The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-05

t.NU fcl13 anu $f-o0s SOhiiASANAnA oAASf
<S0
Silver certificates were 6iizq6Sizc; bar silver.
e4I.c; Mexican dollars, 501zc- Silver bars at
London sold % 15-16d and ounce.
Exports of gold and silver from New York TO
all countries for the week aggregated sl.ozS.5ss
II silver bars and coin and sl3,4i5 in gold I'M
rorts Of specie were ss5S4O0 in gold and sl5l.s6i
IA sfI=er Imports OF dry goods and merchandise
were valued at SO, S57. 526
The weekly statement Of the associated New
York banks. issued Saturday. shows the follow
ing changes:
Deoosits decrease .....................1 616, 300
Legal tenders. increase 400. d9o
Total reserve OBSERVATION-DISCLOSURES. $3.50
Reserve required, decrease. .............. 44iOl
Surplus reserve, decrease. .............-. H,42S
The Financler says: The New York bank
statement for the week ended Nov. does not
come up to preliminary expectations although
as matter Of fact it is not to be regarded as
unfavorabIe. Instead OF gain in cash. the
banks show loss OF $iS5.500 in reserve, but this
shro,pb the shrinkage in deposits The CON-
traction in loans. amounting TO s1,054So0 is
The heavy changes reported by one large bank
make general analysis of the statement diff
e5O. 400. The principal feature OF interest. how
ever, in the monetary situation Is the cessation
West. 1t is known that there was an actual
reversal OF the movement last week, SeNefdi or
the New York banks having received remittances
from these sections. The crop requirements TINS
fall have taken more money out OF the clearing
house institutions than at any previous period
The loss has been offset in a measure by the re-
banks will receive about as much more. already
engaged from various sources, and this. with
assure rather steady increase of reserve. A
factor that must also be taken into consideration
the total of which is now $50 M 500 This in
he IA
tional bank currency has expanded SIS 600 600
gold or other currency. Whether the high figure
now reached will be maintained since the needs
that is exciting some attention at present. and
the answer Involves the question Of future m
esting 20 compare the present statement with the
one issued ON the eve OF election four years
follows: Loans S346 800: deposits. 1895 .329 300
asssrse boweyer Is SIT 51s SIS less than
four years ago al this time
WALL STREET REVIEW.
The attention of Stock Exchange brokers
largely diverted to the political parade Saturday.
and trading almost entirely con-
fined to the closing up OF contracts over Sunday,
or until after election. The bears were disposed
to cover evidently. prices moved upward for
the most part. Inspired statements regarding he
heavy earnings shown by operators of some Of
the great steel corporations. and report that
large contract in South Africa had been secured
by the Pressed Steel Car Company. helped the
latter stock to the extent OF three points. and
other members OF the group ! TO III There
was an urgent demand from a short interest in
Sugar and some of the New York public utilities
gains were small. but general Louisville sold
in a small quantity az rs Friday night $
level. and only few other railroad STOCKS
gained as much al point Just before the
close prices of sharply proht-taking
wni conspicuous in Sugar and Brooklyn
Transit. The tone was easy at the end Scnsi-
ment not much discomposed by Friday s
call loan market. as IL was attributed in part
to manipulation. The conditions which made the
manipulation effective are felt t. be temporary
and the quick weakening CT sterling exchange.
Friday, in response TO the rise in money, gave
confidence that any requirement for money
would draw additional gold from Europe. The
Stock Exchange seemed TO expect a gain in
cash TO be shown In the bank statement. as
there was failure to take account OF last Sat-
urdays statement having anticipated the effect
o. arg pasnsh's TO- so,1 wnlen are mace 10
treasury operations Had IL not been that the
gain on the interior movement ran up consii-
erably over Fridays preliminary estimates. the
decline in the reserves would have been con-
siderable. The reduction in the loan and de-
post items made the decrease in the surplus
nominal. feature in the outside market was
buying OF Standard Oil up 10 COG. and 610 bid.
The previous high record for the stock was 6OO
Last weeks rapid speculative activity has been
checked this week. and the volume OF dealings
has fallen of TO near the point OF midsummer
dizziness. There IL disposition in Wall street
70 attribute this to a judicious curbing process
by what are called the controlling interests"
mitted 10 speculative ventures. This is so far
true that the inoreirate manipulation which
was the feature OF last weeks dealings
been largely discontinued IL Is also true that
the commission houses in Wall street have ad-
vised their customers against further commit
ments in stocks. Some of them have demanded
additional cash margins from their clients to
hold stocks over the election. thus forcing some
speculative holdings upon the market. Some OBJ
servers have attributed these measures TO an
aitruistic spirit on the present controlling In
terests. at least to commendabIe self-re-
ftrafnt about taking all the good things 81
But additional motives may be diScerned he
foremost being the possibility OF Pitfalls in The
future for such a headong speculative gait as
that pursued last week and previous to that
time The speculation has been based the
assumption that large demand for stocks would
spring Up after the election on the part OF the
public AT large The industry expended in get
ting prices to higher level has been INTENDED
70 accommodate this expected outside demand
But IL became evident last week that the out
which professional Wall street does not always
give II credit. was itself discounting the ex-
pected demand by buying stocks.
THREATS OF THE FUTURE.
This development threatened the future in two
ways II curtailed the requirements 20 be left
untitled until after election. ard II added to the
volume Of the long stock which would be thrown
upon the market to realize at that time The
"controlling interests" therefore. sold large
amounts OF stock to feed this anticipated de-
rnand and called a halt 20 the rapId advance
fn prices, which had been the means OF attract
ing IL. The advance In the money during
the latter part OF the week shows the wisdom
az the precautionary measures adopted Had
there been much larger amounts borrowed for
speculation the disturbance of money rates
would have been more and the forcing
Of liquidation on a much larger scale The
stlfenins OF the call lean rate il attributed to
the exigencies OF the monthly settlement and
A IS hoped that. vita the redistribution OF fhe
amounts thus borrowed in the form OF dividends
and interest. there viii be returning ease OF
money next week. Needless 70 say the Goa
trolling interests. also hope there will be n re-
neNaI OF speculative demand for stocks with the
easier money market
On the side q prLnised ease CT money are
the further amounts OF imported gold which
still 10 be received and counted In bank re-
serves These include another consignment OF
over 100000 In transit from Australia. There