The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-29


Sterling exchange steady with actual
business in bankers bills at sLS3% for demand
and s4s0h for sixty days; posted rates, s4Sl0
ASH and s4s41zQf.S5; commercial bills $i1S1s9
$50
silver certificates were s41za65zc; bar silver.
csc; Mexican dollars, OOAc. Silver bars III
London were 295sd ounce
The weeks exports Of precious metals at New
York were si2.5Oo in gold and s.0l9,S2O in silver
bars and coin
Specie imports were ss.ss4.sss in gold and
y35y77 in silver.
Imports of dry goods and merchandise were
valued at sll,1l7,65l
The weekly statement OF the associated New
York banks. issued Saturday. shows the follow
ing changer
S5nssits decrease ACKNOWLEDGEMENTS. s.O4i.SoO
Legal tenders; increase ... 75s 100
S5lese-,.a tnc~e~sa .......... p 80. 500
Reserve required. decrease. I0O,Szo
The banks hcii ss.os1.S25 in excess of the
20 per cent. rule.
The Financier says: 1.-THE statement of the
associated banks OF New York city for the week
ended Oct. q was Of a surprisingly favorable
character. the gains In cash holdings especially
attracting attention The known operations OF
the week indicated that the banks had lost
money both to the treasury and TO the interior,
but 50 far from showing this the averages reveal
tender sharing in the expansion BY any safe
rule of calculation this increase cannot be
counted for. although the peculiar workings Of
the system of averages under which the state
ment is compiled have at times in the past
suited in even astonishing results The
gold arriving from Europe within the past few
days could not have figured fully in the
ment. and treasury disbursements in bank opera
lions were also too late to shov to the largest
Prob blv he exhi is
LEGAL operations with other institutions must be
credited as responsible. AT any rate the state
ment. suggesting that II reveals the true
S,Son OF 1he sss at b gold I'm aassf
from Europe and the consignments received
from Australia and other sources will add APP
lions but il is an Interesting question whether
loans will continue to contract In the volume
shown over the past month; The shrinkage Of
800 in this item since oct q was about as
during the six-day period had been unusually
active. Deposits have been reduced 500. 300 By
1t is evident that the statement does not balance
even approximately There Is reason to believe
made New York this fall is nearly end.
but local bankers believe that the return OF this
money will. be slow. and will not figure appre-
Gladly In the statements until near the end of
OF the tide will be seen in contraction of out
standing national bank notes ss 400 the volume Of
These notes scattered all the United
States and any redundancy In circulation will
elasticity Ct national bank note currency under
the new law, however, Is Yet 10 De tested.
WALL STREET REVIEW.
There was a very manifest disposition TO sell
stocks to take profits Saturday. The appearance
OF the unexpectedly favorable bank statement
gave a momentary check to the downward movev
nent. but the rally taken advantage of
increase the selling and the whole list gave way,
closing weak and at the lowest prices. Net
losses OF between and two points
corded In not few stocks. both In the Industrial
and railroad lists. The former department was
the greater sufferer. Some stocks had period
Brooklyn Transit and Metropolitan street-faii.
way, which were most actually affected by the
late selling movement. Inc iron and steel
couraging reports OF the industry in the weekly
commercial reviews. Some OF them suffered TO
the extent Of l 20 is per cent. In the railroad
list the most conspicuous selling in Missouri
Pacific, the latest stock to be subjected 10
warranted rumors TO adance IL, followed by eu-
thoritative denials. Other members OF the South
western group Jared better. notably St. Louis
Southwestern preferred The Chicago < Altons
and Kansas City Southerns were strong. South
ern Pacific continued heavy. in spite OF the de-
cision upon the new president. the Readings were
quite weak at losses OF point There was
disposition about the exchange to depreciate the
excessive tendency OF the speculation and the
broadness OF the methods employed in some quar-
ters- The systematic and periodical dissenina-
ton OF bull canards felt to endanger the
stability of market where buying based
such fimsy grounds
No Ineligible explanation is offered for the
large increase In cash reported by the banks for
the week. Preliminary estimates of the changes.
based on statements furnished by the banks
themselves. and made by recognized authorities
had placed the probable loss In cash all the way
from 81 ooo up over $5.oOo,oco The payment,
Friday. by the subtreasury, of drafts for $4,000
90 on account OF the Australian gold recently
arrived in San Francisco was not expected to
The week has been one Of great speculative
activity in stocks. and has afforded opportunity
OF outside demand has been accompanied by
manipulation OF prices in the interest of specula-
tors ~ h@ 70 raj
prices up have resulted in handsome profits N
the selling to outside buyers. That many of the
tion. hoping for continued rise in prices which
would offer profit OF resale. was evident from
the selling pressure which developed on the adj
vance. and which turned prices backwards But
the bull interests on the exchange constantly
stock list and kept the speculative interest
awake By developing new price movements
Nearly every day during the week brought forth
publications. alleging far-reaching changes In
control and In plan for operation OF great rail-
read properties or allied or connecting systems.
with promises Of colossal results in profits. Look
Ing back the week. fl Is noticeable that
these stories have failed Of confirmation. and in
many instances have been conolusivey denied.
30 that after the fret inward jump OF the stock.
II has fallen back In price and become compare
lively quiet In the speculation. While these
facts make IL evident that prices have been
forced mp artincaily. they do not necessarily de-
tract rom the values as barometer OF general
conditions. OF the increased activity and higher
prices Of stocks The important point is that
outside interest has been attracted In the stock
market Previous Efforts have been made 10
attract such an Interest by ostertaticus advances
fD prices. bat without avail and the stock mar
fet has been confined 70 the trading between pro-
fessional operators ever since last spring
GOOD OUTSIDE DEMAND
Events have 30 far progressed towards assur-
ance OF future business prosperity that the in
ausry for securities which Inevitably results from
this state of th.nss has made its appearance n
the stock market. Professional operators have
long expected this. and have gone long OF stocks
IN consequence The weeks events represented
their efforts to get the best prices possible FOR
their holdings. II Is invariabls incleent OF
bull market. also. that after the professional
operators have worked through the list OF stocks
snd exploited all those availsble for a rise. and
sold their holdings. they win Be industrious