The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-12

carry over till Monday, the days money
market was nominal. Liquidation was in
anticipation OF Mondays money market,
and was not forced by actual calling of
loans. Fridays large calling of loans Il
probably not fully reflected in the state
ment, so that the actual condition of the
banks may be slightly better than indi-
Gated. but the course of the money move
ment makes the necessity of further loan
eign exchange market, like the money mar
ket. was almost wholly nominal on Satur-
day, but the nominal rates for sterling were
marked down an additional half cent By
Monday morning last the operators in stocks
mad recovered largely from the fright oc-
casioned by the showing I'm the Saturday
cash reserves Of the banks. They were
Soothed by specious explanation that the
actual condition warranted, owing to the
necessary rectification OF an error In the
statement of Oct. % The admission of an
error in the showing and the fact that the
statement was withheld from publication
until ten minutes before the close on Sat
urcay last were made the occasion for criti-
ciSm IN Wall street, and in the revulslon or
speculative feeling opinion rushed 10 the
other extreme of want of confidence in the
money outlook.
POST-ELECTION BUYING.
Traders in stocks generally seek to an
ticipate certain amount of outside buying
which comes into the market after an cleo
ton, owing TO the relief from the unsettling
influences on business of a political cam
paign There was professional, buying of
stocks on Monday with this object and
resulting advance in prices. There was also
some outside demand on Wednesday, as was
expected. But it proved insufficient to abb
serb the offerings. The large buying by
the bear element during the previous week
had resulted in eliminating much of the
short interest from the market and its tech
meal position was thereby weakened. The
dem
onstrated that the hopes of a relaxation
during the previous week had been Elusive.
at various points, and at Chicago had risen
TO lOc premium per 1000, eased off again in
the latter instance to a discount. The re-
newal Of the demand from the interior
upon New York banks was supplemented
by the continued absorption of funds by the
New. York subtreasury. and rumors early
ment was about to take up a large amount
OF government bonds in the open market
from officials of the department. The
treasury has made it obvious that no gov
eminent measures of relief are judged to be
necessary. so long as the demand for the
met without distress. The small extent to
which advantage has been taken of the
Treasury Department. offer to anticipate
the payment of government interest con-
firms the view that the stringency of money
IS confined to speculative circles to large
extent. 1t is urged. also. that artificial
easing of the local money situation would
bring on demand for gold from London,
which would result in making the last con-
dition worse than the first. The activity of
trade is making extraordinary uses for
money in all the countries of Europe, and
In England this need is aggravated by the
war expenditures and the cutting off of the
Transvaal gold supply, so that a withdrawal
OF this country's credits would have wide
~ unsettling effect on foreign financial mar
kets, with a reflex effect on our own mar
ket. For this reason the calling home
OF credits is considered undesirable,
but 1t is the conviction that in
the event of any actual distress
for money in the country the world
would have to pay its debt to us. The ac-
tive and profitable use of money in trade,
even to the exclusion of speculation
credit. is not felt to constitute threat
10 real values, even of stocks and securi-
ties, but SO long as expansion continues in
the countrys use for money and the sub
treasury continues TO make demands upon
the New York banks. it is evident that the
banks must continue to call loans to meet
the encroachment on their reserves, while
the reserves continue near the border of the
legal requirements. Stocks held with bor-
rowed money are thus forced TO sell, and
fall into the hands of those who have money
in hand without the need to borrow.
Bonds have moved slightly in sympathy
with stocks, but changes have been mar
rover. United States old tours, registered,
advanced "; United States tours and
fives, a, and threes q In the bid price The
twos declined a.
Following are Saturdays share Sales and
the closing bid prices: