The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-21

$i.A and $4.S612; commercial bills, $4S2
Silver certificates, 551iGg5619c: bar silver,
bs94c; Mexican dollars, 45Ac.
At London, bar silver closed quiet at
% 13-16d an ounce.
The imports at the port of New York for
the week were: Dry goods and general
merchandise, s6.712O56; gold, s1O2, 752: silver,
$S5561. The exports Of specie were: Gold.
$4,000; silver 81, 1872.
The New York weekly bank statement
shows the following changes:
Surplus reserve. decreased. ........ Sc, 74s. 600
Loans, increased. .............. ..... 7,07S,S0O
specie, increased ..:.............- S6o,lOV
Legal tenders. decreased. ............. S,645,50O
Circulation, decreased. .......-..... 1S6, 600
The banks now hold SOS, SIS. $50 in excess of
the requirements of the % per cent. rule.
The New York Financier says: 1.-The state
ment of the associated banks for the week
ending Feb. 10 is remarkable for its loan
and cash showings Ordinarily. an increase
OF $7,07S, 800 in loans is accomplished by
proportionate expansion in the deposits. but
in the current statement deposits are almost
stationary, showing u decrease of $136,600.
On the other hand. there was a loss of S.
10 400 in cash. the gain of $1,S66, 100 in specie
having been offset by decrease of $S,345,5O
in legal tenders. Where this money went is
somewhat problematical, but the statement
analysed as to individual changes shows one
large bank to have lost nearly $5,OOO.OOO in
CASH It's loans remain at nearly the same
figure previously reported and its deposits
have fallen off $5,0OO,000. Three of the other
large hanks seem to have lost $300O,0O0 in
cash, thus accounting for the total change
of the week. The only inference
Is that the cash loaned or an
amount as large has gone out OF the
banks, since it does not show in the despos-
its. and the increase in loans and the de-
crease in cash almost exactly offset each
other. AS the reserve requirements for the
week were not affected by heavy deposit
changes, the loss in cash reduces the surplus
reserve by almost the same amount drawn
out of the banks The excess money in
bank is now down to So, SIS $50, an amount
about almost one-half as large rs reported
for the same week last year. Since Jan. %.
this wear. the loss in reserve has been $780,
O0l COO while deposits have increased $4,000
COO and loans $23.O0O,0O0. In other words.
loans are expanding faster than deposits
and cash is decreasing as a result
FIRMER MONEY MARKET.
"Although the latter has been the case
for only one week, it is significant as show
ing that the flow of money to this center
has been checked to meet growing demands
at interior points. New York exchange at
nearly all domestic centers is at discount
and the actual shipments of currency to
the banks i'll q number of cities widely sep
arated is healthfuI Indication of better
trade conditions. If it continues, and the
outlook is that 1t will, frmer money mar
ket will be only natural result"
Total sales of stocks, 272OO0 shares, in
GLIDING: Atchison preferred, 5S55; Chesa-
peake & Ohio, 1000; Chicago, Burlington &
Quincy, 1900; Louisville & Nashville, S,4S5;
Manhattan, $3.50; Metropolitan, 1892; Read
ing preferred, 500; Missouri Pacific. $3.50;
Missouri, Kansas & Texas preferred, $3.50;
New York Central, 5000; Northern Pacific,
1850; Northern Pacific preferred, 1856;
Rock Island, 4.430; st. Paul, p sol; Union
Pacific, 6.7S4; Tobacco. 3,770; Peoples Gas,
5,150; General Electric, $3.50: Sugar, 81 900;
Western Union, 3.465.
There was feeling of uneasiness over
the European political situation reflected
from all foreign exchanges Saturday be-
fore the opening of trading on the New
York Exchange. The collision of British
and French authorities in the Niger district
of Africa and the excited condition of the
public mind in France were the motives
of the heaviness which. in London, resulted
in a fall of 14d in British consols. Ameri-
can securities were affected by the general
heaviness, well as by the special con-
sideiations growing out of the Cuban ques-
tons Declines in Americans reached a
point in London in a number of cases be-
fore the opening at New York and as con-
sequence selling orders were placed for
London account at the opening. There was
no local support for prices. On the con-
trary there was resumption of liquidation
and the bears were encouraged to raid the
market Prices quickly fell not only to the
London parity. but below it, The declines
ranging up to 5 points and over, invited
covering by the shorts and prices hardened
but at no time did they fully recover to
Fridays close. The weakness apparent I'm
Sugar made IT the center OF fierce raid
10 l2S9s, the whole list selling off to the
lowest. There was very determined sup
closing OF the market saw a battle royal in
progress between the bulls and bears and
the market consequently in very unset
tied condition. Rallies of over point We're
made by n number of stocks besides Sugar.
but net losses were on an average of
over point. London selling was feature
OF the day and the supply of ST. Paul from
that source was sufficient TO meet large
demand here and keep the price down The
rate war in prospect between the Canadian
Pacific and the transcontnental lines i'm
the United States for Klondike and Pacific
decline of points in Canadian Pacific and
Of less amounts in the other roads affected.
Union racine Tours were very heavily dealt
in two individual transactions of par
value of $4,000 and $4,000, respectively.
being recorded. One block of 500 coo of
Rock Island extension tiVes also changed
hands.
GOOD WEEK FOR BEARS
The weeks developments in the Cuban
question effectually unsettled the market
and precipitated heavy liquidation of
speculative accounts. Prices of securities
were recognized as discounting to a certain
extent future prospects. but confidence in
the future had been sufficiently firm TO
prompt the holding OF long lines until the
De Lone incident and the Maine disaster
awakened renewed uneasiness. This un-
easiness caused the bulls to abandon plans
for any present aggressive advance in
prices. and caused the liquida ton of numer-
GUS holdings Of long stock dislodged by un-
covering OF margins. The bears showed
some hestancy at times during the week
and their haste to cover at the low level
effected a rally on two days. namely Tues
day and Thursday. after the severest de-
clines. There Is a question as to how far
the powerful interests which OF late have
largely controlled the course of the market
reduced itak long holdings. But the stua-
ton Eeneraiy. aside from the Cuban ques-
ton, IS recognized az strong one.
Saturdays bank statement reflects condi-
tons that may also account for some OF the
weeks LIQUIDATION IN WILL street IL wsls