The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-19


mFfsnt which wss then renewed and con-
the market.
AN EXPECTED REACTION.
Up to Friday Of last week 1t looked very
much as If the expected reaction in the
stock market had set in which is as much
expected in the natural course Of things as
the December rise" But SATURDAYS de-
Veiopments leave the future course of the
market very much of a problem. 1t is GER
tam that there was large profit taking dur
ing the week in expectation Of a decline
ana realizing to close out speculative lines
on account of the stiffening in the rates for
money. Owing to the condition of the money
market it was not expected that there
Mouio be much ease in rates again before
Tie nrst OF the year. Besides the usual ac-
SumuIaton of funds preparatory TO the dis
Dursement of January interest there has
DSSu Withdrawn from the market during the
1880 mnSh over $SOOO.0OO which was paid into the
Union racine sale. Another similar pay
LueLt is to be made on Dec. rs and the last
Un Jan. .. A reason given why these later
tpaylhents are being paid into the treasury
instead of being left on deposit in New
AoTh DankS as was done with the earlier
Pa5inents, is that the price of United States
p ponus mas risen TO SO high a point that
nisn premium would have to be paid to Sc
cure sufficient number to secure these
ueposItS Much stress has been laid on the
SoESriilnentS announcement that it would
oegln the redemption of the currency skies
Mnicn mature on Jan. l, on Dec. "a as prom
lslng an onset to the withdrawal from the
money market on account of Union Pacific
payments 1t is, however, pointed out that
q considerable portion of these currency
siAes are now in the treasury a basis for
circulation and a security for government
ueposltS IN banks. 1t is not likely that these
t Would be offered for redemption before ma
,IuIlly, ana II they were they would not re-
neVe the situation. There has been
Ill ad6itlon, an outflow of currency
the them las new W York to the South in
az TINS tlme of the year and which promises
~, ~ accentuate the temporary scarcity of
1anRers a exp REV YORK york Foreign excnaase
tHe gold engagement in view of the prices
1 tlo ssX S still ruling. The governments
trade statement for November, issued last
week, SHOWS this balance increased still
luriher IN cur favor by over $54, 900 900, which
makes the balance in our favor from the
4Soo,OOO. The ruling price of exchange is
i hnoMn 70 DE highly artificial, 1ue to the
of III Engand and Germany at interest
Oh millions OF dollars due on balance TO this
country. Under the influence of the higher
rate Tor money exchange rates have de-
clined during the week and there has been
a cessation of the investment demand for
long sterling That there are great sums
OF money In Europe available in case of
heeQ In this country constitutes one of the
strongest factors in the money situation.
Net changes in prices of stocks are widest
IN the coalers, the gain extending to over
ten points in New Jersey Central. Norfolk
q western preferred is over four points
higher. Otherwise net changes are mixed
anG generally within the limit of two points.
Bonds went up and then went down. like
stocks, but still show net gains remaining
In most issues. Total sales, $15, 500, 900.
United States fves have declined 1s bid, the
new fours coupon "a and new fours coupon
registered Is during the week, while the old
fours coupon have advanced "a and regis
tered as during the week.
me following table, prepared bV T. w
Louis, Room IL, Board of Trade, shows the
range of quotations: