The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-03

poSee" ld'eS, S4.ozu4.oz12 ana 400, COM
mercial bills, $4.SO15
Silver certificates, 61G62c; bar silver,
60 15-16c; Mexican dollars, 47ssc. At London,
bar silver closed quiet at 2S 3-16d an ounce
Exports of gold and silver from New York
for the week aggregate 81, ,S4S silver and
49, $50 gold.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. ST. OLA, 275
Loans, decrease Observation-Disclosures. 6,5S9, 500
specie, increase Observation-Disclosures. ,667, 800
66esdl lenders, increase ............... IoO,3OO
deposits, increase ACKNOWLEDGEMENTS. 1,374,900
Circulation, increase .................. 524, 400
The banks now hold SIS. 327, $50 in excess of
the requirements of the % per cent rule.
The New York Financier says for the
week: The New York bank statement for
the current week is an argument in favor
of lower money rates. The excess reserve
is now practically the same reported for
the corresponding weeks during two previ-
Gus years. The operations with the treas
ury on bond account are nearing an end
the demand from the interior is very light
and, as the bank reserves are being re-
plenished by imported gold now arriving
there seems to be no reason for further
fear as to the future. The contraction of
S. 5S9, 800 in loans, reported for the week, is
due, in part, to the efforts of banks to in
crease reserves, but, aside from that, the
liquidation due to Stock Exchange opera
tons has been considerable. A detailed
comparison, however, establishes the fact
tions have. been made by several of the
larger banks. The increase of $3.50 800 in
specie was brought about principally by re-
ceipts of imported gold 1t is stated that
some gold arrived late in the week from
California, probably representing or an
ticipating Australian imports The gold re-
ceipts of course, swelled the deposits, and
the increase of 81, 374 800 in that item is the
first reported in five weeks. Logically. the
understanding of the position of the ma
tional banks, at least, is obtained from a
ie shed oca IF September Nees totals pub
THE BANK RECORD.
1.-THE bonds to secure United States de-
posts foot up A 1-3 millions specie and
legals have decreased since July IA about
$42. 100000, loans have fallen off $40, $50 900,
bank deposits show a decrease of $4,000, 900,
and other deposits $685. 10000. This will serve
to show what effect payments into the
treasury on bond account have had in the
last nine or ten weeks, for very little of
the total of the decreased bank balances
have gone to the interior banks. Since July
A. and counting to the end of the week just
elapsed, the circulation of New York ma
tional banks has increased at least $780,
goo, principally on new per cent. bonds
Payment of current interest and principal
by the. treasury from this time on will re-
lease large sums of money. The outlook
favors a decline in interest rates to a level
reported before the bonds payments began
tc disturb the market
Total sales of stocks Saturday were 226 400
Including Mahattan, 1924; Northern Pa
citic, 99.zO4; Rock Island. 1920; Union Pa
cific, Ass; ST. Paul, $3.50; Union Pacific
preferred, 1928; Tobacco, $3.50; Chicago
Great Western, 400; Peoples Gas, 5,154
Consolidated Gas, 1920; Sugar, 2S.2S5; United
States Leather preferred, 4,345; Rubber,
5,195.
Saturdays New York stock market dur
ing the short session gave striking evidence
that the power of the bear faction had not
diminished in effecting lower prices The
break in Tobacco was the more sensational
in view of the half holiday. No new de-
velopments concerning the speculations in
this stock were announced and the bears
pursued the same diligent tactics that have
been responsible for the tremendous drop
this week. New spots of weakness have
appeared every day and to-day'S develop
ment was Consolidated Gas. Competition
of the electric light companies and a rival
gas plant furnished the basis for break
of 61a points. The railway list had an in
terval of strength. but the influence. of the
specialties was too overpowering and losses
resulted. The bank statement exceeded the
favorable expectations and it's publication
checked the break. In a discussion of the
| financial DEVELOPMENTS of the week. the in
dustrial group must have first consideration
The pyrotechnical movements of these
stocks disturbed general confidence and this
condition found expression in an enormous
liquidation of all classes of securities
Rumors regarding. the status of industrial
properties were circulated freely and the
operations by the bear faction were con-
Quoted with marked briliancy. influential
speculative interests were apparently band
holders and reports of bad faith between
interested cliques were assigned as the
cause for the spasmodic attacks in various
quarters. Liquidation in the group was
uninterrupted throughout and the volume
Of stop orders reached exceeded any previ-
Gus outpouring. Weekly marginal accounts
were swept away and bank institutions in
some cases took exception to the industrals
as collaterals for loans. Difficulty in pro-
tecting holdings necessarily caused Sacri-
fees of the standard railway stocks, and
the advantage secured by the bears in this
connection was responsible for the curtail-
ment of the outside demand. Monetary
conditions also exerted an important bear
ing on the course of the market, and al
though apprehension as to stringency was
entirely alayed the occasional f1urries that
occurred unsettled speculation. Tobacco was
the dominant feature and the deluge of
STOCKS which accompanies the break gave
unloading. Gossip had it that the recent
jump above $50 was for the purpose of
squeezing a powerful short interest, and
now that the incident was closed the down.
ward course received acquiescence from the
manipulative interests in control. The nu-
merouS coupS that have been effected in
this speciality since its Introduction to the
stock market has chilled public dealings
and reduced trading to the more daring
professionals. The magnitude of the trading
In the specalties naturally served to pro-
mote sympathetic tendency in the rail-
many favorable factors Which stemmed the
reaction. In fact. standard issues, on the
whole, exhibited remarkable resisting pow
T.S anu InoNeu independently dt lnteTVdls:
But the persistent raids elsewhere robbed
the list of monetary advantages.
SUCCESS FOR THE BEARS.
The bears followed a systematic course
and diverted their efforts from one stock
to another, until the entire industrial group
was hammered Losses for the week ranged
up to 80 points in Tobacco with Consoli-
dated Gas, Rubber New York Air-brake,
Manhattan, Cotton Oil and Leather next in
order. Sugar encountered supporting orders
at various times, and covering elsewhere
impaired occasional SteadineSS. Holders of
industrial securities were alarmed during
the campaign, as knowledge regarding the
next point of attack was not available and
the prominence or the interests engaged in
the movement impelled conservative operat-
ors to withdraw on the first indication of
weakness. Railway earnings embracing all
the leading lines were in the main encour-
aging, but returns from some sections
showed heavy decreases owing to we'll
known conditions. me policy of effecting
ing expenses. but this action will permit a
radical reduction in operating charges later
on. Foreign ard state politics were dis
cussed, and, as Is commonly the case, ex-
treme arguments were advanced in support
of the issues London proved to be a con-
to purchase securities in face of the depres-
sion of the local market induced some sub
Stantial covering and demand for the long
account. Domestic conditions reflected a
continuance OF the business expansion.
which is particularly marked in some lines
Activity in the iron and steel trade which
is considered a fair barometer of the gem
eral situation, confirmed confident predc-
tons as to the general outlook. and the
steady increase in west-bound traffic on the