The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-16

se.Ioers 10 any extent IN the outward cur
e si 1y movement The loan expansion of
ss,ozzo 600 is largely due TO the operation OF
ne sferman loan subscription. and is a re-
,-- $500 enat even IL no gold goes out in
-, .i.eh, on the subscriptions, the demands
III the local money market will have the
erect OF absorbing available credits AL
Ill saioukn surplus reserves still stand at over
s-o.ge.VVV. compared with a merely nominal
S i plus at this time last year, the sequence
OF iast years events was so unsatisfactory
elat the parallel does not yield a feeling Of
ro ear,e over the ability of the money
nia.tese 10 meet such rapid rate OF de-
statement
The lethargy of the stock market was
enI.eieVed during the week, and the limited
prices We're nothing more than rfpples on
~, NE surface or deep and stagnant pool
another ASSIGNED ca5,s nave seen one ana
eillIi,inated by events, while still the money
worid persists in it's abstention from any
mont election and this week the Maine
ettecion were expected by the sanguine 10
S Ssss the market But on neither occasion
nour of professional trading, some posi-
i've depression has resulted from the dec
~, t a. ION OF the anthracite miners strike.
put the erect on prices even i'm the group
NJ ~, c0ai-carryfng railroads, has been small.
" nile the possibilities OF harm to values
threatened by the strike are fully recog-
hlzed there is optimistic feeling in Wall
street that the disaffection either will not
spread far or will be adjusted before IL
goes TO extremes. The extensive property
pressing influence of the appalling disaster
10 human lives had astonishingly little
effect on prices.
FAVORABLE NEWS IGNORED.
Favorable developments are equally ig-
nored. Current railroad earnings, though
In some cases not fully up to last years
high level. are by no means so much i'm
n Fnd 1-
period of the stock market began. Many
railroad systems show handsome increases
over last year in spite of the larger ex-
penses of operation. The renewal of the
demand for iron and iron products has
measurably relieved apprehension over the
| future OF that important industry, and the
| urgent demand for cotton me- IS up in the
| money return for the shortness of the crop
Partly by a process of elimination of these
various supposed causes of dullness Wall
street has reverted to it's earlier apprehen-
slons over the autumn money market.
These had been lulled by the continued
apparent ease of money, the large increase
IN the currency by bank note expansion
ana United States treasury disbursements,
| the abundance OF money reported i'm in
terror banks, indicating a small demand
| this fall on New York for crop-moving
| purposes, and the decline in sterling ex-
| change from the gold export point. The
| weeks events have resulted in some hard
4
tone is significantly frmer.
Early in the week 1t became known that
preparations had been made by a num-
| Der OF the British loan syndicate to ship
| gold this week to meet the installment due
on subscriptions to the loan, but the vol
ume of cotton bills brought on the Ex-
change market broke the rate and frus-
| trated the intention TO ship gold. Appar-
| emily the British loan syndicate is under
| a contingent or implied obligation to facil-
itate gold shipments. and with further in
II on 1hCO rf nfin In nn
| middle of next month and November there
| will recur the possibility of gold shipments.
| Later In the week it was announced that
i New York bankers had subscribed to a new
German loan to the amount of $40, 600, O00
| Experts estimate that the country's credit
balance abroad Is ample to meet such
4 SUBSCRIPTION by drawing exchange without
| gold shipments, but il was assumed that
| the subscriptions are to be paid, in part
at least In gold. as in the case of the
| here. the transaction being in the nature
/ OF a special contract to meet the urgent
| need OF replenishment of gold reserves
| This surmise was streng thened by the fact
| fact that the principal bank among the
| subscribers held upwards of $4,000, 900 sur
plus cash above the legal reserve required
and that fully 81 per cent. OF its reserve
| was in gold. AS this banks S10.0o0000 sur
| plus makes up that ratio of the SIC, 000, 900
| of the total surplus of all the sixty-three
/ clearing house banks, the face of the New
| York money market is materially altered
i London also has suddenly awakened to
| the reafZat1On that the Bank or England
| has acted with foreknowledge in its vigor-
| Gus opposition TO the policy of lenders in
| the outside market, and London discount
rates have turned upwards. The new Ger
man loan has as a background the large
| Russian loan. seeking a market and fur
| Their British mission of some kind for mill
| tary expenditures.
1t is evident also, that while New York
i banks have been expanding their loans
| to foreign borrowers, the demands on the
/ New York market have been largely met
/ by interior banks out of their abundance,
| so that now. with the movement of the
| crops, the full demands on New York for
| funds approaching the normal Oper-
| ations under the refunding law have
practically ceased, and with them the re-
| sultant benefit to the money market. The
| question of a squeeze in money rates in
| New York depends on these factors and
| the further receipts of Alaskan and Aus
| tralian gold. But the mere existence of the
| question unsolved effectually discourages
| speculation in the New York stock market.
| where memories are still fresh of last De-
| cember's money panic.
| Bonds have lain practically dormant all
| week United States new tours have adj
| vanced "a; the old tours ~; the refunding
| twos when issued, and the fives q, and
| the threes 1 per cent. in the bid price.
Following are Saturdays share sales and