The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-23

4
Imports OF dry goods and merchandise were
valued at 50. 22s, 073 for the week
The weekly statement OF the associated New
York banks, issued Saturday, shows the follow
ing changes:
Loans. decrease $50 900
Deposits. decrease .-.-.....---..--..-.. 1878 40c
Circulation, increase .......'.......'.'.''' ao7vv
Legal tenders. decrease ................. $500 90
Specie decrease SUI cvo
Reserve, decrease ....s.s.........'...'''. e.esSu
Reserve required, decrease .............. 6ss $50
Surplus reserve, decrease <2sss5o
The banks now hold SIS, 552.s2s in excess OF the
q per cent rule.
The Financier says: THE Increasing demands
OF the interior for crop-moving funds is shown in
q loss of s.. 752 200 cash by the associated banks
OF New York for the week ended Sept %. All
this money was shipped West and South. Oper-
ations with the subtreasury have resulted in
little change either way. The interesting feature
OF the weekly statement is decrease of =. $751;
600 in the loan item. the first contraction Of
consequence that has been noted since the third
week in July. The change for the current week
IS not large. but derives significance from the
fact that the drain of cash out Of New York
has led the banks to curtail outstanding COM
mitments. The faIlacy OF forecasting the prob
able volume Of interior demands over a fall sea-
son is well shown in the present depietlon OF
reserves. the shipments so far this year having
neen tuny up 70 , me Na,n Yort wonIa not be
called upon to finance the crop harvest. AS ~ Is
usual at this period, but as the shipments OF
money not over by any means, II VIII be
only logical il a further shrinkage In loans re-
suits. The situation Is somewhat complicated py
the adjustments OF the German and Swedish
loans. now being negotiated here but so far as
cerned, Il favors a frmer money market 1t Is
not TO be forgotten that the deposit account Is
much higher than the average. necessitatfng a
large volume OF cash reserve, and to meet pres
ent needs a contraction in other items. releasing
The Week Just ended the reserve shrinkage is
smaller than the actual loss In cash, because OF
this very operation. This Is in direct contrast
with the exhibit of the previous week. when
expanding deposits. due to rising loans. made
the reserve loss heavier than cash shrinkage.
The fact that the circulation Of the banks has
Increased over 100 per cent n the i sb aSt e.
G large amount Of money that does not deplete
reserves affect totals
WALL STREET REVIEW.
New York stocks weakened afresh Saturday,
and after two hours of active trading the mar
ket closed active and weak. except for the irreg-
ularity caused by shorts buying to cover in some
CT the stocks which had been most severely
raided by the bears Only in Tennessee Coal was
the rally as much as a point. leaving net loss
of 2 points in that stock. The coaiers. the high
priced specialties and the steel stocks. except
the steel rail makers show the heaviest losses
The riotrg and bloodshed in the anthracite min
ing region had depressing influence on the
whole list, and Reading issues were specially
affected on account OF the hope that has been
tn.ulged in that its mines would not be shut
down, which was disappointed by Fridays cessa-
ton Of work in that companys shafts Inc ign'
buying for London account was entirely ols-
hunters which made its appearance here anc
there. was without any influence In checking tnt
liruidation The railroad group did net escape
the prevailing weakness, and standard railroad
stocks were as much depressed as stocks o.
minor roads There were examples OF losses OF
group the Southwesterns. the grangers and tns
Paclfcs Baltimore & Ohio ana LouisSiie
Nashville were most conspicuous Tor weakness
The bank statement seemed 10 precipita re-
Lewed selling although IL was no weaker enai
had been expected, and In the decrease 10 .oah'
rather better. The loan contraction SLOW ,
the extent to which genuine liquidation mas pet,
going on I'm the stock market during the WEE
ana detracts materially from the force OF asst
lions that the selling has been moS-Iy Tor shoI
s-Sc,fnt Il seems also that the remlltaness y
payment OF the German loan which anecteu .n'
exchange market early IN the week. We're al
ranged without recourse to the local money mar
ket The movement OF gold from the Bank
England 10 Germany. coupled with the heas
interior demands for currency. strenstheh IN
Conviction that considerably higher money fa'e
are Inevitable. =,
Prices are considerably lower as result or
weeks trading in the stock market on MOI MOT.
dsv ana T1iesday there seemed TO be an eftectfS
check to the liquidation begun on Friday an
Saturday OF last week. and the deusand ,,.n
shorts 10 cover effected some considerable raines
but On wednesday the liquidation was renew
In force. and broadenet out 50 as 70 lnsiuu
pretty much the whole HIST active as WEI =
Dormant In the latter class some heavy de
clines were recorded owing 70 the length
time which had elapsed since there was -,
tracing IN the stocks and the changed conal<5or
N the meantime The immediate news oe's'op