The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-31


business in bankers bills at 4s45s for de-
nand and at $4.S2l5Q4S2A for sixty days;
posted rates. &.sS6g4. Ss1z and $4S5lzQ4S6;
commercial bills, $4811164S2
Silver certificates, 5G34G57$4c; bar silver,
564c; Mexican dollars, 455sc. At London bar
silver closed uncertain at 26 5-16d ounce.
The imports at the port of New York for
the week were: Gold. $3O3 lie; silver, $50, SO4 !;
dry goods, $2.721,99O; general merchandise.
$5,950,700. The exports of specie were: Gold,
H,l95,02O; silver, $S46 2S2
The New York weekly bank statement
shows the following changes:
surplus reserve, increase. 81 1874 25O
Loans, increase. ACKNOWLEDGEMENTS. 395 600
Specie, increase. OBSERVATION-DISCLOSURES. 445 200
Legal tenders, increase. ............. 8, ogl 800
deposits, Increase. SOIL 400
circulation, decrease. Ia, 5OJ
The banks now hold $50, sos. 450 in excess
OF the requirements of the % per cent. rule.
The New York Financier says: THE
statement of the associated banks for the
week of Jan. %. while it does not show
the enormous increases of the previous
weeks, indicates that money is still flowing
heavily to this center The gain in cash
for The week was Sc, 1897 100, of which nearly
$2.50O,000 was specie. The latter represents
Western receipts to a large extent follow
ing Australian remittauces. The increase
in deposits amounting to $8,0l1 AGO tied up
over s., 100000 of the cash received so that
the surplus reserve is only 81, 334 250 heavier
than a week ago. There is no doubt that
the expansion of 50, $4,000 in loans reflects
legitimate mercantile and Stock Exchange
transactions, instead of special operations
and technical manipuIations, such as have
been in evidence since the Union Pacific
sale. The loan increase is scattered through
lfcf <,fA 41,o
totals are largely due to gains made by
the National Union, the Western National
and the National Bank of the Republic. Ii
IS worthy of note that the bank which has
been most prominent in financing the Union
racine deal reduces its loans $4,O0O000, fol-
lowing the retirement of overdue currency
skies held by the treasury on its account
against deposits. All the special depository
banks paid to the treasury 10 per cent. of
their holding last week, otherwise the gain
in cash would have been heavier. As it is
the deposit items of the banks doing the
largest business with interior banks show
the highest percentage of gains.
EASIER MONEY LIKELY.
THE future. in view of the continued pill
ing up of idle money in New York, appears
to favor easier money. 1t should not be
forgotten, however. that considerable of
the surplus cash in banks belongs to the
treasury, and is subject to its withdrawal
The commercial demands are also heavier
and whereas the loans of the banks during
the surplus reserve increased $26, 000, Co., the
loans in the same period this year have ex-
banded $i8,0Q0,000, while the excess cash
shows gain of $4,000, 600 Thus while the
supply is in excess of demand the latter
IS immeasurably more pronounced than at
the beginning of last year. 1t is difficult
to see. however, where the hope of much
firmer money markets this season finds
foundation II interest rates go beyond a
defined line, gold imports must follow. Only
that the exchange situation is under
strong control, some interesting develop
ments in the way of unreasonable interna-
tional transferences might be possible"
The sales of stocks Saturday amounted to
z0l 500 shares, INCLUDING: Atchison preferred,
3blO; Chicago, Burlington & Quincy, 1855;
Denver & Rio Grande preferred, 4.710: Lake
Shore, 1920; Louisville & Nashville, 24.270;
Manhattan, 5,120; Missouri Pacific, 3.205
Missouri Kansas & Texas preferred 6.34O:
New York Central. 2O,S69; Northern Pacific,
4o19; Northern %, Pa g. f preferred; - BIG;
preferred, 1880; Union Pacific, $3.50; Chi
cago Gas. s,O51; Sugar. 1850.
At the opening the New York stock mar
ket Saturday looked as if the orders ac-
cumulated by commission houses over night
were to sell in order to take profits First
sales were very general at fraction below
Friday nights price. and 1900 shares of
New York Central thrown on the market
drove the price of the block down e. The
market steaded almost Immediately and re-
covered gradually to above the last level,
net gains being, however, very unequal.
Lake Shore was most conspicuous in its
movements. rising Ga points, to 1941A on
the reported plan to exchange $500 of New
bonds
for each 500 of Lake Shore stock New
York Central ultimately tended strongly up
ward after wavering somewhat. There was
also some taking of profits on the advance,
due 10 doubts as to how far the stock would
be allowed to benefit from Lake Shore s
surplus earnings, which, ii was rumored,
would be applied to a sinking fund for the
bonds issued in payment Another strong
element in the market was Louisville which
advanced over a point on reports that a
plan for refunding obligations at a lower
rate OF interest was uncer consideration.
This stock was leader of the market in
point of activity. Northern Pacific preferred
continued to advance on well-defned rumors
that an additional dividend is in prospect
Denver & Rio Grande preferred, Northwest
and a number of less prominent stocks
showed notable gains These elements of
strength served TO span the market and
counterfeit some tendency to sluggishness
and heaviness in the general list, so that
net gains were achieved in most stocks
though they are small outside the special
cases mentioned. Quotations from London
Saturday morning showed some depression
IN the market for Americans there, which
was attributed TO the apprehension awak-
ened in the British mind by the vote on the
Teller resolution in the Senate.
TREND DURING THE WEEK.
The week opened with a continued ten
dency towards a reaction. and the hesitat-
Ing tone in the early dealings on Monday
gave way to very positive weakness on the
announcement that the Maine had been or
dered to Havana. This sharp decline seemed
to clear the speculative situation by Civ
Ing the shorts an opportunity to cover and
by shaking out the weaker narrow-mar-
gined holders, who were regarded as
menace to the success of any movement
they advance. The character of the buying
at the decline made it very evident that
powerful interests We're taking up heavy
lines of stocks with confidence and their ag-
gressive manipulation for an advance was
evident during the remainder Of the week.
The most effective factor in their favor was
the strong upward tendency of New York
Central, at first unexplained but made
clearer later by information Of a plan in
contemplation for absorbing the Lake
Shore. How much the general strength OF
the market was due to the influence of this
special movement and the sympathetic
strength in the widey-extended Vanderbilt
q realizing movement in New York Central
left the market without support and a re-
action resulted Rock Island was another
sustaining force on the announcement of its
refundlng plan and on the very large in
crease in net earnings for the fiscal year
thus far shown by the presidents state
ment. Rock Island helped an advance in
the whole of the granger group until the
publication OF the December earnings of
of the small increase in net and large in
crease IN operating expenses. were viewed
unfayOrably by the traders. The week
statements of railroad earnings have been,
as a rule. very favorable notably Northern
Pacific and Pennsylvania. published to-day,
the latter being regarded as an especially
reliable index Of the country's railroad bust
ness. All OF the securities OF the Kansas 4
Texas Company have been very strong dur