The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-05
LIVELY WEEK ON CHANGE
ALL STOCKS SCORING GAINS AND Sc
CURITIEs IN BETTER DEMAND.
Foreigners Getting in on the Adj
vance and Banks Beneftfng-
Local Business Active.
At New york saturday money on calI

was nominally 1A@1h per cent.
Prime mercantile paper, 3al@415 per cent.
Sterling exchange was steady, with
actual business in bankers bills at $4.S6@
4.S6h for demand and at $4.S3AG4.S4 for
sixty days; posted rates, $4.s41ad4.S51s and
$.S614q4S7; commercial bills, s4.S21a.
Silver certificates, 531Sc; bar silver 532sc
Mexican dollars. 41Bc At London bar sill
yer closed steady at 245sd per ounce.
The exports of specie from the port of
New York for the week amounted to
$I65,449 in silver No gold was shipped. The
imports for the week were: Gold $31 .07S:
silver, s541SO; dry goods, $1.OO7.199; general
merchandise. 1914. 3O1.
The New York weekly bank statement
shows the following changes:
Surplus reserve decrease. ........... S.. 4O3 $50
loans increase .........-...,.-....... S,4l6.l00
Specle, decrease ........-.............. "a, 900
Deposits, increase .................... T. 763 400
Circulation, increase ................. $780, 300
The banks now hold $94, 11415O in excess
of the requirements of the % per cent. rule.
The New York Financier says: LAS pre-
dicted in our last weeks issue there are
considerable changes ir the bank state
ment this week bearing out the fact of
continued improvement. Loans increased
IS. as 700 and deposits 81, 1863 AGO. while the ex-
Currency shipments to the interior were
between four and five millions of dollars
and the statement reflects this in a de-
crease legal tenders to the amount of
So 0O0. while specie is $204, 200 lower 1t
Is probable that next week will see a much
ierS bsn f0r currency r from the in
ment OF the corresponding period of last
year there here are the following changes:
Loans have increased, $ll6.221. 100. or about
- per cent; net deposits S194.6s .6O1 or about
43 per cent; total reserve increased $73 DOL
800. That prosperity is here and likely to
remain can be no longer doubted. Chicago
and st. Louis are to n considerab BILE extent
supplying the present demand for crop
movement, but the demand from these cen
tiers IS pretty sure TO be felt soon by the
New York banks. The strength of foreign
exchange, which is over the gold exporting
ngure, would indicate that the J. rye trade
balances due as. from the o; "a side are
being utilized to purchase our own securi-
ties or being lent at better rate: than can
be obtained in New York.
Total sales of stocks Saturday were 303-
055 shares including: Atchison preferred,
Burlington & Quincy, 7,72O; Louisville &
Nashville. 1890; Missouri Pacific, 70 56S;
$50; Northern Pacific preferred 20 no:
deading. 2l,OOO; Rock Island, 1lS0O; st. Paul,
2S620; Wabash, 4,325; Wabash preferred g.
go; American Tobacco $40; Bay State
Gas. $3.50; Consolidated Gas. $3.50: General
ELECTRIC, $3.50; Sugar, 1890; Western Union.
s09O; Chicago Great Western, $500
Labor day, Monday. will be strictly OBJ
served in the financial district at New
York. The clearing house, banks and ex-
changes and all similar institutions will be
closed, as we'll as the subtreasury, assay
office and all other branches of the fed
eral service The custom house will keep
open one hour in the morning for the en-
trance and clearance of vessels
VERY STEADY MARKET
The market held remarkably steady Sat
urday considering the fact that a Sunday
and holiday are to intervene before the
resumption of trading and that realizing
has been on quite a large scale all week
There was liquidation in progress without
doubt, but not on a heavy scale and Of
ferings were all absorbed by the large com
mission house buying. London also bought
quite freely in this market of the interna-
tiona shares and a buoyant tone was also
reported for Americans on the London Elk
change. Some of the large operators who
have been recent dominant factor in the
market did not share in the dealings and
no one stock was pushed to a sensational
point as prop 10 the market as has been
the case on each day the past week. The
advance In Northern Pacific issues did
however. give evidence of manipulation
The stocks Jagged in the recent general adj
vance owing TO the poor showing of earn
ings The motive assigned for The al
vance was the benefit to result to
the road from the clause of the tariff law
goods brought into the country through n
contiguous country. No announcement
mas Deen fndde OF the lnterpre tation given
10 this clause by the attorney general who
now has it under consideration The mar
ket was under considerable pressure after
the opening on offerings to realize and de-
clines were general throughout the list ex
tending to point in Northwest and Cana
da Southern and &c in Missouri Pacific
The market was rallied by the advance in
the Northern Pacific issues Sugar and
Missouri Pacific. Sugar rose lac after a
heavy opening, Missouri Pacific advanced
la from the low point on the report of
its earnings for the fourth week in August
which showed a gain of $4,000 over the
corresponding week last year. The extreme
rise In Northern Pacific preferred was tx
on sales of $1,000 shares leading the list
ST Paul moved narrow and below Friday
nights close all day. Wabash common and
preferred were strong on the August state
ment, showing a gain of 1854 $40 in gross
published during the day We're uniformly
favorable and the excellent bank statement
a so sustained the list The closing showed
net changes mixed. Omaha and ST PAM of
the grangers being fractionally lower The
coolers, as group. displayed strength
Lacka wanna, New Jersey Central and Della
ware & Hudson all rising over point and
the Reading issues a fraction. Norfolk "a
Western preferred gained sharply
The week has witnessed the liquidation of
some very heavy holdings of stocks to real
lie profits on the rise which commenced in
the grangers on Monday. ft-has progressed
steadily since then and has kept the price
or recent favorites IN the speculation more
or less depressed. The market has heen
heavy Liquidation by the sustaining force
or individual stocks the prices OF which
nave been rushed forward In sensafionai
manner under manipulation. Each dav az