The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-28
FALLING OFF IN STOCKS
GOOD DEMAND ON THE WHOLE AND
DECLINES ONLY SMALL.
Money Situation Promises to BE Conn
paratively Easy for This Season
Local Trade Satisfactory.

WAS IlILcT dL ZNS12 per cent, last lOdii, ~
per cent.
Prime mercantile paper. 3A@4A per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S4%@4S5 for
demand and at $4s134@4S2 for sixty days;
posted rates, AS21a and $4s6; commercial
bills, $4S1Q4S111.
Silver certificates. 601kG6112c; bar silver,
$3.50; Mexican dollars, 46Ac. At London
bar silver closed quiet at 275sd an ounce.
The gold and silver movement at New
York for the week was: Exports of gold,
$466,3SS; of silver, $1.045, 7S9; imports of gold,
$110.791; of silver 534. The imports of
dry goods and general merchandise at New
York for the week ending to-day were
valued at s7,O25,OOS
The New York weekly bank statement
shows the following changes:
surplus, increased ....................M69 $50 200
Loans decreased ..................... 2345 4VO
Legal tenders, decreased. ............ 500 400
Deposits, decreased ................. 3, 703 800
Circulation, increased ................ 1853, 800
The banks now hold SIS, So, 575 in excess of
the requirements of the 25 per cent. rule.
The New York Financier says: 1.-The bank
statement of averages for week Nov. 26
shows a decrease of $2.S45,4O in loans and
gain of $764,9OO 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 $l,6902O0 making the excess above
legal reserve $1S, 357 SIS. 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
large amount of money loaned on collateral
as 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 a great deal of money
to banks, and this may be regarded as a
contributing factor toward the fluctuations
noted. STILL it is to be observed that the
decreases in one bank accounts almost alto
gether for the changes in loans and deposits
for the week. The international exchange
situation changed somewhat during the
week, and the evident trend OF sterling,
ments 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 $S72, 100, was due to OPP
erations with the treasury, representing the
balance which the banks owed on settle
mentS and sums deposited for Geographic
transfers to the South. The gain in legals
reflect the trend of money from the interior
TO 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 circua-
ton 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,
fan +looI nierl,fI ,o
dtions. but as the close of the year usually
creates demand for funds to be employed
in dividends and settlements, it is not inn
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
curities on German account, and this is
about over. When this balance is to be col
lected is uncertain, but the next thirty days
will show whether loans to Europe are to be
continued or called for payment"
Total sales of stocks were 221, 500 shares in
cluding: Atchison, 4,O35; Atchison preferred.
paid 4,S49; Louisville & Nashville 6607; Man
haitian, 7,475! METROPOLITAN Street-railway,
1912; Reading first preferred, 300; Northern
Pacific, 4,74; st. Louis & San Francisco,
500; st. Louis u San Francisco second pre-
ferred, 1861; Union Pacific, 1880; St. Paul,
Obs; Southern Railway, 3430; Southern Rail
way preferred, 5,410; Union Pacific preferred
1900; Union Pacific, Denver e Gulf, first
I0hAcC0.
1900; Federal Steel, 1858; Federal Steel pre-
$500 O''' 9O''e : S' '''V0' 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 a
| whole, continued of the same irregular and
| mixed character as those of the whole week
| have been. The strength of Americans on
! the London market was not sufficiently pro-
| nounced to affect the opening prices and
| prices were below the London parity even
| where gains were shown. 1t was clear
! enough, however, that there was continued
! good demand for the st. Louis & San Fran
| cisco preferred stocks, and Northern Pa
| cihc recorded recovery of part of Fri
| days decline. There was continued profit
| taking evident at other points. and Man
| haitian suffered a break of rs on published
| denials of a Vanderbilt interest. and To-
| bacco almost as much on the threatened
| competition in cigarettes. There We're con-
| spicuous fractional recessions also, in the
| baltimore d Ohio stocks, and the coalers
| showed no eXhilaration over stories that the
! trade had been fixed. There was not much
encouragement to bear operations in such
a market and when reports by cable were
| received that the Spanish government had
| instructed its commissioners to sign
| turned upwards and quickly retrieved a
part of all of the earlier declines. Atchi-
panys preferred stock, and, by sympathy,
| the entire list. The statement showed a net
Increase of $227,4$7 saved out of the gross
that the reduction in operating expenses
que TO extraordinary expenditures for bet
terments, would begin on Dec /. Good
statements of earnings by a number of 9th
er railroads helped the recovery The bank
statement was considered a strong one at
first glance, with the increase in surplus
reserve, though subsequent scrutiny of the
decreased loan item caused some modifca-
ton of this view and caused some late re-
actions, but not until an active buying
movement had developed all through the
list. There was heavy covering in the Fed
eral Steel stocks and sharp recoVerieS in
the Baltimore & Ohio stocks. The St Paul
az Duluth and other less prominent issues
were also markedly strong.
THE WEEK CUT IN TWO.
A midweek holiday is almost certain to
break IN on the course of a market and to
curtail operations, except such as are de-
signed to '.even up contracts. The past
week was no exception, and the movement
of prices has been highly irregular at all
times, and with intervals inclining towards
the reactionaTy side. The market has
nevertheless, maintained d fair degree Of
activity, and dealings have been well dis
tributed through widely extended list of
securities. Notwithstanding the process of
diSesting huge blocks offered for purposes
of profit taking and some elements of posi-
we'll under its burdens. and prices are on
the average, higher than they were a week
ago. As is likely to be the case where a
favorite stock or group of stocks meets
heavy offerings TO realize, the activity and
strength have shifted to new stocks This
demand to UNEMPLOYED regions and partly
the result of manipulation. with the mi snoSe