The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-12

A1e8Cdn uOlldIS, 4O52C AT 1OHuOu bdI Silver
closed quiet at 271zd ounce.
Exports of gold and silver from New York to
all countries for the week aggregated ,240 in
silver bars and coin and 7,7S5 in gold. The
imports of specie for the week were $917S74 in
gold and $12l,OO0 in silver The imports of dry
goods and merchandise at the port of New York
for the week were valued at s6,5l1,S71.
The New York weekly bank statement shows
the following changes:
Surplus reserve, decrease .............. 1854 $50
LoansY increase .............'.......... 4S6l 0U
Specie, increase ....................... 1904 200
Legal tenders, decrease. Jag BOO
OepoSits increase "@oS ooo
Circulation decrease ..................... $500
The banks now hold s16.74S.SOO in excess of the
requirements of the 25 per cent. rule.
The New York Financier says: 1.-The statement
for the New York clearing house banks for the
week ending Dec. 10 indicates expansion of
s. SOL 500 in loans and 81, 200 in deposits The
increase in liabilities, however, shown in the
latter item. makes but little change in the total
of the bank reserves the decrease amounting to
about one-thrd of million dollars. 1t is evil
dent that the loans have gone to swell banking
credits and incidentally deposits. the gain in
cash partly making up for the discrepancy be-
tween the two items. The net increase in cash,
in fact. very nearly supplied the added reserve
requirement and the statement is favorable from
banking standpoint in that has been found for
all the money winch came into the INSTITUTIONS
last week. AS exemplifcation of the theory
of banking operation outlined by the secretary
of the treasury in his annual report last week.
the current exhibit of the banks is peculiarly to
the point. In detail the present has nothing that
throws light on the current situation The ex-
pansion in loans be traced to three four
of the larger banks and gains in deposits have
been limited for the most part. to about the same
number 1t is evident that the loan increase has
been due to sterling investments and collateral
buying, although there is a steady absorption of
commercial paper. The actual position of the
banks with respect to cash changes is at vari
ance with estimates based on the weeks opera
tions. Currency from the interior is moving this
way, is natural at this season. The amount
will be increased largely the January dividend
period approaches. On the other hand, the banks
are losing to the treasury about much they
gain The net increase of 81 800 in cash for
the week, therefore, was unexpected
AGAINST LOWER RATES.
1.-The seeming ability of the banks to extend
their operations in proportion to the excess cash
received is an argument against lower rates,
if it does not forecast any degree of -firmness
The direction of the new loans, however, is a
matter of interest. AS long they merely
the tangible expression of deferred European cred
it's they dependent on fractional exchange
quotations and are likely to show sudden con-
traction For this reason it is difficult to judge
the future of the money market The only in
ference is that rates cannot go higher for more
than a very brief period since such movement
would almost Immediately defeat itself through
gold imports"
Total sales of stocks at New York were 4O2 700
shares including 1926 Atchison, S1,S64 Atchison
preferred, 1865 Chicago, Burlington & Quincy
$3.50 Denver Rio Grande preferred, II, $50 Louis
vile & Nashville, 7445 Manhattan, $3.50 Metropol
itan, $500 Hawaiian preferred, 27,700 Missouri
Pacific, S,S45 Missouri, Kansas & Texas preferred
6736 Northern Pacific, 3,125 Northern Pacific pre-
ferred, 9,455 Rock Island, 4410 Union Pacific
1910 Union Pacific preferred 81 AIS st. Paul, $3.50
Southern preferred 5000 Wabash preferred. 10. 40
Tobacco. go 725 Federal Steel preferred 4SS5 Peo-
pies Gas. $3.50 General Electric, 5,7O2 Pacific
Mail. S5,425 Sugar 7,425 Leather preferred, 4,52O
Rubber. 6,419 Western Union.
The New York stock market booming Sat
urday and on enormous transactions for the short
session many high record prices were exceeded
for the current upward movement. London fol-
lowed Americas upward leap of Friday and was
buoyant on st. Paul's excellent statement for the
first week in December. Large interests were
again aggressive buyers and had quite follow
ing Of commission house support. Immense blocks
OF stocks exchanged hands, with abundant pur-
chasing orders to care for realizing sales After
hesitating movement activity and strength be-
came general again, in which standard stocks
well maintained. All grangers advanced
from slight fraction to a point, the latter
in st. Paul Heavy purchasing orders were placed
night in Missouri Pacific to buy at the open
ing. Prominent interests in the stock endeavored
recorded simultaneously sales of 45OO shares
from 4S down to AZ. Fridays closing price was
i1Ss. The stock betrayed little feature after the
first furry but continued to be actively traded
in and closed we'll up to the top Among the in
dustrials General Electric, Sugar Tobacco Rub
Der, Federal Steel preferred and Edition Illumin-
ating We're the features and gained a point or
more The rise in Edison amounted to eight
points and three each in General Electric and
Rubber preferred. The Atchsons, too, were con-
spcuously strong. The market closed at the best
with whirl of bullish enthusiasm.
THE WEEK IN STOCKS.
For the week stocks almost without exception
rose, in some cases the gains being very large
establishing new price records on the present
movement Professionals failed to depress values
at any time materially, purchases were
ever ready concessions. leaving the bears to
corner short commitments at rising figures. In
vestment buying sustained standard railway
stocks, while speculative activity was drifting in
the specialties and medium low-priced stocks
wherein earnings seemed in a measure to war
rant the initiation of some dividend declaration
or an increase in the present rate. as the case
might be- The dissemination of these dividend
rumorS generally brought out some following
One neglected stock after another would be trot-
ted out to be materially advanced, causing groups
ket invariably became dull with declining prices
thus losing but little ground. while when it
manipulation Of high-priced speciaities for a rise
often much in evidence Railways which
failed for some time to respond to the upward
tendency, later joined fully with the general
trend of prices Early in the week telegraph and
cable COMMIT nication, partly Interrupted by the
storm somewhat restricted business the volume
Of which subsequently became enormous. Traders
saw mt to interpret the Presidents message as
not being the bull argument they had discounted
but Its better reception abroad thwarted their
EFFORTS at depressing prices. There much in
the general situation having favorable bearing
on market conditions. November gross earnings
were in excess of per cent. over last year; ex-
ports, too. surpassed the phenomenal record of
figures. Then. too, that so-caIed barometer OF
business conditions, the iron and steel trade, was
active at enhanced prices The monetary situa-
ton continued easy and there little feature
to the market. The sterling exchange market
moved rather erraticaly, bat hardened generally
toward the close. Estimates regarding the amount
of loans invested in long bills ranged up to
$40, 100000. The cOalerS were advanced on
posed plans 10 go into effect next month for a
stronger control of the hard and soft coal trade,
Delaware 81 Hudson rising 61a. Norfolk & West
preferred had substantial support on the
theory that it likely to be placed on a reg
ular dividend basis of per cent. Tobacco and
Sugar were boosted considerably one story serv-
ing as well another for the purpose. Metropol-
itan's increase in dividend rate to per cent was
accompanied by another high record for that spe-
cialty. Missouri Pacific received support on the
announcement that its floating Indebtedness had
been paid eff.
The bond market displayed unusual activity
during the week, with the concentration of the
dealings in speculative and middle grade issues
which have recently assumed prominence. Con-
siderable strength was manifested throughout
with the net Improvements material I'm many
cases. United States old fours. registered adj
Vanced a, the twos registered and the old tours
coupon. 4; new tours Is in the bid price.