The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-10

Deposits, decrease. ................. $685., 500
Circulation, decrease. 691. 600
The banks now hold s6,S59525 in excess OF
the requirements of the % per cent. rule.
The Financier. in it's issue of Saturday,
says: The statement of the New York as
ISOLATED banks for the week ended Dec. 9
proved surprise in the moderate amount
of cash losses for the week 1t had been
figured that, as result Of the operations
with the subtreasury and the interior at
least six millions had been taken from the
reserves, and that surplus holdings would
show heavy decline. Saturday the de-
crease, in excess reserve, as revealed by
the figures, was only s1.677.175. The actual
loss in cash holdings was 81, 675, 300 which is
to be traced for the most part to one insti-
tuition. Loans fell off $685. and deposits
nearly four millions, the decrease in the
latter bringing the reserve requirements
the statement was affected entirely by the
loss Of cash from the banks. Whether the
actual condition of affairs at the close of
the week is portrayed by this exhibit Is
doubtful. The course Of the money market
from now until after the opening of the
new year promises to be cratic, as prep
aratfons for dividend disbursements usual
/, ly create more or less confusion. But while
there was heavy outgo of money to the
South last week, following a late demand
1t is worth noting that exchange at impor-
tant interior points is rising steadily. This
Is usually the case at this season, but the
return flow Of funds this way is as yet
very small A maintained high rate for
money, however, must serve as an incen-
| tive to attract whatever floating capital
! there may be lying at different points
wniie at the same time 1t guards against
n
that has not been as improbable within the
last few weeks as was supposed The
present demand for money it is needless
to say, is unprecedented. Within three
months, as treasury statistics show over
forty millions have been added to general
circulation, with no effect on ruling rates
OF interest.
WALL STREET REVIEW
saturdays short session of the New York
Stock Exchange was an animated one. due
in great part to the continued demoraliza-
ton among some of the industrial stocks.
The determined liquidation manifest in
sugar gave the tone to the market from
the opening and soon spread a contagion of
weakness all through the Industrial list.
Opening sales of $500 shares ran the price
down from l46 to 14412, compared with 1475s
Friday night The stock fell to 1422. before
the appearance of the bank statement the
the covering movement by the bears which
followed the publication, rallied the price
to above IA. together with the whole mar
ket. The heavy offerings of Sugar brought
out by this advance again decided the tone
or the whole market and broke prices
throughout the list. The last sale Of Sugar
was at 1912, the lowest at a net decline of
Sis American Tobacco kept the leader
close company, especially in the late break
II sold at 1o3 and on the next and last sale
at 104, net loss of 5h There were wide
breaches other he LIST of
cialties, notably in Metropolitan Street-rail-
way, which fell an extreme So The steel
and iron stocks continued weak but were
not so vulnerable as they had been recent
ly and they held the late rally better than
other specialties. The railroad stocks were
relatively much firmer than the industrials.
The extreme declines reached a point in
only few of them. The late rally brought
prices of many railroads. above Friday
night, and net gains were saved for a num-
Der or them Bears had commenced to
cover before the appearance of the bank
statement and their buying became rather
more urgent after the statement. owing TO
| the unexpectedly small loss in cash The
general conviction that the return was un-
trustworthy as an index of the real condi-
ton of banks helped in the final yielding
of prices. The outgo to the subtreasllry
| alone which Is matter of record. has
amounted to nearly IS 1000, 900 since Iast re-
turn, whereas the statement indicates only
400 altogether. That there has been a
wholesale contraction of loans all the week
mas ucci pdipdDle III the STOCK market. and
the actual new loans by the few hanks
holding the surplus reserve can have Offset
the contraction SO far as to bring the latter
down to s690,550 was skeptically regarded
by the speculative public. Under the belief
that the vagaries of the average system OF
| computation clouded the results in the
statement. the market closed with pressure
| to sell in full force again.
The week has been given over to lioujda
ton in the stock market and prices arc
lower throughout the list. The belief In
difficulties ahead in the money market was
| the motive of the selling and additional
conditions emphasized the weakness in the
| Industrial list, so that losses i'm that de-
partment ranged up TO 10 and Is points
! in some cases In the railroads most of the
losses range from a fraction TO T. II Is
probable that the money stringency and
loan contraction were the primary causes
OF weakness in the industrials. as in rail-
| roads. but several incidents helped to make
| a poor market for them, and the forced
| liquidation brought some violent declines
| Mondays Supreme Court decision against
| the iron pipe combination, in the so-called
Addyston case. was given cumulative effect
/ by the references in the Presidents mes
sage to the malign effect of some indus
| monopoly of production, and In advancing
| prices. Friends of the different Industrial
stocks have been diligent in urging that
| the practices decided to be Illegal in the
/ iron pipe combination are not practiced by
1 their combinations and that they have not
arbitrarily advanced prices. But their
| trials combinations in forming practical
efforts have not awaited in face OF the con-
| yiction that the coming political campaign
| will bring clamor against the vast indus
| trial combinations which have become OPP
| erative I'm many lines. The Presidents ref
| erence TO the prospective recommendations
OF the Industrial Commission. which Is
| investigating this ubject. brought home
| TO the speculative mind that some concrete
measure of restriction and regulation might
| be forthcoming from this source. New
stages In the gas war In New York city.