The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-30

At New York, Saturday, money on call
was easy at IA per cent. last loan, ia per
cent
Prime mercantile paper, 3d4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S49s for de-
Mand and at $4.Sz1sq4S2s4 for sixty days;
posted rates. ASSa4 sS14 and $4.S51zG4S6;
commercial bills, $4S11a@4.s2.
Silver certificates, 5624Q57Mc; bar silver
56s4e: Mexican dollars, 455sc. AT London bar
silver closed uncertain at 26 5-16d an ounce.
The imports at the port of New York for
the week were: Gold, 1908, l16: silver, $50, SO4
dry goods. $2.721. $50; general merchandise
$3.50, 200. The exports of specie were: Gold
$l,l95,O9O; silver $S46,2S2
The New York weekly bank statement
shows the following changes:
Surplus reserve increase. 81, 3334 $50
Loans ihcrease .......-............... z,399 6JO
9PeclS, llcIease 5'5a3 zV0
Legal tenders, increase. 1891, $40
Deposits, increase. Recommendation. SOL, 400
Circulation, decrease. .................. 124 800
The banks now hold 1856 500. 45O in excess
of the requirements of the % per cent. rule
The New York Financler says: 1.-THE
statement of the associated banks for the
week of Jan. o. while it does not show
the enormous increases of the previous
weeks. indicates that money is still flowing
nCdNlly ~ THIS center. Inc gam III cdSn
for the week was Sc, 337, 1OO of which nearly
S2,500,000 was specie. The latter represents
Western receipts to a large extent follow
ing Australian remittances. The increase
in deposits amounting to $s.O11, 400 tied up
over 100000 of the cash received, so that
the surplus reserve is only $4.3S4 ,250 heavier
than a week ago. There is no doubt that
the expansion OF S2,395,OOO in loans reflects
legitimate mercantile and Stock Exchange
transactions, instead of special operations
and technical manipulations, such as have
been in evidence since the Union Pacific
sale. The loan increase is scattered through
larger list of banks than usual, and the
totals are largely due to gains made by
the National Union, the Western National
and the National Bank of the Republic. 1t
is worthy of note that the bank which has
been most prominent in financing the Union
Pacific deal reduces its loans 10000, 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
January, 1897, remained stationary while
the surplus reserve increased 5000, 600, the
loans in the same period this year have ex-
banded $lS0O0,0O0, while the excess cash
shows q gain of $40 000, 900. Thus, while the
supply is in excess of demand, the latter
is UNNECESSARILY more pronounced than at
the beginning of last year. 1t is difficult
n0WHVnr ia If MI
firmer money markets this season ads
foundation. If interest rates 20 beyond Il
defined line, gold imports must follow. Only
that the exchange situation is now 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
201, 800 shares, including: Atchison preferred
$3.50; Chicago Burlington & Quincy, 1855
Denver & Rio Grande preferred, 4.710; Lake
Shore, 1920; Louisville q Nashville, 24.270;
Manhattan. 5,120; Missouri Pacific, 3.205
New York Central, 20, 500; Northern Pacific
1910; Northern Pacific preferred. 1886;
Rock Island 1901; st. Paul, 10,640; Southern
preferred 1880; Union Pacific, $3.50; Chi
cago Gas. SO5l; Sugar, $3.50.
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 a fraction below
Friday nights price, and 1000 shares of
New York Central thrown on the market
drove the price of the block down 3s. The
market Steadled almost Immediately and re-
covered gradually TO above the last level,
net gains being, however, very unequal.
Lake Shore was most conspicuous in it's
movements, rising 6i4 points, to 1912. on
the reported plan to exchange 500 of New
York Central 3l2 per cent. debenture 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 to doubts as to how far the stock would
be allowed to benefit from Lake Shores
surplus earnings, which, it 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 q
plan for refunding obligations at a lower
rate of interest was under consideration.
point OF activity. Northern Pacific preferred
continued 10 advance on Weli-defined 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 10 span the market and
counterfeit some tendency 10 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 TIE WEEK
The week opened with a continued ten
dency towards a reaction, and the hesitat-
ing tone in the carly dealings on Monday
gave way 70 very positive weakness on the
announcement that the Maine had been Or-