The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-29
STIFF JUMPS IN STOCKS
GENERAL IMPROVEMENT ON AC-
COUNT OF INCREASED EARNINGS.
Prosperity Verified by Reports from
New York Banks-LOcaI Business
Very Large for August

Sterling exchange was easy, with actual
business in bankers bills at 1851 for de-
mand and at $4.SSAa4. S312 for sixty days
posted rates, $.41a04. S51a and $4S61AG4S7;
commercial bills $4.S2@4S21h
Bar silver SIC; Mexican dollars, 41c Sill
yer certificates, SIC. At London bar silver
closed at 24d per ounce.
Exports of specie from the port of New
York for the week aggregates $685., 255 in sill
yer. There was no gold shipped. The i'm
ports for the week were: Gold, 1872. 327; sill
yer. $l09S72; dry goods and general mer-
chandise, $6961,6 64.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. ............ 1926, $50
S0ss' Ease. COB zoo
Legal tenders, increase. ............... 59l, 400
Deposits, increase. Observation-Disclosures. 99S 600
Circulation, increase. 166, 200
The banks now hold $S9, 81, 700 in excess
of the requirement of the % per cent rule
The New York Financier says: THE
statement of the associated banks for the
week is favorable and reflects the steady
increase of general business throughout the
entire country
THE greater part of the increase of loans
can be accounted for in commercial loans
and rediscounts from country districts. The
increase in legals about offsets the decrease
in specie, leaving little difference in the
reserve since last week. The deposits of
the National City Bank show an increase
OF $2,655,SOO, leaving a decrease among the
other banks of 81, 657, 300
1T was expected by every one that the
heavy Withdrawals of currency and de-
mands from the interior would have caused
decrease in the reserve but this stands
much the SAME as last week. The extra
deposits of the National City has been the
factor of no change taking place. The
movements of currency to interior points
during the week have been considerable
having shipped nearly 81, 200, 900. During the
ensuing week there are certain to he fur
ther heavy calls on New York for currency
ana the next statement will undoubtedly
show considerable changes. Everything in
on the sea of prosperity"
ACTIVE FOR A SATURDAY
Stock sales Saturday We're 247,4OO shares.
including; Atehison preferred, 2O,l2O;
Chesapeake & Ohio. 1880; Chicago Bur
lngton & Quincy, i, 100; Louisville q Nash
Vile 4.453; Missouri Pacific, 5,7s5: Northern
Pacific, preferred. 5,525; Ontario & West
ern, $3.50; Rock Island Is, 400; st. Paul "a
IFS; st. Paul & Omaha, 1850; Southern
Railway preferred, 4,0O0 Union Pacibc
Denver & Gulf. 1000; Wabash. preferred
1900; Laclede Gas. $50; Sugar, 1875: Ten
nessee Coal and Iron. 3,5O5; Western Union
4,lOI; Chicago & Great Western, 5620
The stock market made a remarkabla
show of strength throughout the short SEES
sion Saturday, practically the whole list
tending steadily upward with scarcely
matt There was protit-taldng at intervals
curing the morning, but the les TO real
lie were absorbed at gulp. with scarcely
an impression, and the buying resumed
and Kept up steadily until the close. Sharp
advances IN the prices OF American securl-
ues IN London gave the impetus to prices
at the opening. Arbitrage brokers also
bought some of the international stocks
rms buying was not of large proportions
put at least one banking house not regu-
iarly engaged in arbitrage dealings is
OF foreign investors. The see-saw effect of
the decline in wheat was again strikinely
manifest saturday, and the crop damage
scare OF last Week was replaced by re-
newed confidence in the yield of wheat and
SAFETY OF corn. The grangers We're
of this factor but they moved
over somewhat restricted range on ac-
count of realizing sales which affected no
very marked reactions Omaha was the
center of interest in the whole market ris-
Ing by leaps and bounds to IFS and closing
only Is under THAT, with a net gain of three
points. The buying was in execution Of
large orders Buying of the same char
acter continued In Chesapeake x Ohio, and
carried IL up nearly q point. The so-calIed
Gould roads in the Southwest showed adj
vance in the prices OF their shares on ac-
count of the good showing in earnings of
recent traffic shipments. Wabash preferred
gained a point and Missouri Pacific .ad
Kansas Y Texas preferred q each llIi-
nois Steel jumped three points and 9th
er iron and steel stocks We're firmly held
on the favorable outlook in that Industry
The industrial stocks otherwise were some
what neglected The coalers also were
not conspicuous, and lacked strength Io-
cal gas stocks were in good demand and
higher on the prospects OF a consolidation
of interests. The buying movement wa in
full food at the closing and prices were
at or very near the best OF the day
The week in the market has seen the
almost total abatement Of the crop-damage
scare, which exerted pressure on prices an
the week before. Even the publication OF
the governments weekly crop estimates an
Wednesday with its unfavorable view of
the condition OF the corn crop and the Weld
or the spring wheat, only effected a
temporary reaction, and that not of large
proportions. Otherwise the market has
tended steadily upwards all week The to-
tai average decline OF the previous week
has obllterated on Monday and the weeks