The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-10-08

Bar silver was efSc: silver certificates, e4lsg
s51zc: Mexican dollars. 5Ossc. Silver bars on the
London market sold at 2sssd an ounce.
The exports Of gold and silver from the port
of New York to all countries for the week aggre-
gated sif4o0ss in silver bars and coin and $1,000
In gold.
Imports of specie were sis.Os7 in gold and s2s.-
$50 In silver.
The imports Of dry goods and merchandise
were valued at si0,Sz7,529
The weekly statement Of the associated New
York banks. issued Saturday. shows the follow
ing changes:
Loans, decrease ...-....-...-.-.--...-.- soei 5U
Deposits, decreays 7.sse gOo
Legal tenders. decrease .....-........- ~ 700
SPECIE decrease % z1
Reserve required. decrease 1,S74,Vo
The banks now hold 900 in excess of the
% per cent rule
The Financier says: The banks OF New York,
according to their current statement. lost during
the week more than 50 per cent. of the surplus
serve reported at close OF business Sept 20. This
leaves them with only se.241.s0o above the
quired minimum Of IS per cent OF deposits. The
interesting feature is the heavy loss in cash.
which aggregates $751; 100. the heaviest drain
which has been encountered since the last crop
season. The significance of the decrease how
h s ns b b taaf ne srfS
half the excess reserve in New York, Is respon-
holdings having been in the neighborhood of
ten millions within the past two weeks. This
the u a;orffy Of the banks in the clearing mouse
have undergone no serious drain on their re-
sources, although quite number are now close
10 the legal reserve point and some Of them
looked so serious had It not been for the almost
stationary loan column. While there Is nothing
there bsd BEEN period Of aetive borro%ns
during the week. not previously known AT
any rate. the general tendency OF the banks Just
now is to contract loans, and the small decrease
for the week compares oddly with the decrease
does not mean, necessarily, stringency
the n an 10 n tne fs sse snat
The rise In rates will lead to renewed talk Of
serious enough to call for shipments of specis
TO this side. although IL small profit can be
most curious phase OF the situation, RETROSPECT
lively. is what would have happened had 1t not
bank currency within the year
WALL STREET REVIEW.
Attention conferred on the bank statement on
the Stock Exchange yesterday. But the very
heavy decline in the cash reserves OF the banks
seemed to have little effect speculative senti-
ment. beyond futter among the smaller class
of traders. who offered prices down after the
statement appeared. The larger spectators
who have been bulIing the market during the
week. seemed content TO stand by and watch The
effect OF the statement general speculative
sentiment, The steadiness of the market under
when il Is considered that great stress has peen
laid by the Spectators for the rise the or
sets to the interior drain of currency. which
we're expected to mitigate the cash loss Even
known to have been large, the maximum esti-
nate oe 90, Of the decline in cash did net reach
drafts last week expected to moderate that
showing: under the system Of computations by
OF cash for the week was run up TO ss.574 700.
and the remaining surplus OF the banks is cut
iu half. The interior demand for cash has been
larger than any previous week OF the season.
season Of last year. The extraordinary cotton
movement is undoubtedly responsible for the
face OF the bank statement must be due to the
conviction that the heavy movement Of cotton
export movement and an, the making Of commercial
money market &c harden interest rates. 1t is
areued that the continued foreign buying OF
to this Country probably the cons Week * sS,a
the other hand, London must meet an INSTALL
week. and on the following Monday Is pei
cent installr ent OF the British exchequer bond
r. due from American subscribers The require
msnt thus created on the London money market
must be balanced against the supply of cotton
This weeks further advance in the prices OF
stocks cannot be attributed to demand from
last week. There has been some covering OF
short contracts on the rise and the professional
IDENTIFY hope to dislodge the long standing short
intefes; which has persisted in the stock market
tinue and warrant further shrinkage OF prices.
attract an outside buying movement OF the class
wwElcn notning out a rapid advance In prices
not proved entirely successful. but the new buy
ing was hardly sufficient 10 absorb the profit
their commitments at a moderate advance. The
issvoranie incidents OF the week have been mace
protestations are OF confidence In the ultimate
ruc at large IS SIN evidently in doubt nlea es ra
eisliy revival Of business to last years high
le'el Of prosperity.
BY MANIPULATION.
Tie manipulative character Of the market was
evident from the number of assertions put I'm
circulation the Stock Exchange which failed
Of verifcatson. positive announcement that
the coal strike had been called of served it's
purpose In rushing prices up late in the DAY.
and there were various OF absorptions
and consultations CT railroad systems. while
brokers vigorously bid up the stocks concerned
: with palpabie Discrimination to avail them
selves OF lower prices 70 absorb the stocks But
IL was notable that the advance thus secured
than speculative holders. ard price reactions
were not severe even when the unveracIous
character OF the reports was recognized This
undertone Of irmness gave confidence TO the bull
following
the hopeful views expressed BY authorities IN
the iron and steel trade had marked influence
on the much depressed stocks IN that group, and
affected the general list fayorably by sympathy.
The adjustment Of the long-drawn-out wage con-
rroversl with tin-piate workers gave relief TO
faction Of officials OF Of the railroads which
benefit by carriage OF steel rails. with the price
fixed by the makers. promised line OF orders In
that industry The declaration OF the regular
quarterly dividend OF per cent. on Tennessee
the stock based on positive assertions widely
published. that the dividend would be reduced
or passed The subsequent rebound IN the stock
had revivifying influence on all the stocks in
the steel group. The placing OF some large or
ders for freight cars was another element In the
From the technical side the completion Of
some recent orders FOR liquidation OF various
stocks was relief TO the market and facilitated
the advance. The point probably most relied on
by the bulls was the promise OF early imports
Ct gold. carried In the marked downward course
o. exchange under the continued food OF bills
against heavy exports OF cotton. and the appar-
crt acnufescence Of European money markets In
the threatened movement Of gold by refraininc
from advancing their discount rates The reten-
fion or the Bank OF England Official rate AZ
Per cent, with the market fully up TO that
went 20 confirm this conviction. This action, in
face Of the drastic inroads banking re-
sources. 20 meet the October quarterly settle
ments. revealed b. the weekly statements Of
the Bank OF England and the Imperial Bank OF
Germany. created the impression that the Octn-
Der settlements having been safely met, the for
eign money markets ala not feel constrained 10
bankers IN New York did indorse this view
and argued that the need for remittance on sub
scriptsons 70 foreign loans. 10 which the Swedish
loan subscriptions have been added during the
week. would arrest the downward course OF ex-
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