The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-28
STOCKS NOT in DEMAND
LAST WEEK THE MONEY MARKET
WAS TIE CHIEF INTEREST.
Heavy Union Pacific Transac tie ns
Carried Through without Trouble
Local BusiH ess Fairly Good.

AT New YORK Saturday money on call
was nominal at 1902 per cent.
Prime mercantile paper, SQ51a per cent
Sterling exchange was strong. with actual
business in bankers bills at $4.S57sQI.S6 for
demand and at $4s3a4.SS1s for sixty days;
posted rates, $4S31a@4S4 and $4S6hQ4S7;
commercial bills, $4.S21.
Bar silver. $3.50; Mexican dollars, 45%c.
Silver certificates closed at 5SAQ59c. At
London bar silver closed quiet at 271sd per
ounce
The exports of specie from the port of
New York tor the week amounted to 3d.
Sos in gold and S91O,SS6 in silver The i'm
ports were: Gold, $2l, 525; silver, $50, 74S; dry
goods. $l,227, 1O2; general merchandise, &c.
75S,62S
The New York weekly bank statement
shows the following changes:
surplus reserve, decrease............ $S47, 325
coaI.s' increase s................... l4,U9l, 40S
Legal tenders, increase............ 2S3o 4tU
deposits, increase. Is 744 lou
circulation, increase .......-......... Is $40
The banks now hold 500, 5SQ, 1926 in excess of
the requirements of the 25-per-cent. rule
The New York Financier says: THE
changes in the totals shown by the bank
statement for the week ending Nov. q are
connected entirely with the transfer of
0AAOH dCiAlC IuIiuS TO The several QeDOSl-
tory banks and do not in the least reflect
the advanced business conditions which are
generally associated with heavy loan or de-
post increases. The statement does rot
balance, but the one item which affords
clew to the real position of the different
institutions is found in the gain of cash
during the week. This is larger than re-
ports of some of the leading banks had indi-
Gated, but the flow of money to this center
int - -
known. has exceeded the outward move
ment by at least $1,000, 900. The increase in
deposits Is, of course, accounted for by the
check given by the Union Pacific reorgani-
cation committee to the National City Bank
and by it distributed pro rata among the
Inherent depository institutions. Adding the
actual gain in cash from the interior move
ment to the Union Pacific the deposit item
appears. approximately correct. The indi-
The deposits of one bank have beeen swelled
no less than twelve millions through the
operations described above, and the increase
or four institutions amount to seventeen
millions, which is larger than the total
expansion reported by all the banks. The
gain Of over two millions reported by the
Western National is due evidently to the
absorption of the business of the United
States National, which it has purchased
The result of the weeks business has been
to swell the deposit item of the statement
to figures never before approached. The
present deposits are SIT 00O0 900 in excess of
the highest total, achieved on Sept. IL last.
The great expansion in loans is a feature
of the statement that cannot be satisfactor-
lily accounted for. 1t runs almost coinci-
making the largest gains in that item also
report the highest gains in loans. In other
words, the statement makes il appear that
profitable use has been found within three
days for nearly all the money received
from the Union Pacific Company The
known conditions of the market do not war
rant this assumption. AS the reorganiza
ton committee was supposed to have Sc
cured all the money it needed for its uses
a xxroC 40, a. -
must be looked for in other directions. Dur
ing the last several sales of bonds by the
government banks receiving bonds have
as loans, but this does rot apply i'm the
present case. The conclusion is inevitable
that the expansion Is involved in some
technical method of averag es. Otherwise
the increase, is wholly contradictory of
known facts.
SATURDAY STOCK SALES.
Total sales of stocks were 137, 900 shares.
including Atchison preferred 1900: Chicago,
Burlington & Quincy, 1906; Manhattan l..
1928; Missouri Pacific 4,O22: Northern Pa
cific preferred. 1885; Rock Island, 1884; ST.
Paul. 9,412; Peoples Gas, ellis; Sugar, 20 OO5
The New York stock market awoke from
Its lethargy Saturday and did lively
business in the second hour of the short ses-
sion. The volume of the dealings and the
general movement of prices were greater
than have been seen for several weeks past
one of the principal operators during the
summer rise in prices and the distribution
OF large orders for his account were I'M
doubtedly the principal cause of the rise.
The resistance of the market during the
week to pressure and the gradual hardening
of prices in spite OF the dullness had laid
the foundations for an advance in prices
under any confident leadership. The strengt h
manifested alarmed the shorts and they
fastened to cover, thus helping along the
rice. 1t was noticeable that the streneth
Q activity of the market were transferred
I'm the specialties and industriaIs to
which they have been largely confined of
late, to the standard railroad shares Gains
of about point or over were registered in
the granger shares. the coalers and in n
number of the trunk lines. The Southern
lines lagged in rather conspicuous manner.
of the Atchison Company for October
showing an Increase in net earnings of Sl35 :
799. No small part OF the strength in the
railway list was due to the anticipation that
the Supreme Court on reassembing on Mon
day after its autumn recess will hand down
freight rate case favorable to the railroads
This decision has long been looked forward
70 10 give an upward impetus TO prices and
prices have, In fact. been several times
advanced on the assumption that il would
be favorable and have subsequently reacted
Sugar was strong and easily led the list
with an advance of 1as on reports that a de-
cislon from the Treasury Department would
soon be forthcoming, applying the counter
vailing duty clause 10 duties on refined SUI
gaIs 4
The BANK statement was about what was
expected. Although there was an actual
increase In cash reserve of SO 1896. 100 the
legal reserve was raised by more than thai
amount, owing To the tremendous increase
OF Sl6,I44, 100 IN the deposits. The surplus re-