The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-13
ACTIVE STOCK MARKET
GENERAL ADVANCE EXTENDING To
EVERYTHING Or THE LIST.
Slight Reaction In CoaIers and Roads
Affected by HeIIow-Fever Scare
Local Business satisfactory.

business in bankers bills at 81. S5s404 for
demand and at $4SS1k64SSs4 for sixty days;
posted rates, $4S404.S51k and $4S65kQ4S71z;
commercial bills, $4S21zq4s2a4.
Bar silver, 55c; Mexican dollars, 42s4c. Sill
yer certificates closed at 541zG551ac At
London bar silver advanced TO 2512d per
ounce.
The exports of specie from the port of
New York for the week amounted to 5000
in gold and $676.361 in silver. The imports
for the week were: Gold, ,626; silver
sls,SS1; dry goods, $lO53,226; general mer-
chandise, 81, 416,542
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. 81 AS 1926
loans increase .......-.-..-...-..-... 1852 6OO
specie decrease ...................... 26s 200
Deposits, increase .................... $780, 500
Circulation, increase ................ 1858 800
The banks now hold $26 66S, S25 in excess
OF the legal requirements.
The New York Financier says: 1.-THE full
effect of the currency shipments to tn. in
terror are shown in the statement of the
associated banks of New York for the week
ending Sept. IL. The loan increase amounts
to 1882, 600, the decrease in cash to ST. 347 100
and the loss in reserve to $7,445, 325. while
deposits expanded only $3.50, 500, showing that
Tic AiOHSy Obldlleu by loans does not con-
stitute bank credit in the form of a de-
post as usual. In other words, if the state
ment is to be relied on, the funds have gone
to the interior to move the crops. In New
York the commercial paper market has been
quite active. and stock exchange require
ments have made a continuous demand for
call money. AT this time last year call
money began to go up the banks with
drew from the loan market but there does
not seem to be the slightest nrOha blitV N
the supply will not be sufficient for all ue-
mands until the end of the year. AS the
flow OF money to the West has not yet
ceased, the chances are that the New York
banks within the next few weeks will re-
port over half their reserve in gold. The
government is rapidly approaching the same
condition, owing to revenue deficiency and
increasing gold supply. 1t is worth citing,
however, that the note circulation of the
New York banks is increasing for the first
time since election"
Total sales of stocks yesterday were 1885,
lO3 shares, including: Atchison preferred,
1920; Chicago, Burlington q Quincy II, O42;
LouisViile d Nashville, 500; Manhattan L,
800; Missouri Pacific, 6.245; Missouri. Kan
cific preferred, 1882; Northwestern, 800;
Readlng, 1885; Rock Island, 1880; St
Paul, 1880; st. Paul q Omaha 1850: South-
ern Railway preferred, 100; Union Pacific
1l,52O; Wabash preferred 3,450; Bay State
Gas, 9,lOO; Lead, 1920; Sugar preferred, g.
14o; Western Union preferred, $780, Chica-
go Great Western, 1900.
FEW WEAK RAILWAY SHARES.
The general tone of the New York stock
market Saturday was strong and there was
no heavy pressure of realizing sales but
there %as more or less weakness at differ
ent points scattered through the list The
Northern Pacific issues were heavy on the
continued bad showing of earnings. the
fourth week in August showing a decrease
and the months decrease in gross earnings
amounting to $l2, 1885, This showing is in
marked contrast to the heavy increases
which are shown by other railroads almost
without exception. Some of the roads in
the Southern group were unfavorably af-
fected by fear of the yellow fever Quaran-
tine interfering with their traffic and also
by the government bureaus report of the
unfaVorable condition OF the cotton crop.
The effect was noticeable in Louisville
Southern preferred and Mobile q Ohio. Mis-
souri, Pacific was under more or less
pressure of profit taking. The coalerS We're
also weak, the Reading issues being under
pressure to marked degree. The bulk of
Saturdays trading was centered in the
gr2ngerS and Kansas q Texas, and these
were strong with the exception of Chicago
Gre1t Western and Northwest, which closed
at a fractional decline after having risen
point net. Kansas q Texas preferred closed
at a net advance of 11. All of these stocks
closed fractlonally below the best but at no
advances. The results in the list generally
We're somewhat mixed. Brooklyn Union
vanced at one time points and closed at
q fractional decline Manhattan ranged
freely over points ana lOSt a Ifact1On net.
Toledo q Ohio Central rose over points
and Pullman points. A feature of the day
was the sharp recovery of silver of 52 penny
to 251sd in London and 1c, to soc. in New
York This was due to the decision of the
Bank of England authorities to hold one
fifth of the banks reserve in silver. Satur-
days price is I'd above the lowest in Lon
don and 315c above the lowest in New York
The week in Wall street has witnessed the
resumption IN force or the pun movement,
the buying through commission houses be-
ing again in full tide. Evidences are abuno-
art also of buying on large scale for in
dividual and corporate holdings of capital.
There has been abundant liquidation of
other large holdings, whose owners seemed
content 10 take profits and whose belief Is
expressed that prices in leading stocks have
advanced as Iar as warranted; Ihere Is
some ground for a belief that large blocks
of new securities of reorganized companies
which had come into the hands of large
capitalists through their memberships in un-
derwrltng synalf es, have been passed to
other hands or - 9 being passed to other
hands in the current boom in Wall street
Offerings have all been We'll absorbed, what
ever reaction was manifest being usually
recovered before the trading day was fin
ACTIVITY IN SECURITIES.
The weeks speculation showed renewed
activity in railroad securities while the in
dustrial specialhes were less prominent. The
manipulation boosting of an individual
stock. which was a feature all the previous
week. has been absent the past week except
on tuesday, the first trading day, when
Northern Pacific preferred was thus en-
ployed. The development of new factors or
strength in the general situation has done
away with the necessity for this daily
bracer or artificial stimulant to the markets
one or the most notable developments in the
general situation has been the growing in
terest In Americans on the part of English
end continental capitalists. AS the London
market is nearly stripped of American Sc
the New York market direct for the foreign
account. The supply of Americans in Lon
don has in fact become so small that they
are easily affected by manipulation, and the
course OF their prices is no longer
accepted as a reliable index in New
can securities by foreigners have
been melted by foreign financial authorities
and encouraged and aided by large bank
Ing and financial interests with a view To
their effect in checking gold exports 10 this
country and keeping down the money rate
in London is now fully justified. 1t is
much doubted whether the expedients
adopted by the Bank of England TO check
the outflow Of gold by contracting loans
and raising the discount rate will be much
longer successful. The bank is handicapped
by It's own desire to keep down the money
rate in order 10 facilitate the success of
the Indian government loan But the evil
throughout the United States is that uses
are being found in business for the coun-
fry's surplus reserves of money. This IL
supplemented by Saturdays statement of
New York clearing house banks The de-
crease of $7.07S000 in the stock Of legal tend
ers indicates that the contraction of the
reserve IS die TO the demand for currency
from the interior. Meanwhile the exchange
market has grown weak again and offer
fnes of spot grain bills and cotton futures