The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-09

OuSlicSS III DdHh6TS DlliS at St.oo14 Ufoo12
for demand and at $.S4a494S5 for sixty
days; posted rates, s4S5Q4S7 and 4.S7Q4.SS;
commercial bills, $4s41k.
Silver certificates 5612c; bar silver, 565sc;
Mexican dollars, 43Ac.
The exports of specie from the port of
New York for the week amounted TO $751;
300 in gold and 1884 40 in silver. The i'm
ports for the week were: Gold, $297, 1852;
silver, $6O,3OS; dry goods, $1,253,957; general
merchandise. $4.679.4O9.
The New York weekly bank statement
shows the following changes:
reserve decrease ....................'S4al6 ,Oz9
Loans, increase ..............'.. oe9S 9 z 500
9pecle increase O9@' ~
Legal tenders decrease. .............. 4,595,6OO
Deposits, increase ............--- Sls 81 S 5t
Circulation, decrease ................. 46,4UO
The banks now hold LOOP, 125 in excess
of the requirements of the % per cent. rule.
The New York Financier says: The
statement of the New York city banks for
the week ending Aug. is favorable in
every feature and indicative of the better
business conditions which prevail, not only
at this center, but the country gem
orally. The idle cash was reduced about
$1,000 000 and the surplus reserve, while still
I'm excess Of $4,000, 900, is lower than al any
time since the third week in January The
loss in cash for the current week was due
partly 10 the Withdrawals of legal tenders
for gold export purposes. not reflected in
the previous statement. The $10000.001 loan
negotiated a few DAYS ago by New York
city also occasioned some shifting of funds.
ii Is important to note however that the
banks not gaining heavily from the in
terrier movement and the decline in do
meStic exchange rates, noted in this
analysis last week still continues. With
New York funds at a discount, the proba-
biity of continued shipments becomes less.
The heavy grain movement in the west
and the reviving business conditions else
where must soon make a demand on pal
apceS now maintained in New York by In
tcvior banks and the fact that a time loan
OF SO. 600 600 was arranged last week by a
well-known house for four months, seems
to reflect an opinion that rates are easier
now than they will be during the remainder
OF the season. The expansion of $6,556 200
in loans as reported in the statement is
favorable feature. 1t wohld be idle TO at
tribute all the increase to mercantile
demands, but no less than thirty-four
banks, doing a diversified business, show
gains. Three of the larger institutions
alone report an increase of $4,000 900.
LIVELY SATURDAY BUSINESS.
Total sales of stock Saturday were S779O5
shares. including: Atchison 5000; Atchison,
preferred $50; Canadian Southern. 1910;
Chesapeake & Ohio BIAS; Chicago. Burling-
ton e. Quincy, 20,250; Delaware, Lacka-
wanna & Western, 1920; Erie new 1850;
Illinois Central, $780, Louisville & Nash
willie. $50; Manhattan L. %. S06 Missouri
Pacific 1850; New Jersey Central 1927
New York Central, 5,295; Northern Pacific
preferred, 5,17O; Reading, $780, Rock Island,
1l,000; St. Paul. 27600; Southern Railway,
1A54o; Southern Railway preferred, 1920;
MON Pacific. 6,445; American Tobacco,
$40 Bay State Gas 1860; Chicago Gas,
130 Sugar, $3.50; United States Leather
preferred, $50; Western r. H. Union, 2569o; Chi
Wall street has not seen a livelier half
DAY of trading than that of Saturday for a
of ha .fnx vol, 10 70,
that were in force during the week con-
tinued 70 exercise an influence and there
were added TO these several special causes
that carried the market up with q surge to
a higher level all around PRINCIPAL of
these was the sensational jump In Man
haitian Elevated stock which opened with
running sales of thousand shares al 1929
TO 100, as against 99A at Friday nights
close. Almost Immediately the price rose
further to JOS and reacted quite viole1tiv
nut steadled again and closed at 1867 Z net
gain Of "a. Probably the large existing
Tor this sational movement A story that
the metropolitan Traction Company had
yated system which of1ST0 w Sas e nn-
ner favorable consideration sent the
stock up and uncovered stop loss
ORDERS Tor the shorts. The scarcity of the
STOCK resulted in the shorts quickly bidding
Up tne price on themselves. Another very
that London changed front and turned Inv
er OF american securities. Prices of these So
tEuIltles We're higher in London at the open
ing ana arbitrage houses bought stocks for
London account even after prices had risen
above the London parity. Some of the
sold of late were the favorttes for pur-
chase, notably st. Paul. Another factor in
~ tb rise was the further reduction by 1ac
~ 1tS Poslsu rate Tor long sterling bring
ing the price down to $4.S51h The ayrang-
eIs were leaders in point of activity and
showed sharp gains to new record prices
an period of several years The Wander
bits also were in keen demand for invest
ment buying, Illinois Central leading. Be-
lief In an Improvement in the anthracite
coal trafhc for the, coming fall lifted that
ing especially marked in New Jersey Cen.
trial. Western Union showed a
potable no able 4 gain on prospects that it would
business. The industrials were COMPARE
lively neglected, although Sugar, Tobacco
no od e Gbeapd Preferref eafh }ve realized
1aclede Gas each showed declines extend
ing TO a point in the two first named. In
the Vanderbilts, Illinois Central led with
81 points advance. Canada Southern show
Ing 215. OF the grangers Burlington and st.
Paul each gained rs and New Jersey Cen
tral led the coalers with pa advance. Other
notable gains We're: Long Island. 4; Met
ropoitan Traction, ?; Western Union, "a,
and Pittsburg. c.. c. & St. Louis pre-
ferred, ,.
HEAVY TRANSACTIONS.
The market for securities during the week
has reflected decisively the confidence of
capltal that prosperous times for this coun-
Try nave set In The developments in the
general situation have justified the faith
WHtCH peSUH 10 manifest itself in the tone
OF the speculation three months ago, and
the strength of Saturdays market reflects
the belief of still further Improvement for
the future. There were about 2S25 900
shares of stock sold on the local stock ex-
change during the week. The par value of
the bonds marketed was SIS 66A 000 These
enormous transactions were made on an al
most constantly rising market and at a
level OF prices that has not been reached
before IN years and in some favorite stocks
never before. Yet the faith of the outside
public in q still further appreciation of
values has continued undated, wit
messed by the constantly increasing volume
or commission house PURCHASES. The pro-
1esstonal operators seem TO be he only ones
tlnged with skepticlsm and their calcutta
lions are largely based on technical
considerations, such that reaction must
come after so long continued rise. They
recent buying has underlying it orders 10
sell TO stop loss at a given point in any
reaction. The bears made determined Ell
fort on Thursday 10 reach these stop or
deTs, but the outside buying took the mark
ct out of their hands and drove them to
buy back their short sales in the last half
hour OF the day. This was the only marked
striking fact In connection with the weeks
great market has been the persistent selling
for London account, no sign of interest in
American securities being manifested from
that money center until Saturday, when
some 10000 or 1000 shares were bought for
London account. The London prices up TO
Saturday have been below the New York
parity and New York operators have made
part of their purchases In the London
market
The industrials were very heavily dealt
tn all week and Tobacco closed III nor