The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-30

Tnand and at $4S3A0 4sS1z for sixty days;
posted rates, A.S412G48515 and S4.S61204.S7;
commercial bills, $4S2a4S21A
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 1899 255 in sill
Yer. There was no gold shipped. The i'm
ports for the week were: Gold, $7S2327; sill
yer, $,o9,S72; dry goods and general mer-
chandise, S696l, 664.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease............$ 235, $50
leans increase q 2o6, 200
Specie decrease ...-............... 99l,o00
Legal tenders, increase. 591, 400
Deposits increase. ..................... 99S, 500
Circulation, increase. zoo
The banks hold $39, 517, 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 $2655900, 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
Of
during the week have been considerable
the National Bank OF the Republic alone
having shipped nearly 100000 During the
ensuing week there are certain to be fur
ther heavy calls on New York for currency
and the next statement will undoubtedly
SHOW considerable changes. Everything IN
dicates that the country is fairly launched
on the sea of prosperity"
ACTIVE FOR A SATURDAY.
Stock sales Saturday were 247, 400 shares
1ncluding Atchison preferred, 2O12O;
Chesapeake & Ohio 1880; Chicago. Bur
lington & Quincy, 1880; Louisville q Nash
Vile 4,453; Missouri Pacific, 57S5; Northern
Pacific, preferred, 5,525; Ontario q West
ern, 1855 Rock Island, 10, 400; st. Paul "a
US; ST Paul & Omaha, 1850; Southern
Railway, preferred 1000; Union Pacific.
Denver & Gulf 1000; Wabash, preferred,
1900; Laclede Gas $780, Sugar, 1875: Ten
nessee Coal and Iron, 9,5O5; Western Union.
4,1O7; Chicago & Great Western, $500
The stock market made a remarka BILE
show of strength throughout the short ses-
sion Saturday, practically the whole list
tending steadily upward with scarcely a
matt There was profit-taking at intervals
during the morning, but the sales to real
lie wire 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 securi-
ties in London gave the impetus to prices
at the opening. Arbitrage brokers also
n no in for tirt1, al
This buying was not of large proportions
but at least one banking house not regu-
known to have been a buyer for account
of foreign investors. The see-saw effect of
me aecnne IN wheat was again strikingly
manifest Saturday, and the crop. damage
scare of last week was replaced by re-
newed confidence in the yield of wheat and
largely dealt in on the strength
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 lin the whole market ris-
ing by leaps and bounds to 71B and closing
only IS under that, with net gain of three
points. The buying was in execution of
lage orders. Buying of the same char
acter continued in Chesapeake & Ohio. and
carried 1t up nearly q point. The so-called
Gould roads in the Southwest showed ad-
vance in the prices of their shares on ac-
count OF the good showing in earnings of
recent traffic shipments. Wabash preferred
gained point and Missouri Pacific and
Kansas x Texas preferred q each IlH-
nois Steel jumped three points. and 9th
er iron and steel stocks were firmly beIa
on the favorable outlook in that industr 1J'
The industrial stocks otherwise were some
what neglected. The coalers, also, were
not conspicuous, and lacked strength To-
cal gas stocks were in good demand and
higher on the prospects of a consolidation
OF Oh interests, Inc buying movement was in
1uil mood at the closing and prices We're
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 All
the week before Even the publication of
the governments weekly crop estimates on
Wednesday, with its unfavorable view of
the condition of the corn crop and the Weld
of 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-
vas obliterated on Monday. and the weeks
rise had carried prices to the top level of
the movement
INCREASE IN EARNINGS.
detailed analysis of some of the rail-
road reports showed that increased earn
ings were due as much to the west-bound
general merchandise as to east-bound grain
traffic. This increase in general freight
business ana the reported growth of tele-
graph business were made effective of
as reliable indications of the expansion of
general business in the country. The senti-
mental effect of dollar wheat was no small
factor in effecting the resumption of the
upward movement In the stock market,
even with the doubt as to the safety of the
crop still unsOlVed. No serious doubt is
any longer entertained that a market is
assured for an unusually heavy crop in the
United States at prices which are eX-
traordinary. The prosperous year thus as
sured 10 the farmers is felt to be the GER
tain basis for Improvement upward from
the first producers through all the indus
trial and commercial community A fea-
ture of the week has been the reduced
volume of transactions Thus the reaction
in the middle of the week brought out no
large offerings to liquidate. on the other
hand, the sharp advances on Monday and
some other days were, on total volume
of transactions only about one-third as
OF greatest activity At the same time, ii
is evident that very heavy orders 10 realize
are placed at a certain level above the
market in the prompt speculative stocks,
which checks any advance above certain
point. on the other hand. there is evidence
of heavy buying orders, some of them on
an increasing scale downward which are
strong buttress 10 the market below the
existing level and which demonstrate the
faith of large operators in the continuance
OF the Improvement. This condition gives
remarkably firm and steady tone 10 the
market The less prominent stocks which
are brought upward into activity, and where
this condition OF things does not hold to
the same extent. move more easily. A
number OF stocks have thus attained promi-
nence during the week. Missouri Pacific
and Chesapeake a. Ohio are the most note
worthy examples, and to-day Omaha was
added TO the list with jump OF points
ENE