The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-17


mercial bills, s4SO@4. S0A.
Silver certificates. 1894 d6O1sc; bar silver,
Soc; Mexican dollars, 4634c. At London bar
silver closed steady at q 11-16d an ounce.
The gold and silver movement at New York
for the week ending Saturday was: Ex-
ports of gold, 5000; of silver, $9S2,OS4; i'm
ports of; gold, 81, se6,sos; of silver, s4771O
The New York weekly bank statement
shows the following changes
Surplus reserve. increase. ........... $917, $50
Loans increase .-...,...........'.. lVooV' 90o
Legal tenders, decrease .......... az a. 00 0
Deposits, increase .................. H. 81, 4V0
Circulation, increase ................. 3zl,4OO
The banks now hold 1861. $50 in excess of
requirements of the 25 per cent. rule
The New York Financier says: owing to
the heavy increase of $16.337, 400 in the de-
posits of New York clearing house banks
for the week ending Oct. Is reserve require
ments rose $4.OOO,OO0 and over. The gain of
100000 in cash. due to receipts of specie,
more than counterbalanced the extra
quirement on reserve account, so that in
the face of an expansion of $10,023,S 300 in
loans, the surplus cash in banks increased
nearly a million dollars. This, it is needless
| to say, is a very favorable showing. The
changes, as usual, can be traced to the
operations of a few banks, one institution
having made about half the new loans and
gained accordingly in deposits. But aside
from this there seems to have been a gen
eral demand for accommodation that has
swelled the totals of a large num-
Der of institutions. The banks report
firmer demand for money from
the interior and their shipments
last week aggregated perhaps two millions.
On the other hand the treasury disburse-
ments and receipts of gold from abroad re-
suited in gain in cash about as reported
in the statement The increase in loans, as
reported, was much heavier than had been
anticipated and caused some surprise. 1t
cannot be set down to transactions with the
treasury, as the bond transaction is about
closed. The general business conditions and
the speculative situation do not seem to
warrant the sudden activity in this partic-
ular, and 1t is probable that the loans re-
Meet an accumulation of foreign credits in
the form of long sterling bills, rather than
domestic transactions. The position of in
ternational exchanges, owing to advancing
rates abroad. and the heavy demand for
grain, will tend inevitably TO the postpone
ment of gold imports and their conversion
into sterling loans. This does not mean
that the balance owing to the United
States abroad will be settled without gold
imports, but that the process of borrowing
by Europe will be repeated. The record of
September exports, which exceeded
only once for the same month in the history
Of the country, and of imports which con-
ance at the end of the year greater than
ever known. What these balances during
the last two years have meant is best read
in the record of gold imports. There is
nothing TO indicate that the same process
is not to be repeated, but with about $780,,
O00.oO0 of treasury money in the banks it is
difficult to say how soon the effect of 1898
exports will thus be shown. One thing is
certain-there is nothing in the situation to
Indicate an advance in rates, as the treas
ury policy tends to AN opposite result"
THE STOCK MARKET
The sale of stocks Saturday were no. 400
shares, including Burlington, 1920; L. G.
| N. 1920; Northern Pacific. 1O,0SO: ST. Paul,
1850; Erie preferred, 6,731; American Tobac-
co, 1896; Sugar, 29.S6O.
! There was a little change in the character
of the stock market Saturday, the cratic
| tendency of the leading industrials keeping
| the general list unsettled The opening de-
| cline was general and was reflected from
abroad. Both Tobacco and Sugar went down.
| at the opening but Sugar reached the point
| of resistance and encountered large buying
| which put the bears all at sea again They
| covered quite freely and ran the prices up
the day; but the price was held
above Friday az might nights Close Close Tobacco
| ton of Northern Pacific to sag also checked
| any upward tendency and discouraged ac-'
tivity in the railroad list. There was con-
| spicuous movement in the late dealings in
| Louisville & Southern preferred. The trade
attributed this to the prospects of relief
| from the yellow fever by the coming of cold
| weather but in the of Southern Rail-
way, there were reports of an approaching
dividend declaration The picking up of
high-grade dividend stocks in small lots was
a continued healthful feature of the mar
ket. feature of the dealings in the out
side market was the new Federal Steel
| Company securities which to be listed
on the Stock Exchange Monday.
The stock market enjoyed a brief upward
rQaOff0n toward q
| owing to recovery in the group of stocks
which has exercised an unsettling influence
weakness in the stocks has led to sur
misses whether the recovery was not due
lation, leaving them for the future even the
the sustaining force of a large outstanding
short interest. The advance in the general
| list has halted on account of this doubt, in
spite of the many undercurrents of
strength which have manifested themselves.
| There is general confidence in the strength
look. so that when Tobacco began to
advance on the strength of the announced
acquisition of an opposition plug tobacco
| plant and Sugar gave evidence of its re-
sistance to its long decline, with the re-
n @ of oP ae gsde wss
heavily bought by the same brokers whose
earlier selling was said to represent inside
conflicting interests, the small room
traders all turned from bears to bulls and
large financial interests proceeded to bid
up the prices of properties in which they
cifc and Tobacco all turned downwards
again and brought to the surface once
more the elements of doubt and hesitation.
IT is accepted as the natural order of
things in Wall street that there shall be a
period of dullness and reaction preceding a
congressional or presidential election
FINANCIAL SITUATION.
There is felt TO be room for some I'M
easiness also over the foreign political stu
ation--the domestic unrest in France the
Anglo-French relations, the conflict or in
terests which may be precipitated by the
extraordinary events in China and the
money stringency in Berlin. The latter part
of the week has been 3, relapse into dull
ness on the Stock Exchange and renewal
of bear tactics. which is always a feature
of dull markets The events of the week
in the financial circles We're the advance in
the Bank of Englands minimum rate of
discount from 8 to 4 per cent, the sharp
rise in the private discount rate in London
in response to the banks borrowings from
the markets and the rise in the rate of ex-
change on London at Paris. The effect has
been that while the demand and cable
transfers on London have hardened at New
York those at Paris and Berlin have fall
len in spite of the advance in the discount
rate in the German bank to per cent and
Monday. 1t is clear enough that the Bank
of England is maneuverng TO divert the
demand from the United States for gold
upon Paris and Berlin.
Meantime money rates in New York are
tending steadily downwards so that money