The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-31


Silver certificates, 61662c; bar silver
81 3-16c; Mexican dollars 4712c. AT London
bar silver closed steady at % 3-16d an ounce
The gold and silver movement at New
York for the week was: Exports of gold,
$27S,5S2; of silver, sSO4, 7Os; imports of gold,
81 100000; Of silver, So, 391. The imports of
dry goods and merchandise at the port of
New York were valued at $7,SS6,S02.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. .......... s., 692 292
loans increase II a55 wy
Specle' increase ...................... 2,SSd 2OO
Deposits, increase .................. IL, 7Sl 900
Circulation, increase ................. 229O0
The banks now hold $26, 091, $50 in excess
of the requirements of the 25 per cent. rule.
The New York Financier says: 1.-THE
statement of the associated banks of New
York for the week ending Oct. % shows
a notable increase in the various items.
Loans reflect a gain of $1O.221, $780, making
the total expansion for the month of
October almost $32,OO0,OOO The increase in
cash for the week was $6,634,5OO, made up
principally of specie receipts. The gain in
cash and the loan expansion account for
the increase of ST., 7S1, 100 in deposits. The
heavier deposits of course raised the re-
the cash gain. In consequence the surplus
reserve of the banks is 225 higher than
for the previous week. and stands at $685.
C91,560 nearly $22 900 more than re-
occurred within the past thirty days are
well shown in the deposit item, which in
the time named has increased over $500
600. Naturally these conditions reflect the
completion of the bond transaction and the
effect of government deposits and gold i'm
ports Of the greater interest, however, is
zHc1 hoo ~ h.
money market, rates having declined to
low figures, after a period of partial strin-
gency. The plethora of funds has led to
continued investments in sterling bills, but
the revival in stock exchange speculation
recently has led to better demand for
funds.
EASY MONEY MARKET
1.-The outlook, under present conditions,
favors an easy money market. The natural
drift of money, now that crop necessities
have been met, is in favor of New York
and even with business revival the supply
wal exceed the demand. 1t is true that
European disturbances will temporarily
check gold imports. but the domestic supply
of money is so great that nothing short
of unforeseen disaster can force q return
to what was once regarded as the normal
money rate. The withdrawal of government
balances might accomplish this, but the
process will be extremely slow and will
therefore be neutraliZed in great part by
other factors.
Total sales of stocks Saturday were 215, 500
shares, including: AtchisOn preferred 5,727;
Louisville & Nashville, 1870; Manhattan Ell
evated, 1885, Northern Pacific, 4SS5; Rock
Island, 5,143; Union Pacific, 9435; st. Paul,
American Tobacco, 6S, $780, Federal Steel, H.,
513; Federal Steel preferred. 12,62S; Peoples
Gas, 1852; Consolidated Gas, 1926; Sugar,
10000.
With the exception of last Monday the
average of prices on the New York Stock
Exchange have shown a net advance for
each day since Wednesday, Oct. 10. There
was a general expectation, therefore, that
there would be selling to take profits Sat
urday, which is customary among profess
sioral traders at the end of the week. the
buoyant tone of some of the specialties held
the market firm in the last hour of the
short session Consolidated Gas and Third
avenue jumped points, the former on talk
of the termination of local New York gas
work. Tobacco continued its advance on
the strength of the evidence of the accre-
ton of plug tobacco companies. Stocks
sorbed to make way for the. upward course
of the stock. The process of bidding up the
price of the Federal Steel securities also
continued. Advances in these and in Metro
politan, Minnesota Iron and International
Paper preferred were between l and 2
points Meanwhile the railway list was very
dull, and showed only slight changes, al
though nearly all changes were gains. The
publication of the Burlington statement for
the grangers at the expense of values
Losses reached about a point in the other
members of the group and III in Burlington
itself There was a general reaction in the
railroad list in sympathy, but the railway
stocks generally were not active and losses
were confined to fractions. Buringtons de-
crease of $4s4, 1872 in gross earnings, COM
pared with September of last year, was
great disappointment, the more so as st.
Pauls weekly statement had shown an in
crease of about the same amount for the
same period The delayed movement Of
wheat in Burlington's territory and the large
proportion of its business that is given to
corn were advanced to explain the poor
showing. Prices continued heavy in the
railroads to the close. but net declines were
restricted to fractions outside the grangers
and specialtes. The bank statement was
without influence on stocks, though the
growing strength of the clearinghouse in
situations was evident. Government deposits
figure largely in the cash increase. and the
large expansion of loans must again be
credited, for the most part, to operations
in exchange incidental to lending money
abroad The strength of silver was attrib-
uted to buying orders from the Spanish gov
eminent.
BULLS IN CONTROL AGAIN.
The bulls have had the market we'll in
hand since Monday. On that day the bears
were encouraged to attack the market by
the very selling for foreign account due to
the fear of war between Great Britain and
France. The buoyancy of the wheat mar
ket from the same cause failed to appeal to
the bears, although stocks had advanced
the week before in face of acute depression
abroad on account of the strength in the
wheat market. On Tuesday however, with
the temporary dissipation of the war cloud,
the bears hastily covered and the upward
movement of stocks wes resumed. 1t has
continued during the week in spite of the
reaction and general profit taking in the
wheat market. The course of the market
for securities warrants two obvious conclu-
sons-convusive agitation of the European
money markets is powerless to cause a rip
pie on this side in the present condition of
the international exchanges, and confidence
is felt that in any event Europe will need
our surplus grain crops. AS a consequence
the market has remained quite oDlivious
since Monday to these various fluctuations
Of prices and sentiments in foreign ex-
changes and has broadened out so as TO en-
brace greatly increased list of stocks. The
foreign exchange market has alone been af-
fected by the foreign situation and in this
the growing dependence of foreign financial
markets on the resources of this country S
markets was strikingly Illustrated. With
the sudden drop in British and French gov
ernment securities on Monday and early
on Tuesday and the upward surge of dis
cOuntrateS in London and at all continental
centers, the actual charge for demand ster-
ling jumped up lac on the pound The heavy
count and the high money rates abroad had
their effect on the exchange market and
with the later developments In Paris there
was buying of London exchange reported
here for Paris account, while Paris ex-
change in New York weakened, rejecting
the pressure of timid Paris capital for
transfer to London. The price of sterling
exchange has since dropped cent with the
Calmer feeling abroad Another short-lived
factor which was made much of by the