The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-30

weeks campaign by the bulls. ana stocks which
n1ve been abundant in the loan department en-
scale fs,e .sIlns were called In on a large
ssnds 20 70 cover their contracts Tens OF thou
p nI u snares Of stock We're bought for this
Sompetition with the distressed shorts and adding
Of ~ 70 their dincuities The elimination
es,nn,csi position OF the market to a material
THE MONEY OUTLOOK.
The money outlook has been lost sight OF.
largely. during the week. but still remains the
dominant factor in the stock market OUTLOOK.
a downward plunge in sterling exchange rates
under The large offerings OF bills against cotton
and grain exports has given rise To renewed
conjecture regarding the possibility OF gold I'M
ports but the London and continental discount
rates nave risen promptly In response. showing
'hat a movement OF gold to New York would be
resisted. News on Friday OF a shipment of So
""."o IN gold from Australia to San Francisco
suggested a source OF additional relief for the
money market. Time loans now ma,rr,re
wh,R u. into call loans to be readily available,
markat an lii1sory ease to the call money
ar IN aoeyance until after election will make
. II 1--we g demand fer money at that time.
- clear also that the interior demand for
oney Is rather above the normal than below
H. as had been expected. This is due to the
cary large sums Of money to effect the marSes-
ing OF crops Last weeks movement of cur
pnoss - "eStAOt AIom new 1Ork, was al
most twice as large as in the corresponding
week last year, and was more than a million in
eAcess OF that for any single week in the fall
season OF last year. This week the discrepancy
sIh larger The excess of government re-
lips over expenditures Is greater this fall than
"nen the subtreasury made a constant and
neavy Grain on the New York money market
puncnase 10000. 600 Of government bonds at the
sulhs price Last year the interior took from
ne" York, from Sept. ! to Nov. IL, So. s2, 900,
liz the total decrease in New York bank re-
serves Tor the same period was $43, O15. 600. 1t Is
Iuo tnat New York bank reserves. on last Satur-
Gay, were Ss, sOS.o0 in excess OF those Of a year
De1ore. but loans have expanded in the same
ior our credits. Part OF the German loan and
naii the British exchequer bond subscription are
YET 10 De paid for. Owing to the increased re-
qulrement for reserves which has resulted, the
percentage or reserves to deposit liability stands
AT only zs.ls or 15 per cent. over that of last
year II Is believed now that the seeming delay
n the outward movement of currency from New
YORK, this year, was due to the banks putting
out their new note issues to meet the early de-
mand- This movement did not affect the item
OF lawful money reserves. and therefore was not
renected In the bank statements before and
after the first OF September. This outline OF
money resources and probable requirements will
able loan contraction by New York banks will bt
necessary to keep the proportion of the reserves
up 10 the legal requirements. g
Inc bond market was weak In the earlier part
OF the week. but Tecoveries in some issues made
the market irregular later. Dealings were not
large at any time. United States new fours. regis
tered, advanced &c, and the old tours and five.
Following are saturdays share sales and the
closing bid Quotations: