The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-06

tons in price were exceedingly narrow out
side Of special cases, the most important
of which have been indicated.
THE FLOW OF FUNDS.
The heavy increase of over 81, 100000 in
deposits of clearing house banks for the
week marks the continued flow of funds 10
the New York center and the withdrawal
of government deposits must be allowed for
in addition in estimating this movement. The
expansion of nearly 100000 in loans,
though heavy falls far short Of absorb
ing the total Of the increased deposits. The
activity in the stock market undoubtedly in
volved a large amount of borrowed money
and it is probable that other speculative
markets have drawn on this center for
funds during the week. There is reported,
also, good supply Of attractive names in
the commercial paper market. Under the
circumstances the decrease in the surplus
reserve is diSregarded in the stock market
as being simply the result of the failure OF
cash reserves to keep pace with the rise
in the legal reserve level The cheapness OF
money has led to the Withholding or matu-
ring exchange obligations which are eX-
changed for long bills, thus Keeping up
rates of exchange. The stock market I'M
usual activity the past week has been CHAR
actertZed by remarkable strength In Spots
Apparently, there have been some Few ele-
ments of strength on each day 70 sustain
was in progress in stocks that nave been
foremost in recent advance. At different
times during the week the market has been
under the influence of aggressive strength
in Chesapeake & Ohio, Baltimore q Ohio
Louisville, Pennsylvania, Northern racine
preferred, the cOaerS, Union PACING ana
other less conspicuous stocks. Wide ad-
Vances have occurred in some OF the nigh
priced, closely held investment stocks, nota-
bly, Great Northern preferred, which adj
vanced an extreme Y points, but reacted 4
points. The weeks heavy prOfit-taklns safes
have been well absorbed and the outside
participation in the market has grown.
weeks closing level and some prominent
stocks below, but the general level or
the market is higher, principally as q re-
suit of the movement of Friday and Satur-
day. Gains generally range between ana no
8 points with exceptions in active stocks up
to points.
The bond market has continued to show
the phenomenal activity and strength which
it did in January. The total par value or
sales in January was nearly $93,OO0,UOO. InlS
total was never exceeded on the exchange
except in October, 1885, when the sales eX-
ceeded $104, COO 900. In view of the present
Importance attached to the New York Cen
tral-Iake Shore conSolida ton it is cOnSid-
cred significant that the previous period of
greatest activity was at the time or the
West Shore settlement. Kansas Pacific
consols showed an extreme advance for the
week of 1913 points and other Kansas Pa
cific and Union Pacific issues showed large
advances. Prices all around are markedly
higher. Total sales, So, 100000. United
States new tours, registered, advanced "a;
United States new tours, coupons, ex-
interest, u; the old fours, registered, and
the fives, registered, a, and the old fourS,
bid
The following table, prepared by l.. w.
Louis Room H. Board of Trade. shows
the range of quotations.
O,,ar oh T.otv-