The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-24


Sterling exchange was steadier, with
actual business in bankers bills at S4.S4A
for demand and at S4s27l for sixty days;
posted rates, $4.S304331z and $4S512@4S6;
commercial bills, %.S2.
Silver certificates, 5615G5714c; bar silver,
56s9c; Mexican dollars. 45c At London bar
silver closed fiat at 26Ad an ounce.
The imports at the port of New York for
the week were: Cold sis, 415; silver, $36.37O;
dry goods, s2.S45.ss6; general perchandise,
$685., 4S2. The exports of specie were: Gold,
S779345. silver, 81. OS6,65c.
The New York weekly bank statement
shows the following changes:
Surplus reserve. increase. s, 306 425
Loans, increase Il, 1000
specie increase ..--.......-...-........ z,VVSb0J
Legal tenders, increase ............... 9.0l2 800
Deposlts, increase y. 500 300
Circulation, decrease ................> 100
The banks now hold $S1, 275.2OO liz excess
of the requirements Of the 25-psr-cent. rule
''The New York Financier says: THE
extraordinary increases in the principal
items of the New York bank statement for
the week ending Jan. % while in a measure
unprecedented, considering the short space
of time required to send the figures TO the
high limit attained, are not at all mys-
FERROUS. Taking the course of last years
flow of money from the interior, it is found
that the surplus reserve of the banks stood
during the first week in January at $33, 000,-
900, and three weeks later at 1905 600, a
gain of $24,000000. At the end of the month
this amount had been increased another
81 .OcO, CO. The 1898 conditions have not been
widely different. Three weeks ago the
banks reported So, 7SS 900 surplus reserve.
On Saturday the same item stood at $751;
10000. which goes to show that the banks,
despite the amazing increases for the week
have accumulated $S,000,000 less excess
money than in a similar period at the be-
ginning of 1897. The gain of deposits of
$22, 1885, 800 last week was almost equaled by
the second week in January 1897. 1t is in
teresting to recall that investments in
sterling loans were then heavy and the
trade conditions are not unlike, with the
exception that no bank failure epidemic is
now affecting the West, as during the early
part of 1897.
An analysis of the holdings of the indi-
vidual items of the banks for the past week
reveals the fact that although one bank
gained $9,O00.000 in deposits and was appar-
emily able to loan it all, the larger banks,
with few exceptions, show heavy gains. The
expansion of $l2,477.0C0 in loans, of course,
tends to swell the deposit item and with
the $l1021, 400 increase in cash accounts for
the deposit gain. This money is coming
from the interior. for the most part, and,
While a larger quantity than usual is going
into commercial paper, the bulk is loaned
on the street and perhaps on sterling loans.
STRONG FINANCIAL POSITION.
All the items are far above anything here
tofore recorded, but it should not be for
gotten that the treasury still has large spe-
cial deposits in the banks as the result of
the Union Pacific settlement and the with
drawal of this money may be expected soon
Its Importance a factor in the market
is not to be Inderestimated. New York
banks, even with investments i'm foreign
credits will probably have difficulty in put
ting out the funds now accommodating here
and there is apparently no reason for leav-
ing government deposits in bank Never
before has the situation presented so many
conflicting features. but stripped of
5igulty' the strong position Of the United
States is clearly revealed. This country
through its heavy trade balances and the
entrenched position of the treasury, If it
be so disposed, regulate the price of
money, for the world for some months to
come
Total sales of stocks $4,000, including
Chicago. Burlington d Quincy. $780, Man
haitian, 1880 New Jersey Central, $780,
Northern Pacific. $50; Northern Pacific
cific, 5000; Peoples Gas. 1910; Sugar, 14024
Chicago Great Western, 1886.
Trading in New York stocks Saturday
days brief session. The market, generally
left off with steady tone at slight recess
sions in values. No outside interest was APP
parent and room traders transacted most
of the business. Commission houses had
but few orders either way Consolidated
Gas and Metropolitan Street-railway and a
few. other special issues monopolzed the
traders attention Sugar declined frac-
f fiUna'iy consol,dated GAS r oeeera' az
Mttropolitan-Street Railway, 2%, and Third
been operating all the week. No liquida-
ton OF Importance was noted, except in
few isolated cases, including Omaha and
Jersey Central. The stock market for the
week in most cases has resulted in a frac-
tional decline. The favorable factors in the
situate outnumbered the others, although
the disturbing features were regarded as of
great Importance. Among the grave affairs
in the situation, from the, speculative stand
point the New England cotton strike,
the possibilities in China ana Cuba and the
consideration by the Senate Of the resolu-
ton that government bonds may be paid
in gold or silver. While radical legisa-
ton at this time was expected concerning
either silver OF Cuba, the professionals
made the most of the situation with a view
OF bringing about reaction, and We're par
TALLY successful. At the same time the for
eign markets were overshadowed by the
possibility of the European powers becom-
ing embroiled over China. ON the other
hand, there much TO justify opti-
mistic view on prices. Ihese were satis-
factory trade conditions. immense increases
in railway receipts large exports, scarcity
of failures in the commercial world, easy
money, and the fact that over four-fifths
of the Illinois Centrals $1,000, 900 in bonds
had been taken for domestic account.
Egypt and Russia, usually sources of sup
ply for Europe were reported TO be inn
porting American corn. Money. AT New
York was quoted lower than in almost any
ether part of the world, and this alone
was supposed to impede gold imports at
season when sterling exchange usually rules
pretty strong. Money continues TO gravi-
tate to New York from the interior of the
country. banks gaining over 900 last
week. The break in the money market was
largely due to the continuance of the gov
einment's deposits of Union Pacific mon
ey in the banks.
FEW ACTIVE FEATURES.
The Klondikers. Sugar. local New York
corporations. including Gas and Traction
shares, were the active features OF the
week. ut times showing buoyancy, but with
manipulation ever present. The grangers
and coalers generally ruled heavy. There
seemed little outside interest in specula-
ton, the dealings being of less volume and
concentrated in fewer securities than was
the case the week before. Railroads located
IN the extreme Northwest and Western
sections of the country largely discounted
ing rom the prospective emigration 10 the
newly discovered gold fields where they
would be dependent largely on the United
States for supplies There were improve
ments ranging up TO per cent. in Oregon
Navigation stock ard sik in Oregon I'M
prOvement consols. Conflicting adviccs re-
garding the probable success of the Ha-
waiian treaty We're reflected in Sugar fuc-
tuations. Old influences of this speciality
we're statements regarding the position of
insiders 10 whether they had been ac-
curing the stock favored a further de-
cline. After covering a range of nearly
points, Sugar closed with u Improvement
LEGAL New Cork Gas securities were in
demand on statements that large interests
that hitherto held aloof were no longer un-
favorable 10 the general consolidation.