The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-08
PROSPERITY ON CHANGE
ADDITIONS SATURDAY TO HIGH REC
ORDS IN SEVERAL STOCKS.
Foreigners Begin AZ Lively bidding
for American Securities-LO-
cal Markets Steady.
At New York Saturday money on call

At New York Saturday money on call
was easy at 1Q1h per cent.
Prime mercantile paper, 314@4 per cent.
Sterling exchange was weak with actual
business in bankers bills at &.S6A@4.S6k
for demand and at &.S4%@4.S5 for sixty
days; posted rates, $4.S5Q4.S7 and 4.S7Q4SS;
commercial bills, $4.S412.
Silver certificates 5612c; bar silver, $3.50;
Mexican dollars, 43Ac.
The exports Of specie from the port of
New York for the week amounted to $751;
300 in gold and 1884, no in silver. The i'm
ports for the week were: Gold. 1927, 1852;
silver, $50, 3OS; dry goods, 81. 253, 957; general
merchandise, $4,679, 400.
The New York weekly bank statement
shows the following changes:
Reserve, decrease 18,025
Loans, increase 6,646, 200
Legal tenders, decrease. 4,553,6 500
Deposits. increase ................. 3,1S7, 300
Circulation, decrease ................. 10, 4UO
The banks now hold $41,OO2, 125 in excess
of the requirements of the rs per cent. rule.
The New York Financier says: The
statement of the New York city banks for
the week ending Aug. Z is favorable in
every feature and indicative of the better
business conditions which prevail, not only
at this center, but over the country gen.
orally. The idle cash was reduced about
$1,000, 900, and the surplus reserve, while still
in excess of $40. 900, 900. is lower than at any
time since the third week in January. The
loss in cash for the current week was due
partly to the Withdrawals of legal tenders
for gold export purposes, not reflected in
the previous statement. The $4,000, 900 loan
negotiated a few days ago by New York
city also occasioned some shifting of funds.
1t is important to note, however, that the
banks are not gaining heavily from the in
terror movement and the decline in do
nestle exchange rates, as noted in this
analysis last week still continues. With
New York funds at a discount, the proba-
bility 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 bal
ances now maintained il New York by in
terror banks, and the fact that a time loan
of 1900, 900 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 Sc, 566, 200
in loans as reported in the statement is a
favorable feature. 1t would be idle to at
tribute all the increase to mercantile
banks. doing a diversified business, show
gains. Three of the larger institutions
alone report an increase of 81, 100000
LIVELY SATURDAY BUSINESS.
Total sales of stock Saturday were 81, 9O5
shares. including: Atchison. 5000; Atchison.
preferred, $50; Canadian Southern, 1910;
Chesapeake & Ohio, BIAS; Chicago, Burling-
ton & Quincy, 20,250; Delaware, Lacka-
wanna & Western, 1920; Erie new, 1860;
Illinois Central, 6.12O; Louisville & Nash
vile. $3.50; Manhattan L, %. $685.: Missouri
Pacific, 1850; New Jersey Central, 1927;
New York Central. 1926; Northern Pacific
preferred, $40; Reading, 400; Rock Island,
11.00O: st. Paul. 2Z600; Southern Railway,
1850; Southern Railway preferred. 5,22O;
Union Pacific, 6,445; American Tobacco,
SS'ySsg9;; say stats sen Gas ifo; s,s5p; Chicago Gas.
preferred, $500; Western Union, $3.50; Chi
cago Great Western, 1870.
Wall street has not seen a livelier half
day of trading than that of Saturday for a
long period. All of the favorable factors
that were in force during the week con-
tinued TO exercise AN influence, and there
were added TO these several special causes
that carried the market up with a 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 a thousand shares at 1929
70 NO. as against 1914 at Friday nights
close. Almost Immediately the price rose
further TO los and reacted quite violently,
put steadled again and closed at 1861, a net
gain of IA. Probably the large existing
snort interest in this stock was responsible
for this sensational movement; story that
Use metropolitan Traction Company had
made an offer to purchase the eie-
Eated system, which offer was un-
ger favorable consideration, sent the
STOCK up and uncovered stop loss
orders for the shorts. The scarcitT of tnS
stock resulted in the shorts quickly bidding
up the price on themselves. Another very
signlncant feature of the day was the fact
tnat london changed front and turned buy
er or American securities. Prices of these Sc
curities were higher in London at the omen
ing ana arbltrage houses bought stocks for
LONDON account even after prices had risen
above the London parity. Some of thc
STOCKS which London has most persistentiy
Soiu OF iate were the faVorites for mr.
chase, notably ST. Paul. Another factor in
the rise was the further reduction nv 1Ee
of the posted rate for long sterlino hrin@-
Ing the price down to $4.S5lb. The erane-
ers were leaders in point of activity and
showed sharp gains TO new record prices
In a 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 frame for the coming fall lifted that
group TO a higher lever. the movement be-
Ing especially marked in New Jersey Cen
trail. Western Union showed n
notable gain on prospects that il would
business. The industrials were compare
lively neglected, although Sugar. Tobacco
and Leather preferred each realized a
point. Chicago Gas: East River Gas and
Laclede Gas each showed declines extend
ing TO a point in the two first named. In
the Vanderbilts. Illinois Central led with
22 points advance, Canada Southern show
ing On. OF the grangers Burlington and st.
Paul each gained rs and New Jersey Cen
trail led the coalers with pa advance. Other
notable gains were: Long Island. 4; Met
ropoltan Traction, 2; Western Union, pa,
end Pittsburg, C., c.. & st. Louis pre-
HEAVY TRANSACTIONS.
The market for securities during the week
has reflected decisively the confidence OF