The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-20


was easy at ~ per cent; last loan, IL per
cent.
Prime mercantile paper, 394 per cent.
Sterling exchange was firmer, with bust
ness in bankers bills at ss.S5i3 for demand
and $4.S3q4. S3l5 for sixty days; posted rates
$4.S4 and $4.S61s; commercial bills $4.S2.
Silver certificates, 55A056l5c; bar silver,
5524c; Mexican dollars. 45Ac
At London, bar silver closed quiet at
% l9-16d an ounce.
The imports at the port of New York for
the week were: Dry goods and general
merchandise. S6712, O56 gold, s1O2 752: silver,
$s5,56l. The exports OF specie were: Gold,
S57 COO; silver 81 1881 1872
The New York weekly bank statement
shows the following changes:
Surplus reserve. decreased. ......... Sc, 74s 500
Loans, increased. .............. ...... 1918 800
Specie, increased ..................... ,866 100
Legal tenders. decreased. ............. S6l5,5 800
Deposits. decreased. -.......... ....... L., 800
Circulation decreased. ............. 1856. 500
The banks now hold SIS, eSs $50 in excess of
the requirements of the D per cent. rule.
The New York Financier says: THE state
ment of the associated banks for the week
ending Feb. - is remarkable for it's loan
and cash showings. Ordinarily. an increase
Of S707S. 500 in loans is accomplished by
proportionate expansion in the deposits, but
in the current statement deposits are almost
stationary, showing a decrease of $136, 800.
On the other hand. there was a loss of $6,-
779 900 in cash. the gain of 81. $50. 100 in specie
having been Offset by a decrease of $685. 800
in legal tenders. Where this money went is
somewhat problematical, but the statement
analysed as to individual changes shows one
large bank to have lost nearly IS, 900 in
cash. It's loans remain at nearly the same
,.-;fe,
have fallen Oft $5,Oo0,Oc0 Three of the other
large hanks seem 10 have lost $S.G0000O in
cash, thus accounting for the total change
OF the week. The only inference
is that the cash loaned or an
amount as large has gone out of the
banks, since il does not show in the despos-
its and the increase in loans and the de-
crease in cash almost exactly offset each
other AS the reserve requirements for the
week were not affected by heavy deposit
changes, the loss in cash reduces the surplus
reserve by almost the same amount drawn
out of the banks. The excess money in
bank is now down to $25, 6SS, 49, an amount
about almost one-half as large as reported
for the same week last year. Since Jan. y,
this year. the loss in reserve has been $lO,-
O0l geo, while deposits have increased Sl6.OOO,-
eco and loans $23. 100000. In other words.
loans are expanding faster than deposits
and cash is decreasing as a result.
FIRMER MONEY MARKET.
Although the latter has been the case
for only one week, it is significant as show
ing that the flow of money to this center
has been checked to meet growing demands
at interior points. New York exchange at
nearly all domestic centers is at discount
and the actual shipments of currency to
the banks in a number of cities widely sep
arated is a healthful indication of better
trade conditions. If it continues, and the
outlook is that it WILL tirmer money mar
ket Will be only natural result
Total sales of stocks, 2I2000 shares, in
Guiding: Atchison preferred 1856; Chesa-
peake & Ohio, 1900; Chicago, Burlington &
Quincy, 1860; Louisville & Nashville, SASS;
Manhattan, $3.50; Metropolitan 1882; Read
ing preferred, 900; Missouri Pacific. 1850;
Missouri Kansas & Texas preferred $780,
New York Central, 5000; Northern Pacific
1850; Northern Pacific preferred, 1855;
Rock Island. 4.4S0 st. Paul, 21.5Oi; Union
Pacific, 6,7S4; Tobacco. $40; Peoples Gas.
b,l50; General Electric, $50; Sugar, 61,600;
Western Union, ,465.
There was feeling of uneasiness over
the European political situation reflected
from all foreign exchanges Saturday be-
lure the opening OF ttduluS OH the NEW
York Exchange. The collision of British
and French authorities in the Niger district
of Africa and the excited condition of the
public mind in France were the motives
of the heaviness which, in London. resulted
in fall of 1ld in British consols. Ameri-
can securities were affected by the general
heaviness, as we'll as by the special con-
sderations growing out of the Cuban ques-
tons Declines in Americans reached a
point in London in number of cases be-
lore the opening at New York and as con-
sequence selling orders were placed for
London account at the opening. There was
nc local support for prices. On tlse CON-
traty there was a resumption of liquidation
and the bears We're encouraged to raid the
market Prices quickly fell not only 10 the
London parity, but below IT. The declines
ranging up TO points and over, invited
covering by the shorts and prices hardened
put at no time did they fully recover to
cTludy 5 close. The weakness apparent in
sugar made II the center of a fierce raid
N tfle nnal dealings and 1t sank Az points,
70 lZsss, the whole list selling off to the
lowest. There was very determined sup
port Tor Sugar at and below 100 and the
progress between the bulls and bears and
me market consequently in a very unset
llel cQDditicq. Rallies OF over 4 point were
nsae BY a number of stocks besides Sugar.
out net losses We're on an average Of
over 2 point London selling was a feature
~ the DAY and the supply OF ST. Paul from
AAdL source IN acf lar