ably indicates the beginning of the liquida-
| other banks all over the country for the
| purpose of financing subscriptions to the
| government lOan the distribution or the
! new bonds has been a slow and tedious
| process. especially those for $500 and under
which went to individual subscribers all
over the country. The distribution of bonds
| of larger amounts has now commenced, and
| their distribution will work the liquidation
| of loans made for subscribing to them
! Moreover, the supply of bonds available to
the banks for circulation and as security for
| government deposits is materially in
creased. IT was these conditions that led
to the subsistence of apprehension Of
money stringency during the week and to
! the sharp recovery in the prices of stocks
and bonds. The immediate future of the
| New York money market is promised relief
| by the anticipatory disbursement next
| Tuesday of the October interest on the
| United States per cents, registered, of 1907
| which viii amount to nearly 100000.
Railroad bonds have moved sharply up
ward in the latter part of the week on in
| creased volume of business. United States
| twos have advanced y. the threes. when is
sued. Is, and other government issues "a in
| the bid price.
| The following table. prenared by L. w
| Louis Room II. Board of Trade, shows the
range of quotations.:
Open High Low Clos
Name. ing. est. est. ing
i Adams Express ............. lis
American Express 40
American Spirits ........... 12l5
American Spirits pref -. 49,. -. S5ls
American Sugar .12SA l2oA l22Ss 12Zss
American Sugar pref........ 11lA
| nh