The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-05

|
business in bankers bills at $4.S415@4.s4s4
| for demand, and at $4.S212d4.S2& for sixty
days; posted rates, $4.S21aq4S5; commercial
bills, $48O19.
Silver certificates. 6O14d6114c; bar silver,
575sc; Mexican dollars, 1880 At London bar
| silver closed steady at 2712d an ounce.
The exports of specie from the port of
| New York for the week amounted to $4,000
| in gold and $1,091 097 in silver. The imports
were: Gold, $685. silver, $50 404; merchan-
disc and dry goods, $725S,SS6.
The New York weekly bank statement
shows the following changes:
Surplus reserve. decreased. .......... 81 ,259 SIS
Loans, increased .................... o'5zd' NY
| Legal tenders, increased. ............. $500
Deposits increased ................... 6,ly6 5VV
| Circulation, increased ................ $500
| The banks now hold $17 O97,95O in excess Of
the requirements of the % per cent. rule.
The New York Financier says. IAN ex-
| pansion of Sc, S27 600 in the loans of the New
York clearinghouse banks last week, obvi-
| ously in the form of credits, accounts for the
| greater part of the increase of Sc, 796,500 IN
| deposits. The gain in cash was only $439 500,
and as the added reserve requirements were
! over eighteen and two-thrds millions, the
excess reserve falls 81 ,259, 625, and now stands
| at $17,O97 $50. The statement reflects the
| active business of the week. although re-
| ceipts of currency from the interior do not
| appear to have been in the volume est
| mated. Whatever gain was made, however,
| has been offset by treasury operations.
| There is no question that the activity on the
Stock Exchange accounts in part for the in
| crease in loans, but to what extent absorp-
ton of sterling figures it is difficult to judge.
| The New York money market has compn
| Gated series of circumstances to face within
| the next thirty days. In the first place, the
growing volume of business of a speculative
| character will call for a steady supply of
| funds. The banks are easily able to furnish
| TINS, but whether they can do so and still
| continue investments in sterling is another
matter. Foreign credits accommodating
| mere, both on merchandise account and be-
| cause of renewed purchases of American Sc
curtles very slight fall in exchange viii
| start gold imports, and, while last week
engagement OF something over a million dol
| lars may pc regarded as nothing more than
/ q spaSmodic symptom, the fact remains that
| the present balance cannot go on piling up
| indefinitely. In this connection it is inter-
esting TO note that the treasury deposits i'll
national banks have fallen slightly. The re-
| turn of a considerable portion of this money
| will hasten the period of gold imports, al
+ though it is difficult to see how this balance
| is to be reduced under normal conditions for
approaches there is naturally a great deal
| of preparation for dividend requirements,
and 1t is not unlikely that rates may harden
| fractionaly. Still the outlook faVors con-
! tlnuance of easy money. The changes in the
| statement for the current week can be
, traced directly to one or two large banks
| which loan heavy amounts on the street and
are interested in sterling exchange opera
| tions."
The total sales Of stocks were 49, 200
shares, including: Atchison preferred, 1900;
Central Pacific, $3.50; Louisville & Nash
| Street-railway, 1850; Northern Pacific, 3d.
$50; Union Pacific, 7,155; st; Paul, 1900
Southern Rai5way 49, soutEern Rai5W way
Federal Steel 1900; Federal Steel preferred,
| 11511; Pacific Mail, $3.50; Sugar, II ,239; Ten
nessee Coal and Iron, Sl,SOl; Rubber pre-
There was no marked change in the char
| acter of the New York market Saturday
days past Activity was for the most part
| confined to the specialties and the extreme
range in the prices of many Leading railroad
| stocks did not exceed Is to a. London was
a seller of Americans again, though the
| rate for money was easier at that center, in
| spite of an additional withdrawal of over
| 900 in gold from the Bank of England,
presumably for shipment to Germany. Lon
| don's offerings of stocks here were fairly
| well absorbed, but there was no increased
| demand. The grangers were remarkably
| duh and sluggish, in spite of the st. Paur5
| statement Tor the fourth week in November
! showing a level of earnings, notwithstand-
| ing the bad weather prevailing, never before
| exceeded except in 1892. There was slight
| pressure of realizing sales in Northern,
| Union and Central Pacific, but in the case
| of the latter there was a subsequent re-
bound of 15s. Sugar dropped sharp frac-
| ton at the opening on rumOrs of further
reduction in the price of the product, but
| this speciality afterward moved strongly up
ward on covering of shorts Pacific Mail
| was also a strong feature and moved up to
403s on the good business outlook for the
company. Metropolitan Street-railway con-
| tinued it's upward course above all previous
| high records, while Manhattan moved in a
contrary direction, the movement being the
result of the traders Interpretation of the
revived talk Of a rapid-transit system There
| was a resumption of the upward movement
In Federal Steel preferred, and apparently
SYMPATHETIC advances in Tennessee Coal
and Colorado Fuel. The decrease in surplus
| reserve shown by the bank statement was
| due to increased requirement account of
| the deposit increase. The increase in loans
! of lending money abroad, a process which
| involves borrowing on sterling exchange
/ collateral as an incident.
| Perhaps the slight reactionary tendency
| towards the close of the week is fostered by
! fears that traffic returns for the fourth
| week in November, to be published next
| week will show unfaVorable effect from the
| stormy weather. The events of the week in
| the international exchange market have
! given new and convincing evidence of the
! strength of this countryS financial position.
| The decline in discount rates abroad early
! In the week wiped out the margin OF profits
| between the interest rates abroad and those
| prevailing here. The heavy contracts for
| steel rails indicate a coming period of rail-
! road improvement and extension and there
| are numerous schemes for consolidation and
organization of great industries constantly
being floated in Wall street. Among those
| for the week are corporations in silver plat
! ing, thread, tin plate, ltnSeed oil, photo
| graphic cameras, etc, requiring many mill
ions for the process of flnancfering:
In the bond market the course of prices
| has been continually upward on large and
| well distributed volume of business. United
| States twos, the threes and the new fours
| and the flVeS registered. have advanced 3s
and the old tours and the fives, coupon, "a
| in the bid price
The following table, prepared by L. W.
Louis room Ii, Board Of Trade, shows the
range of quotations.