The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-14
ENORMOUS BOND SALES
WALI-STREET TRANSACTIONS LAST
WEEK BROKE ALL RECORDS.
The Share List Higher and a General
Trend UpNard-LOcaI Markets
Not So Sa tisfactOry.

steady at per cent. Prime mercantile
paper, Sq4 per cent.
Sterling exchange was easier, with actual
business in bankers bills a S4S5AQ4S515
for demand and &.S2Q4S24 for sixty days;
posted rates, $4.S3 and $4.S612; commercial
bills, 4S1@4S11a.
Silver certificates, 6Ol4G6l1c; bar silver.
607sc; Mexican dollars. 4714c. At London bar
silver closed steady at Is 1-16d an ounce.
The imports of dry goods and general
merchandise at New York for the week end
ing Saturday were valued at $S,561, 100. The
gold and silver movement at New York for
the week was: Exports of gold. $l26OSO;
silver, $655,S59. Imports of gold, $S6S42;
silver, $1l0,999.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. $40l1, go
Loans increase ........................ 9J5zoVJ
9Pecle, decrease .....-......-.......... 1Ozz,SCJ
Legal tenders, decrease. .............. 1OlO,5UJ
Deposits, Increase NEUTRALITY-SUSPICIOUS.. 79l2,6U0
Circulation, increase .................. 155,3J0
The banks now hold $15,M1, 500 in excess
of the requirements of the 20 per cent. rule.
The New York Financier says: THE de-
crease CT four millions in surplus reserves,
following the shrinkage of seven millions
for the previous week, will attract renewed
attention to the condition of the New York
now hold $15,OOOOOO in excess of legal re-
quirements. AT the rate reserves have been
falling, it will be seen that the margin for
available expansion is being narrowed to
small proportions. But even with this fact
known, it is doubtful whether the response
will be rise in rates proportionately rapid.
In the first place, a great deal of the money
represented in loans has been invested in
sterling bills, which are profitable only as
long as the market on this side the water is
dull. The continuance of these investments
is dependent on the conditions which since
election seem to have been removed. Last
year during the month of November the
reserves OF the New York banks increased
ffOm $l5,V00,0JJ to 30.00J.UvU. one cOmpncd-
ton, then absent but now prominent, is the
treasury deposits in banks, which has
reached its maximum and will sooner or
later become source OF Drain on bank re-
sources everything considered the out
look favors temporarily hrmer quotations,
out the supply Is SO great that II is dlfhcult
10 see now d permanently higher level can
be maintained"
Total safes of stocks were 361, 800 shares,
including the following: Atchison, $500:
AtchisOn preferred, 1850; Burlington, 1920;
Denver IL Rio Grande preferred, 3,345;
Louisville & Nashville, 15,ol0; Manhattan,
4,5vO; Northern Pacific, 1887; Northern Pa
cine preferred, $500; Rock Island, $3.50;
Union Pacific, 1851 Union Pacific preferred,
1881; St. Paul, 2J,l50; Southern preferred,
9,729; Tobacco, $780, Bay State Gas, Is, 700;
Federal Steel, 5,z15; Federal steel preferred,
1864; Peoples Cas- 1850; Pacific Mail, 4,503;
sugar, 9S,940.
The process of digestion of railroad and
corporate securities was continued on an
enormous scale during Saturday short seS-
sion of the New York Stock Exchange. The
public was in the market as buyers again
at the opening and very heavy orders placed
with commission houses We're executed
throughout an extended list. AT the same
time recent buyers, who saw an inviting and
secure profit at the present advanced level
Of prices were sellers. The result was
very active and broad market, the constant
exchange of securities going on in the first
changes in prices, except in a few cases.
With the completion of the buying orders,
the realizing offerings were in way to ex-
coed the demand in the second hour and
prices showed a sagging tendency. But the
violent advance in Sugar to 1884, or almost
points net, caused a sympathetic harden
ing in prices turned the traders to the bull
size and induced the shorts to cover hastily.
The RESULT was strong close notWith-
standing the hnal slump OF over points
In Sugar, the net gains reaching point or
over in many cases. The important move
ment in the Atchison securities was con-
tlnued and gave tone to the whole market.
The principal activity, in the movements
showed a tendency to shift from the pre-
ferred to the common stock which adj
Vanced 19s on the day. The preferred stock
and the bonds continued in large demand,
the former closing at a net advance of 1%.
Other properties in which the leader in this
movement is interested were also notably
strong, including Peoples Gas, Rock Island
and Brooklyn Transit, but the Federal Steel
stocks showed a hating tendency. The
strength of Louisville and Southern pre-
ferred was due to the excellent traffic re-
turns of the two roads for the first week
in November, The bank statement, which
was unfavorable, was disregarded.
THE RECORD IN BONDS.
The business in bonds on the Stock Ex-
change during the week, which was only
four full days and Saturdays short day, ex-.
ceeds all previous full weeks records, with
total sales of a par value approximating
$34,000000. against the previous high record
of less than $685. 100000 On Thursday the sales
Of bonds exceeded in par value $1OOOO,O0O,
against the best previous days business of
$7,500,000 and on Friday the days business
nearly approached Thursdays record. In the
total number of shares of stocks dealt in
the weeks record has been many times ex-
ceeded, but in the number of different is
sues in which 100-share lots have been dealt
in the weeks record has never been sur
passed, thus indicating the breadth and uni
form interest in the market The orders
through commission houses for the three
days have been larger than at any time since
August, rejecting the growing outside inter-
est in the market. MANY Of these orders have
come from the West and South, where the
strong business conditions and the large
earnings of the railroads give confidence in
values Buying for foreign account has also
been conspicuous feature of the weeks
business on the Stock Exchange, not only
through the usual international arbitrage
channels, but by banking houses with d
foreign connectiOn--a class of buying of
American securities which has not been
noted for a long time. 1t is evident that
the outburst of activity and strength on the
Stock Exchange has only been repressed for
some time past. while awaiting the settle
ment of election uncertainties. The under
tone of strength in the market last week
was due TO quiet accumulation of stocks by
large interests who appreciated the UNDER
lying strength of the commercial, industrial
and financial situation. There has been
heavy selling to take profits by operators of
this class all week. but the public demand
has absorbed all these offerings and kept
volume of business in the country, the con-
tinued growth of the foreign trade, not only
in food products. but in manufactures, the
country's large crops and assured markets
minor doubts to be swallowed up in con-
fidence that prices will rise. Thus the low
rates for freight, which have kept down
the net returns to the trunk-line railroads,
in spite of heavy tonnage, are ignored in
face of the effective measures for reducing
adoption. Fears for the effect of the out
having of the Joint Traffic Association and
similar bodies are relieved by the Demon
strated inadequacy of these cumbersome
and expensive bodies to prevent rate cutting
and the saving that will accompany their
abolition. Uneasiness over the possibilities
of embodiment with European powers,
notably Germany, in connection with the
Philippines settlement is allayed by conf
dence that Spain is bound to come to terms.
1t is nevertheless true that a certain UNI
dertone of apprehension is felt this
question and over the tension among foreign
governments over central African and
Chinese questions and over the unsatisfac-
tory condition of some important domestic
Industries notably coal, cotton and wool
&c he