The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-07

celient showing of the weekly bank state
ment. presenting a loss in surplus reserve
OF $i,6n,200, an increase in loans OF
&7l7.o0O. and i'm deposits of S7.64OG0O.
The market showed more activity in the
rally and left off generally firm. The week
thus closed presented only one feature OF
any special interest or imPorta,nGe;;, This
the Northern Pacific and the common in
fiuence secured in the oregon Railway and
Navigation Company by the Northern Pa
cific Railroads. The transactions in North
ern Pacific common and preferred stock
and in the securities Of this company
were heavy both i'm this market and in
foreign markets. and gratifying effect as
indicating revival Of interest of a reorgan-
lied company and a combination OF inter-
ests promising of advantage TO all con-
cerned could not be viewed complacently
by everyone interested in financial affairs
with the money thus invested in Ameriea IAN
property by continental capitalists repre-
senting a good round amount. L was OK
pected that this transaction would have an
effect on exchange rates. but no apQreciable
effect has been noted. The lowering q the
rate of discount by the Bank OF England 10
per cent. was also expected to prove
FACTOR in the exchange mafket. II Is
thought possible that payments for North
ern Pacific securities may come cur later
and may yet affect exchange, !'nt such part
of Ii as has already appeared seems to
have been absorbed without difficulty
There is no doubt also, that the fact that
London sold American shares during the
week has had it's effect in ofSetting the
obligations of continetal buyers IF Ameri-
LOWER LONDON DISCOUNT.
The lower discount rate in London, show
ing the abundant supply of money there.
is accepted as a favorable feature in the
outlook as providing means for investment
in American properties. These conditions
in the international exchange situation are
considered TO provide measurable security
against the export of gold in the immediate
future. The foreign demand for railroad
bonds during the week has been coincident
with the selling of stocks. and there has
also been a large European demand for
Northern Pacific bonds in connection with
the transfer of the stock underwriting syn
dictate to German interests: This demand
extended to bonds of various low-priced
reorganized properties. Northern PACING
general threes and prior-lien Tours were
largely dealt in. and heavy blocks of gilt
edged bonds were bought in London and
were also bought in New York for foreign
account The rates of money also continue
low ard abundant supply is TO be had,
but there is little appearance OF 1t seek
ton even investment One OF the fea-
lures of the week also was a decline in the
bonds. which is attributed to profit-takings.
The advance in the treasury's gold reserve
TO over sl45.OO0.O0O is a factor in the solldlty
of the currency situation. The large
amount of money seeking outlet was shown
in the large commission-house buying or
bonds and investment securities iI,nI a ra Ihe
were shaded in some instances even
for the low quoted c figures On w naI
T Teaesactions 20 occurred per at to 3D. per cent
for thirty days to eight months: Mercan-
tile paper readily absorbed with the
banks and out of town people well repre-
sented The dearth of prime names has
caused more general demand for the lesser
grades. with quotations ranging up to 41e
per cent. for good names. according TO ma
turity. In the early part of the week the
market showed tendency TO broaden out
yOlving the Northern Pacific and their
sequences But the industrials came in for
drive that drove values down along the
whole line. and again restricted the scope
of speculation. large proportion of the
total dealings was in Sugar, and the ten
dency was downward through the week
Other industrials shared with Sugar the
adverse influence of the trust investigation
by q legislative committee proceeding In
New York and several stocks in this group
also suffered from special causes. The de-
preston in them served to drag the whole
market with them to an extent Operations
were subsequently restricted by the pro-
fessional element. A notable slump oc-
Cured in New York. New Haven & Hart
er Il to is bG The
which this variation occurred was a very
small one.
small and on the whole irregular, but the
general tendency was downward with an
occasional rally and resistance by some or
| the railroad stocks, notably Burlington, on
its favorable traffic statement for De-
ecernber, and the anthracite coal group.
The Improvement in the bond operations
served q backlog to the stock market,
and although some concessions occurred in
the speculative issues on profit taking. the
undertone was decidedly strong with the
more substantial advances registered in the
usually dormant issues. The market left
| off generally firm for the week on covering
| by shorts, the net losses the leading
railways being 1 to per cent. The changes
| in the industrials were more notable. par
| the former being down 32s and the latter
| 2b. The sales were 1856 249 shares.
The bond market during the week was
unusually animated. the transactions foot
ing up $50 000, 900. The feature of the deal
| ings was the constant absorption of large
bloc'-J of the leading bonds for continental
account. The prominent investment houses
| reported keen inquiry for all grades of
mortgages. with the low-priced issues in
| marked favor. The operations in the gilt
| edged liens was limited only TO the extent
| of offerings. holders appear to be reluct-
ant to part with this collateral except at
| more remunerative prices. The speculative
| bonds moved in sympathy with the stock
| market at times. but the speculation a
whole was exceedingly strong in tone. The
| ranging up to per cent. in Norfolk e
Western gold fves. Some declines were reg
| istered. but without significance outside Of
| Kentucky Central tours, which lost per
cent? Missouri Pacific collaterals. >, and
| New York. New Haven & Hartford tours
| As per cent.
The following table. prepared by L. w. Louis
| Room IL Board of Trade, shows the range Of
quotations.: