The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-26

| cial bills, $4.SO12.
Silver certificates, 61AQ62c; bar silver,
so 15-16c; Mexican dollars, 47l4c. At Lon
don bar silver closed steady at rs S-16d an
ounce.
The imports of dry goods and general
merchandise at New York for the week
ending Saturday were valued at Sc, 7O4 O44.
The gold and silver movement at New York
for the week was: Exports of gold, $213
917;s of silver, $1,026. 1856; imports of gold, ST.
,166; of silver, $36,266.
| The New York weekly bank statement
shows the following changes:
Surplus reserve, increase ........... 4012 475
Loans, decrease OBSERVATION-DISCLOSURES. II, TO- 400
Specie, increase ACKNOWLEDGEMENTS. 746, 500
| Legal tenders, increase ............. 49, 700
Deposits. decrease .................. IL 314 300
FClrculatfon increase ................. 507, 400
The banks now hold S,252.S75 in excess of
| the requirements of the % per cent. rule.
The New York Financier says: Whether
the actual condition OF the New York banks
at the close of The week is shown in the
current statement is matter of doubt but
the exhibit is even more favorable than had
been anticipated so far as percentages of
reserves are concerned. Several factors of
Importance which developed within the past
few days influenced the totals. The first of
the gold imports have been added to specie
| account the losses to the treasury were
very much less than have been reported of
late, and the interior movement continues
| light. By contracting their loans the banks
have been able to reduce their deposits,
thereby bringing down the reserve require
ments and apparently adding to the cash
| on hand. In this manner the reserve excess
was increased no less than $4O12 AIS of
which @l,lo3,5CU came from a gain In specie
and legaIs and 81 ,o2S575 from the Iessened
lo-per-cent: requirement., due to the
traction OF $n,5l4,3 CU in deposits. AS a re-
SUIT OF these cnanees the surplus reserve
now STANDS at 81, 2o2,S75, which does not COM
pare as unfavoraDly with the average re-
might be imagined. The strain on the banks
incident to the settlement of the bond trans
actions is probably at an end, and the heavy
| Iiquidation. which decreased loans $50 600 900
during the month of September, will give
way to more moderate adjustment. 1t be-
| gins to look as if the New York banks will
not be called on to the usual extent for
crop money. Eighty millions of treasury
| this connection. Banks here having heavy
| country business show d large falling off
IN deposits. but rediscounting is said TO be
small The recent stringency has developed
an effort to enlarge circulation, and the
increase of $507.4O for the week, based on
| new 3-per-cent. bonds, was taken out prin-
| cipally by two banks The statement in de-
tan shows that the heavier changes\ in to-
| banks, but decreases were the rule through
the list of sixty-fve institutions.
Total sales Of stocks, 151,500 shares, incud-
chic, II ,S2o St. Paul. 1922 Union Pacific pre-
ferred. 1870 Tobacco, 1925 Peoples Gas,
| 1880 Sugar and 1000 Rubber.
Speculation was inclined to wait on the
bank statement Saturday and there was
much doubt concerning what the showing
| would be. The realizing movement in the
| stock morket on its appearance indicated
| that the return is not regarded as altogether
| favorable in spite of the rise of the sur
| plus reserve of $4012,4 AIS. The increase in
| cash was less that s., 200 600 and the remain
der of the increase in surplus was due to
reduction OF reserve requirements by q fall
of $11, 800 in the deposits, a reflection from
| the contraction of loans of 81, 102 AGO. 1t was
| believed by some people that last week S
| heavy decrease of over $12OO0,O 600 in loans
was due in some way to the mysterious sys-
| tenn of averages used by the banks. But in
that event there should have beeen some
| bookkeeping compensation in yesterdays
statement. 1t is certain that there has been
no such drastic contraction of open market
loans, either last week or the week before,
as indicated by the face of the statement.
| The more probable explanation is that ad-
vanced in this review last week.. namely,
| that the liquidated loans are largely those
| made to outside banks to finance subscrip-
| tons to the government loan. The delivery
of bonds by the government has been de-
| layed, but is now progressing more rapidly
and the loans are liquidated with the deliv-
cry of the bonds The bank returns indicate
otherwise the turn in the the money market
showed quiet but large absorption of rail-
road stocks, notably of the Pacifcs and
grangers on the traffic returns of those
roads. There were noteworthy movements
! also in the preferred stocks of Pittsburg.
Columbus, Cincinnati & st. Louis, Evans
| Wheeling and Duluth, South Shore e. At
| lantic. The miscellaneous list showed a
tendency to reaction, which was checked by
the firmness of the railroad list until the
realizing movement on the bank statement.
Wheeling & Lake Erie consols fives rose 21s
per cent, making the net rise for the
was quite general that the upward
movement of prices on the Stock Exchange
hn 1nd &c nva6 hot fl,O
| tightness of the money market would be
relieved, owing to the cessation of the drain
into the treasury on account of the sub
scriptions to the government loan. The ex-
| pecta ton is still general that these two
events are simply delayed by the various
| reactionary incidents of the week. On Mon
day it was the violent break in Sugar, and
| the continued tghtness of money has
checked speculative ventures during the
whole week. The continued hardness of
| money has been particular disappointment
| to spectators Various factors were looked
! to confidently to bring relief, including the
antcipatory payments of the October first
| interest on the government bonds, increase
in the government expenditures, gold i'm
| ports and the postponement of the payment
| or the small remaining portions of the gov
| eminent subscriptions. These factors have
proven efficacious the week advanced to
cause lower rates for money but meantime
a number of banks which had fallen below
| the rs per cent. reserve limit, called loans
| to replenish the reserve. Call money, in
| consequence, went to per cent. on Tues
| day, the highest point of the season, in spite
| VI HedNy engagements OF SOlQ IOT import
The fact that the gold movement has been
| lnaugurated in force just at the time when
| the money market has passed successfully
| through the strain of the government loan
| is significant of the country enlarged needs
| for money. With the governmental loan
| practically provided for and soon to be in
| process OF dispersal again, owing to the
| revenue deficit and credits widely extended,
! the movement of gold this week is a strik-
| ing evidence that the increased business of
| the country has found use for the expanded
circulation and needs more. The same thing
| is indicated by the largely increased
| changes reported by the clearing houses of
| the different trades. by the largely increased
railroad earnings, in spite of the decreased
grain movement and last years high level
| of earnings. and by all the signs of business
activity and prosperity.
The bond market has been dull and heavy
| on the tight money market. United States
| fours, registered, have declined IL old tours,
registered, Il; new fourS coupon and the
| threes, when issued, X, and the fiveS have
| advanced Il in the bio price.
The following table, prepared by L. w.
| Louis. Room II. Board of Trade, shows the
Open High Low Clos
| Name ing. est. est ing.
ADAMS Express 1890. -. -. -. 15S
American Spirits ...... 10 10 10 Is
American Spirits, pref. -. -. -. 1914
American Sugar -. .12OA 1211s 1881 12OA
Ameriesn STS oBbaco orei Ellis las 1 ig s
AM Atcb, Tooacco' pref = "a q. rs
Atchison pref ........ 34A S4ls S4A S41a
Baltimore & Ohio -. -. -. -. 4324
| Canada Pacific ........ -. -. -. So
Canada Southern 49,. -. -. -. 1914
4 n