The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-12

rnand and at s4SsQ4SsA for sixty days;
posted rates, $4.A and 1851; commercial
bills. SLs2.
Silver certificates, 56taQ579sc; bar silver.
56asc: Mexican dollars. 46l4c. At London bar
silver closed quiet at 27d ounce.
The New York weekly bank statement
shows the following changes:
Surplus. reserve decrease. .......-.. 81, 344575
Loans increase. -....-.......-.... o,yI6,6O0
Specie increase ....................... $4,000
Legal tenders. decrease. ............. 100000
Deposits, increase ..................... $50 800
Circulation. decrease ................. All, 700
The Financier says: THE statement of
tie associated banks of New York city for
the five days ending Feb. IL Saturday be-
ing holiday is favorable exhibit, both
from banking and commercial stand
point. Loans show an expansion of $685.
60, the increase originating apparently with
two of the larger banks, the National City
and the National Park, whose combined to-
tails account for the change over the pre-
eeding week The most interesting feature
of the statement, however, is the loss of
cash reported. The decrease for the week
was $1,130,5OO which is the first shrinkage
since the enormous inward flow which
marked the end of December and the first
week of January. AT the beginning of this
year the excess reserve of the banks was
s15.SO0CG0 1t IS now said to be $50, 437, $50. an
increase of over $16,637,0O0 In the same
period loans have expanded over $50 900, DOC
and deposits $685. 100000. Thus. while the
loan increase has been far above the nor
NAL, 1t was impossible TO make use of ali
the money going into the banks. This view
sassumes that the increases were due to
legitimate business operations, but the
many special transactions growing out of
the transactions between the banks and the
treasury are factor that make a correct
deduction impossible. AT any rate, now
that the banks seem to have reached the
limit of cash accessions, the money market
probably will recover somewhat from the
decentralization which has marked it's course
thus far during 1898. If the past is of value
in comparison, it may be recalled that for
the same week and the previous one in 1857
the banks reduced their excess reserve
$500 900 and lost in cash So, 300 600. This year
the loss in reserve for the same period has
been only a little in excess of $3,100,O01 In
1897 the first week in March seemed to mark
the high period of the bank reserves; after
that and until well into the summer sta
tionary plane was reached. If the same
thing is repeated this year the money mar
ket will probably maintain level some
where near the present figures, but 1t is true
that bankers are expecting q frmer market
within the next sixty days
The banks now hold 49,. 49, $50 I'm excess
of the requirements of the 20 per cent. rule.
Total sales of stocks. $3.50 shares. in
Guiding: Atchison preferred. 1884; chesa-
peake & Ohio, 3:6S5; Chicago, Burlington &
Quincy. 3, $50; Erie preferred, 40; Lake
Shore, 6sT2; Louisville. & Nashville, 1901;
Manhattan, y $50: Metropolitan 32,569;
Hawaiian, S.15l: New York Central, 2527O;
preferred. 1870: Rock island. e.Sc5: St Paul.
1865; st. Paul x Omaha, $50; Southern
preferred 9.196; Union Pacific. 1914; Tobac-
60, 22,540: Chicago Great Western 3,115;
General Electric 5,a50: Sugar. II $50; Rub
ber 1910; Rubber preferred, 6,027.
There was profit-takng on quite a heavy
scale in New York stocks yesterday. said to
be for the account of one of the prtncipal'
huh operators. The interval of two days te-
fore trading will be resumed on the Elk
change the motive for closing up some
accounts, as is always the case on the eve
of double holiday. The sharp advances i'll
some stocks at the opening afforded the
more favorable opportunity for realizing
anrad nv The hinher o,,estationr for A meri-
cans sent from Lordon and was also helped
by the marked strength of one fop two
way and Peoples Gas, the latter on the
published report of the company's finances.
London bought In New York on a consider
able scale and helped to sustain prices to
some extent But the offerings not
we'll absorbed and support was largely with
drawn The weakness OF stocks encouraged
the putting out of short lines. The covering
of some of these before the close brolght
them to level materially above the low
point but still left net losses as a General
rule There were some very striking move
neIts of prices in special cases, Metrcpoh-
able advance rising at one time 6 points
but closing points below that. Thirc Ave
nue. was UP at one time 6ls points on the
announcement of the acguisiti of a large
connecting system. The stock, however, re-
acted 8 points before the close. Some of the
nota Bile recent advances We're Que 10 the
rtinored tendency of plans for the distribu-
ton of the surplus resources to the credit
of some of the gilt-edged properties. me
prevailing abundance of money is said 10
make the care of these surplus funds in
creasingly burdenSOme. Such n property Is
Pullman which advanced an additional
point but reacted points in the closing
dealings Adams Express was ex. dividend
of . per cent and eX 100 per cent. In bonds
to be exchanged for stocks on the company.
The closing bid, Thursday. on the stock was
1S7. and yesterdays closing was 100 bid and
The days dealings in bonds continued on
a remarkably large scale, single lots of par
value from $4,000 up to $4,000 changing
hands frequently The par value of sales for
the day of Atchison adjustment fours alone
was $4,000 Some of the speculative bonds
reacted quite sharply, i'll sympathy with
stocks, but the general tendency was up
ward
THE WEEK ON 'cHANGE.
There has been a strong tendency TO reac-
ton in the stock market at times during the
week, principally due TO apprehensons re-
garding the Cuban question. Early in the
week the market was sold very aggressive
Is by houses with Washington connections,
and this was interpreted as being induced
by belief that affairs with Spain were
reaching critical stage. The manner in
which the outcome OF the De LONE incident
was accepted in Wall street induced large
covering of short contracts By these same
Washington sellers ana the market rallied
strongly on Thursday. but this rise was at
tributec by some persons 10 manipulation.
The resumption of realizing which followed
yesterday advance gave color 10 this sup
position. The market seemed 10 be in the
hands OF giants in speculation. and they re-
fused 20 offer their holdings on n declining
market so long as il Is capable of being
checked by support That the market is
heavily overbought for great speculative ac-
counts. looking To be ultimately sold for
profits IL generally believed. That the gem
eral public has not thus far been induced 10
come into the market aid absorb these long
lines in any volume is indicated By the dis
regard OF current news manifested hy the
market The enormous demand for all
grades of dividend and interest paying Sc
, cu5ties not already advanced 10 prohibit
} tive figures shows the large amount of
money seeking investment, and affords
great material support 10 the more purely
speculative department OF the market The
plethcTic condition of the money market
thS return On investment securities also BY
raising the price. Increases in railroad
earnings and promises Of added profits Iy
consultations and refundiugS are discount
cd IN proportional rises in prices soon after
behsg announced. The buying az stocks on
the New York Exchange for S.ond0n ac-