The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-13

tual business IN bankers DlllS at efoC~f1
As for demand and at As1AqiSlA for
sixty days; posted rates, 81 s2Q4-3 and $4.sS
Q4s; commercial bills, si1.
Silver certificates were 59lzd601zc; bar sill
yer was 5sAc: Mexican dollars were 471sc.
Bar silver, at London, was steady at q 5-16d
per ounce.
Imports OF specie for the week at the port
of New York were $50 249 in gold and s6s- 1877
in silver Exports of gold and silver from
New York TO all countries for the week
aggregated 1872 105 in silver bars and coin
and 1000 In gold.
Weekly statement of the New York asso-
ciated banks:
Surplus reserve. decrease. $4,000
Loans, se........................ Ia9i'dW
Specie, decreaSe.--..----.-... 5'So9,sO
Legal tenders, decrease. .............. 1o5O, 50o
Deposits decrease. II 30
Circulation, increase. .....-............ 1o4,fOO
The banks now hold 81, $50 less than the
legal requirements.
The Financier says: The associated
banks of New York city are now s2,7Ss.95O
below the required % per cent. reserve. The
weeks operations as disclosed by the state
ment Of Nov. IL. show that the decrease of
cash was s5,21740O OF this amount, 49,
1885, 900 were in the form of specie and ST.
$50 800 In legal tenders. Deposit contraction
lowered reserve requirements only about
two and three-quarters millions. so that
half the cash loss came out of the reserve
on hand. The statement does not differ
much from what had been expected. The
banks, in their weeks operations with the
treasury. were debtors TO an amount. APPROX
mating 5000, 0o0 and the interior took near
ly or quite two millions ADDITIONAL: In the
face Of temporary squirt in the stock
market transactions, the decrease of ST.
Isl. 900 in loans is Interesting. The loan item
has shrunk since the opening of July about
Sl05.0O0,000. and now stands at or about the
INF Ha1 Of hfa 10 CT
other words, the banks have lost in loans
all they had previously gained as the re-
on the other hand. getting a higher rate
on their present commitments. 1t Is diff
cult to forecast future. operations. but the
very lack of money in New York must
bring relief from some source soon.
NO AID FROM THE INTERIOR.
THE interior has been looked TO to sup
ply the usual fall replenishment. but as yet
there are no signs Of aid in this quarter.
Specie imports are not improbable, with
exchange falling. The third alternative is
assistance from the treasury, which has
been absorbing heavily from the banks, all
summer. Washington officials say they have
at present intention to furnish funds
10 banks through public bond purchases and
the only remaining form of relief, If in
deed relief be needed. is to allow internal
revenue funds to remain on deposit with
bank repositories. The situation, however,
simple reason that present conditions are
due TO an excess of prosperity, more than
ali quarters, have brought to bear on New
York a pressure for money that is unpre-
cedented. This money, aside from what the
1t is in active somewhere, and in
course Of time will return TO its logical CEN
We're Just mo now for rus Is ae
at New York 1t Is not probable there
would be much of stringency at any
Saturdays bank statement proved rather
worse than the extreme estimate had fore
to s5.2i7. 100 whereas the extreme estimate im
had been for only s4,500O00. Some sanguine,
person had hoped that the cash losses would
100000. Instead of that the decrease
IN loans reached only S,151,000. AS
this only reduced the reserve re-
cash losses have resulted In increasing the
deficit below the legal requirements to
formidable an encroachment on the already
depleted reserves of the banks should be
without effect, and prices gave way all
around. The losses in the railroad list are
strikingly small, In spite of a large volume
OF dealings. This department offered stub
born d1, to Ss the or and there
executed N the specialties. especially those
recently active in speculation. the losses
the local traction stocks. especially Man.
haitian. Tobacco and Tennessee Coal.
there were wide breaches in prices.
s assa sssse at the d dsne
some sharp rallies were achieved. AS loans
made On Friday on the Stock Exchange
market was nominal Liquidation in
anticipation of Mondays money market,
and was not forced by actual calling of
probably not fully reflected in the state
ment, so that the actual condition of the
banks may be slightly better than ind-
Gated. but the course of the money move
z1ent makes the necessity of further loan
contraction a practical certainty. The for
eign exchange market, like the money mar
ket, was almost wholly nominal on Satur-
day. but the nominal rates for sterling were
marked down additional half cent By
Monday morning last the operators in stocks
had recovered largely from the fright oc-
casioned by the showing in the Saturday
bank statement of a deficit in the required
cash reserves OF the banks. They were
eoothed by Specious explanation that the
statement made the showing worse than the
Gctual condition warranted, owing TO the
necessary rectlfication Of an error in the
statement of Oct IS The admission of an
sr aa IN the showing and the fact that the
until fen minutes before the close on Sat-
urcay last were made the occasion for criti-
clsm IN Wall street, and in the revulsion of
speculative feeling opinion rushed TO the
other extreme of want of confidence in the
money outlook
PoST-ELECTIoN BUYING.
Traders in stocks generally seek to an
<iSiPdte certain amount or outside buying
which comes into the market after an cleo
tion. 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 a
resulting advance in prices. There was also
some outside demand on Wednesday as was
expected. But II proved insufficient TO alb
sorb 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
nical position was thereby weakened. The
course OF events in the money market DEM
onstrated that the hopes of a relaxation
during the previous week had been Elusive.
New York exchange. which had hardened
at various points. and at Chicago had risen
10 lcc premium per 81 900. eased off again In
the latter instance 10 discount The re-
newal or 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
In the week that the Treasury Depart
ulent was about to take up a large amount
OF government bonds In the open market
from officials or the department. The
treasury has made X obvious that no gov
eminent measures Of relief are judged TO be
necessary, SO long the demand for the
use OF money In regular business can be
met without distress. The small extent 10
which advantage has been taken OF the
No. Rfw.1..w