The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-16

AT New YORK, saturday, money on call
was steady at per cent.
Prime mercantile paper 3q4 per cent
Sterling exchange was heavy. with actual
business in bankers bills at s4.S4s4 for de-
mand and at $4S21ag4 S2a4 for sixty days;
posted rates, $4.SS1z and $4.S51zQ4S6; COM
mercial bills, $4S2
Silver certificates, 571zQ5S1ac; bar silver,
577sc; Mexican dollars, Acc. At London bar
silver closed fairly steady at 2634d an ounce.
The exports of specie from the port of
New York for the week amounted to $524,-
O4S in gold and $S73,5S5 in silver. The i'm
ports were: Gold, $22S sos; silver, $e1, $50; dry
goods, $2,422,OSO; general merchandise,
$4.149,149.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. SO, 704 200
Loans, increase .....-.--...--..-...... Lib 100
specie, increase ACKNOWLEDGEMENTS. 505U0
Legal tenders, rease.............. :, 10y s0c
Deposits Increase ..................... 5000 400
Circulation, decrease ............-.... 4SO6OO
The banks now hold $25, O6S, IT'S in excess of
the requirements of the 25 per cent. rule.
The New York Financier says: The New
York banks have made new record in the
matter of loans, the total of $780, 1872, 500 at
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 $16,50000O. while loans
have expanded only So 200, 600. 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 $500, 800 in
cash, 81 $50 500 of which was in specie.
Gold is now coming in this direction
4fdnaUa--tha rpCeinfS
having Appropriated $65O,000 The increase
in deposits was $6O20,400, while loans are
in consequence expanded So, 704 200 and
stands at $25,96S,775 This is only half as
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.
Whether this is due to special operations
cannot be definitely stated, but it shows
that the remaining banks have less money
hand than al the close of Jan. s. The
factors that led to the gain in cash, how
ever, are rather we'll defined, and they may
be expected to affect other institutions hav-
time on. AS was pointed out last week, the
enormous interior movement at this season
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
Is now using at least S50,0OO,000 American
money in the form of deferred Credits and
unless rates abroad go to a very low level
there 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 in the interna-
uunal market, that the credit can be eX-
panied or reduced at will. Clearings indi-
cate that a much larger volume of money
then usual will be needed this year to prop
eliv care for the business being DONE
Iotal sales of stocks on Change Satur-
cay amounted to 1900 shares, including
q Quincy, 1880: Louisville & Nashville
500; Manhattan. 2SS10; metropolitan
Slreet-railway. 1850; Hawaiian Commercial
company 5000; Missouri Pacific. 5,420; New
1ork central, 4,l67; Northern Pacific, 1.lo3;
and. $500 ST. Paul. 1890; Union Pacific
1l5l0; Tobacco. $3.50; Chicago Great West
grn, 1907; Peoples Gas, $3.50; Sugar, 54,120;
western Union. 4.254.
The New York stock market was sub
1ecteG to a 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
TO take profits than to retain holdings over
sunday. The situation at Havana was the
surahce felt that there may not be a sudden
development Of a dangerous situation there,
which would recessitate 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 We're somewhat aggravated
by the persistent selling of houses with
Washington connections This was taken
10 reflect a feeling of apprehension in Of
hclal circles as to the outcome of the stu
alton OF course, the professional traders
We're ready TO turn sellers without further
1EdpCcment on the general principle that
prsCeE 60 down much more easily and quick
IS than they go up. The bear attack was
vigorous and effective, and, margins being
WlpeG out in many cases, large holdings
We're thrown over to save losses thus add
ing to the weakness OF the market. The
sharp rally and the covering of short lines
put out earlier indicated that bear selling
made up considerable proportion of the
whole. Manhattan exercised a very effec-
tive influence in the list, and there was very
he1yy profit taking in this stock on the
strength of the weeks large gains. The
prOE AZ at one time rs below Friday
niglW's close. Sugar also showed early ex~
IRENE weakness ia continuation OF the liqul-
daton IS mich has beer going on all week
in the stock market. IL fell z5s and rallied
feebiy. Inird-ayenue dropped points, to
10 wiping out all OF Friday gain IN price,
but rallied ~ Nearly every active stock
on the list was at one time point or over