The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-01
STOCK MARKET QUIET
NO NEWS OF EXCITING NATURE AND
CHANGES UNIMPORTANT.
Firmness in Money Rates Continues,
but wall street Not Apprehensive
Local business Dull.

days; posted rates, $4.S21zQ4.S3 and SISSY
Q4S6; commercial bills, $4.S1Q4S15.
Silver certificates, 57AG5SAc; bar silver.
67kc. Mexican dollars, 46lzc. At London bar
silver was easier at 267sd an ounce.
The imports at the port of New York this
week were: Gold. $1O4. 1872; silver, $35,096; dry
goods. S, 345, 440; general merchandise, So
4Os. 76l The exports of specie amounted to
$500 II gold and 1898 245 in silver.
Tie New York weekly bank statement
shows the following changes:
Surplus reserve, increase .......... 81 ,265, 300
Loans, decrease .................2 1924 700
Legal tenders, increase. ............ 5 421, 200
Deposits, increase. .,..........,... 1891, 600
Circulation, decrease ................ 22l, 80
The banks now hold SIS. 7s1, $50 in excess
Of the requirements Of the % per cent. rule.
The New York Financier says: 1.-THE
statement of the associated banks of New
York city for the week ending Dec 81 is an
argument in favor of easier money rates
The banks since Dec. "a have gained in
cash $5,746,2O0 and their net deposits have
expanded nearly 100000. AS the gains in
cash and in deposits were almost Identical,
the reserve has increased in proportion
that is, it is about rs per cent. of the total
cash expansion. The result is that the
margin of excess reserve has been in
creased $4,265 800 and at the close of the
week stood at $15 7SS, $50. In view of this
showing, all fear of stringency over the
close OF the year must be dismissed. Dur
ing the next week the Union Pacific COM
mittee will make another $4,000. 600 payment
into the treasury and there is no likelihood
that 1t Will have any more effect on the
market than last weeks settlement of a
similar amount caused. This will end a
transaction which had an important bear
Ing on money affairs for some time and a
normal period will succeed it,
The decrease of 1884, 70Q in loans for the
current week appears to have been more
than accounted for through the operations
Of three large banks. Probably the advance
IN call rates earlier in the week was re-
sponsible for this, but as matter of fact
the detailed statement shows the loan item
or the majority of the banks higher than at
the CLOSE Of the previous week. The annual
dividend period, with its call for over nine
" millions or disbursements in New York,
has caused more or less shifting of funds
and It Is only natural that there should
De an increase in the cash necessary for
payments If the current statement reflects
the actual business of the banks the de-
post gain during the past six days has
been in cash, rather than in credits.
Total sales of stocks 156, 700 shares in
SSI5ulaeiin l G., B. & o.. 1925. Manhattan
zS,066; Northern Pacific preferred, 4,337;
Rock Island, 3,125; st. Paul. 1905; Ameri-
can Tobacco, 1895; Sugar, q, 1855.
WENT OUT LIKE A LAMB.
Yesterdays New York market for stocks
was very dull. and net changes for the most
part trivial and are divided among gains and
losses without much semblance Of consist
ency or order The New York Traction Sc
curities We're the favorites, as has been the
case for many days past, and they rose at
one time sharply above Thursday nights
level under the belief that they would ben
eft, even if the proposed rapid transit prof.
ect was contaminated. Brooklyn Rapid
Transit enjoyed a special advantage, from
he
injunction against the use of the western
bridge terminus for loop. This stock was
at ore time ia above Thursday nights level
and held over point of this gain Sugar
was also strong feature and rose at one
time IL, but held only a fraction of that
amount. The Vanderbilts were traded in ex.
dividend Lake Shore gaining point Other
stocks which We're notably strong were
Buffalo, Rochester & Pittsburg prefsrrec,
which rose "a, and Buffalo, Rochester &
Pittsburg common, which gained points
American Spirits preferred also gained 2
points There was considerable activity in
the grangerS, with early strength, Burling-
ton crossing par, but later recessions car
ried prices below Thursday nights level
News yesterday morning from foreign eX-
changes d1ssipated all apprehension carsed
by thursdays report that the British saVai
reserves had been ordered out. British con-
soils advanced a fraction IN London, an I'M
falling barometer of a peaceful outlook
The tirnneSs of the wheat market also re-
heved the uneasiness in speculative circles
over the outcome Of the great December
deal The bank statement was disregarded,
as it is SO involved with the Union Pacific
operation as to offer no indication of the
drift of general conditions The somewhat
contradictory firmneSs of money and hard
ness of foreign exchange continued, though
both markets were very dull. The Subtreas-
ury had $i,446.7l2 to pay at the clearing
house, again rejecting the continuing re-
Punishment of the money market from that
rarsft 20 olxG
much of the exceedingly favorable Novern-
Der statement of the Pennsylvania system.
The increase in gross earnings for the whole
system over November of last year ST.
Az, AGO, and the Increase in net was 1888, 800.
Che week has been one of dizziness On the
stock market, and outside of few special
ties of 4 highly speculative character almost
apathetic Trading has been in the hands
OF professional room traders and outside
Various causes have contributed to the dull
ness. The holiday season has kept many
operators out of the market. Dealers in
stocks have the habit, common 20 all BUS
mess men, of closing up accounts with the
end of the year as far as possible and of
taking account of conditions before entering
on new ventures There has beea ilqulda-
ton of speculative accounts during the week
IN accordance with this custom, the effect
OF which has been especially manifest IN the
specialties recently the favorites in specu-
laton. Profit taking in the stocks or New
York corporations caused some sharp recess
slonS IL values, but later developments nave
resulted in recoveries.
SPECULATION RESTRICTED.
i The decisive factor in restricting specuia-
ton, however, has been the stiffness of the
rates for money and the apprehension Of a
squeeze at the close of the year-an appre-
hension that has grown less and less as the
week progressed Mondays payments to
the government by the Union Pacific syndi-
cate of almost S, 500, 900 necessitated an ex-
tensive shifting of loans and consequent
disturbance of the money market, which
even the elaborate precautions of the banks
and the government were not wholly eIfec-
tive IN averting OF the Union Pacific pay
ments 81 600 geo was left on deposit in New
York banks and the $4,500000 paid into the
treasury was more than onset by amounts
paid out on the account Of Pacific BOND re-
cemption on Monday and Tuesday me
money market has been replenished Dy al
dlt0nal amounts on this account each usay
or the week and. although rates Tor money
nave been pretty stiff, there has been no
stringency. The hardening OF exchaAse'
which became pronounced on Thursday. re-
fleets the confidence that rates for money
Will work TO an easier basis soon after me
nrst Of the year. Expert estimates OF Ine
amounts to be disbursed on January oiVl-
oends and interest make them Tor New
York, $50 900 600; for Boston, Sl5OO0,oVO ana
Lor Philadelphia, $l0,000,0O0. In estlmatlng
the future of the money market other laets
can be considered The government has de-
posted IN New York banks over S55,VOOVoO
fhn IfnfC