The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-17


mand and at S4s21zQ4.S22l for 1ixty days,
posted rates. $4.SSlz and s.S5ikQ4.S6; COM
mercial bills. s4.S2.
Silver certificates 5715G5S15c; bar silver,
577sc; Mexican dollars, acc. At London bar
silver closed fairly steady at 26s4d an ounce.
The exports of specie from the port of
New York for the week amounted to 1924,
04O in gold and SS73,5S5 in silver. The i'm
ports were: Gold. $22S, 500; silver, $6l,O5O; dry
goods. s2,422.OSo; general merchandise.
A149,149.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. ...........s SO 7o4 zoe
Loans, increase ....................... l,zl3 ~
Legal tenders, increase. 800
Deposits, increase ..................... 500 400
4. lldtton decrease ................. 4SOibUV
L. banks now hold $25 O6s, 775 in excess of
the requirements of the % per cent. rule.
The New York Financier says: 1.-THE New
York banks have made a new record in the
matter Of loans, the total of $61O 992. 800 al
the close OF the week being the highest ever
reported. Deposits also are above any
figure previously made. During the first
two weeks of the present year the gain in
deposits has been $16.5O0,O0O. while loans
have expanded only $3.200000 In view of
this fact the ease in money rates does not
TO gain from the interior as at present.
lower quotations will follow. The with
drawal of government deposits. however.
may steady the situation. The banks
gained during the past week IS 2O9, 300 in
cash, $2050,5o0 of which was in specie.
Gold is now coming in this direction
from Canada. the past ten days receipts
having Appropriated $6500O0. The increase
ir deposits was 5000 400 while loans are
in consequence expanded s.. POO and
stands at s25.96S;7 75. This is only half as
large as reported one year ago. but in view
of the fact that remittances are now be-
coming larger. an increase may be expect
ed from week to week. In the. changes
made during the week the operations seem
to have been confined to the larger banks.
The deposits of the Hanover, the National
Park and the National City banks are ST.
100000 larger than the previous week
Whether this is due to special operations
cannot be definitely stated, but it shows
that the remaining banks have less money
on hand than at the close of Jan. s. The
factors that led to tie gain in cash, how
be expected to affect other institutions hav-
ing large country connections from this
time on. As was pointed out last week. the
enormous interior movement at this season
forces down money rates and compels CAPT
tai to seek better rates abroad-in other
words. it leads to gold exports
FINANCIAL ANOMALY.
but the anomaly is now presented of our
idle money being invested in foreign ex-
change on this side of the water. Europe
money in the form q deferred credits, and
unless rates abroad &C to a very low level
thtre is no prospect Of this sum being i'm
mediately reduced. so sensitive however,
Is the situation, since the United States
became the dominant power III the interna-
tional market, that the credit can be ex-
panded or reduced at will. Clearngs indi-
cate cate mat a much larger volume of money
thcn usual will be needed this year to prop
erly care for the business being done''
Total sales of stocks on Change Satur-
day. amounted to 277.50O shares, including:
Atchison preferred, ALSO; Chesapeake
4 Quincy. $3.50; Louisville & Nashville
street-railway. $3.50; Hawaiian Commercial
Company, 5000; Missouri Pacific, $40; New
Northern Pacific preferred, II 800; Rock ISL
and, S,640; st. Paul, $780, Union Pacific.
1870; Tobacco. ,250; Chicago Great West
Western Union, 4,254.
The New York stock market was SUBJ
Jected to rather drastic liquidation of
speculative holdings Saturday, in continu-
alton of the movement of Friday. The sell
ing was due to a feeling that it was safer
Sunday. The situation at Havana was the
motive OF the selling There is no as
surance felt that there may not be sudden
development OF dangerous situation there
which would necessitate immediate meas
ures by the United States naval forces to
protect the interests Of the citizens of the
United States resident in Havana Fears
on this score were somewhat aggravated
: by the persistent selling of houses with
Washington connections. This was taken
TO reflect feeling of apprehension in Of
fetal circles as to the outcome of the situ-
alton. OF course, the professional traders
We're ready to turn sellers without further
Involvement on the general principle that
prices so down much more easily and quick
~ than they go up. The bear attack was
vigorous and effective, and, margins being
Wlpec out in many cases, large holdings
We're thrown over to save losses, thus add
nf ,rwT-- mi
sharp rally and the covering of short lines
put out earlier indicated that bear selling
made UP a considerable proportion of the
whole. Manhattan exercised very effec-
tive influence In the list, and there was very
heavy profit taking in this stock on the
strength of the weeks large gains The
prsce vas at one time 2ss below Friday
nights close Sugar also showed early ex-
tr2ma weakness in continuation of the lioui-
datsOn which has been going on all week
in the stock market. 1t fell 23t and rallied
feebly. Thrd-avenue dropped points to
10. wping out all of fridays gain in price
but rallied III. Nearly every active stock
on the list was at one time a point or over
below Friday nights close. but the cover
ing movement reduced net declines in some
cases to fractions.
NO JANUARY BOOM.
Reactions in the stock market the last
two days put an end to a period of strength
and activity earlier in the week which was
regarded as giving good promise of the
usually expected January boom in prices.
Only those stocks which scored extreme
advances early in the week have anything
left to show for it, the general level of the
market being decidedly lower than at last
Saturdays close. The firmness with which
the market withstood the effect of the first
news of the Havana rioting on Thursday
led to hope in the minds of the bulls that
the power for evil of the Cuban question
had been tested to the fun But the mar
ket was sustained on Thursday only by the
striking strength displayed by the Wander
bits, New York Central and Lake Shore
rising about four points each on reports
that new plans were in contemplation for
operations looking to reduced cost and in
creased dividends on the stocks The
amount of the trading on a practically
stationary market on Thursday might have
served as a warning of what would have
happened had this sustaining force been
Withdrawn, Ii was an obvious fact that
heavy realizing was in progress all the
week, sid by side with the active strength
of speciaS stocks. The special points of
vantage on which the strength of the mar
ket held early in the week were the North
ern Pacific stocks and Union Pacific and
its various affiliated and connecting lines
the source of this strength being the as
surance OF the continuance of the Union
Pacihc's old outlet to the Pacific coast
Northern Pacific and the Union Pacific
group also enjoyed the benefit of anticipa-
tions qf a large Klondike business i'm the
spring. Another source of strength to
Northern Pacific, was the decision of the
lnterstate-commerce Commission to con-
tinue the suspension of the long-and-short-
haul clause in cases where rates were In
competition with Canadian lines Maphaf-