The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-19

| was STEADY d. ~ E12 per cent
Prime mercantile paper 904 per cent
Sterling exchange was frmer, with actual
business in bankers bills at $4.S41zq4S4A
| for demand and at $4S1s4Q4.S2 for sixty
days; posted rates. $4.S212 and $4S51z; COM
mercial bills. $4.&%.
Silver certificates. 591kG6Oc; bar silver,
5S5sc; Mexican dollars, 47c. At London bar
silver closed at q 9-16d.
! The gold and silver movement at New
York for the week ending Saturday was:
Exports of gold, $166, 400; silver, $751; 600. I'm
ports of gold 81, 800 243; silver, A,787 The
| imports of dry goods and general merchan-
disc at the port of New York for the week
were valued at SO, 443, 1874
The weekly statement of the New York
banks shows the following changes:
| Surplus reserve increased. ....... $3.50, $50
Goans' tncreased 549 coy coy
| Legal tenders, decreased ............ 495, 700
Deposits, increased ................... 10 lA2 200
| Circulation, decreased ............... 4360
The banks now hold $16 973, 937 in excess of
the requirements of the Is per cent. rule.
| STILL EXPANDING.
/ The New York Financier of Saturday
| says: THE New York clearing house banks
| gained So, GOO in gold last week. and as
| offsetting losses of legals were but $497, 800
| the net expansion of 81, 761, 100 in cash pro-
vided reserve heavy enough for the in
| crease OF $lO,lA 100 in deposits, brought
| about, for the most part, by the loan
pansion of $6,246,500, and left the banks with
| $Z5c,O75 more cash than they reported at the
| close of the previous week. The statement
| does not differ materially from that ex-
| hibit. 1t is favorable from banking stand
| point, pointed out in this analysis
last week, in its indication that the banks
| are finding employment for all the excess
| cash flowing this way. To what extent the
| expanding loans reflect domestic needs is
another matter. 1t is highly probable,
| however, that the current increase came
| largely from borrowing incident to the
nedVy business being done the New
YORK exchange. AT the same time holdings
| OF sterling Investments are becoming larger
from day TO day, and estimates of $50, 900, 900
/ are conservative. The latest trade reports
may be interpreted to mean that the ex-
| panslon which has been feature of the
statements of the New York banks for some
| weeks past is not at an end. Loans are
now $I3,OOJ,0O0 larger than on Oct. l, and de-
| posits in eleven weeks have risen almost
! $lO5, 10000 1t is needless to say that both
| items are far ahead of anything ever known
| IN the history of the banks But with this
! unprecedented growth the clearinghouse
| institutions to-day hold about 81 00O, 900 more
| excess reserve than reported in October. The
| mad been predicted. The interior move
| ment will become larger as the first of the
| year approaches. IL LllS proves true we
| shall probably witness a continuance of the
| operations which have swelled the bank to-
| tails of late; otherwise the demand for funds
| NAV curtail to some extent the available
| reserve and coincidently affected exchange
| to the point of gold imports. Some bank
| presidents are looking for firmer money
| rates after January, but that they can be
| maintained is rather doubtful"
The total sales of stocks at New York
Saturday were 276, 100 shares, including 1850
Atchison, 1926 Central Pacific. $500 Burl-
| ington $500 Denver & Rio Grande preferred
| 800 Louisville & Nashville, $500 Manhattan
trail, 4,Sl3 Northern Pacific, 1925 Union Pa
| cific, 16045 Union Pacific preferred, $3.50 st.
Paul, 1920 Southern Railway preferred, b.
| 1872 Federal Steel. 1882 Federal Steel pre-
| ferred, 3,490 Peoples Gas, $3.50 Sugar, 6,7S5
| Tennessee Coal and Iron.
| RALLY AT THE CLOSE.
The New York market Saturday, opened
| firm with rise of point in Union Pacific
Later, the irregularity in London which had
| been ignored in the initial trading was an
influence locally. There was a sharp break
| in the Vanderbilts, Lake Shore losing eight
| and New York Central and Canada South
ern over point. Local traction shares
were off sharply, especially metropolitan and
| Manhattan. Missouri Pacific also weakened
| decidedly. There was considerable strength
| in other spots Southern Pacific, Central
| Pacific, Denver preferred and Pittsburg
Cincinnati, Chicago & st. Louis. shares
| however, an improved tone set in, in which
| Baltimore & Ohio and Lake Erie & Western
stocks recorded substantial advances. The
average declines were less than per cent.
| The bank statement, which was more ia
| vorable than expected, was later than usual
| in making its appearance, but its influence
| helped the closing rally.
Last week was the largest on record for
| transactions in stocks and bonds, the sales
| of stocks being above four and a quarter
million shares, and those of bonds nearly
$40,0oO,0OO. The variety of stocks and bonds
| dealt in was also greater than ever before.
The market bulged early in the week. maxi
| ing high record prices later the movement
was, more hesitating and irregular, some
| stocks advancing while others declined.
| Aside from the temporary requirements for
/ January dividends money promises to con-
| tinue at reasonable rates because of the
| large trade balance in favor of the United
| States due to an excess of exports in five
months Of $24S, 100000 The financial horizon
| seemed clear but the money and loan mar
| ket continued to be watched narrowly, and
| as long as there was no cause for alarm
securities were bought confidently.
Gross traffic statements were very graft
| flying, the feature being the marked increase
in west-bound tonnage, which. included
| greater percentage of MANUFACTURED ar
| ticles Favorable railway returns from some
| sections which had reported falling off for
| q long time aroused considerable cheerful
ness, and round amounts of stock were taken
in anticipation of favorable net results. Lon
don operations were watched with consider
| varied tendency of the money market, which
showed appreciate hardening toward the
close The disposition abroad, excepting
| Berlin, however, was more favorable to
| American rails, and the net result of the
| arbitration purchases was in favor of bulls.
| The New York commission house business
was heavy, interest largely centering in rail-
| roads, The bulls, from time to time. took
| up one stock after the other and raised each
| in turn, in most cases to record figures.
RUMORS HELPED THE C. & A.
| The story of the acquisition Of the Chicago
| & Alton by various railroads in each in
stance gave strength to the property sup
posed to have acquired the Alton. Although
| 1t was understood that the property was
| On sale on favorable terms no deal took
| place, as far as known, but it was always
the last story that found believers. The
| coalers responded to cold weather condi-
| tons and to gossip that trade agreements
beginning with the new year would restrict
the output of both the anthracite and BIZ
luminous coal properties. Sugar, with it's
usual wild fluctuations owing to various
| interpretations of the trade situation,
| dropped points. Among the other indus
| important part, with prices rising strongly
| in response to encouraging statements.
| Atchison, Federal Steel and General Elec-
trio, purchases by a house which had
| been instrumental In raising the price of
other properties, were strong at most times
| and gave tone to the market at periods of
| hesitation. 1t was claimed for Federal
ent and prospective possibilities as exporters
| of their products rendered the movement
| not unreasonable. Metropolitan Traction
was left largely alone after its recent great