The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-09

nc new 4OTk weekly Dd1lk statement
shows the following changes:
Surplus reserve, increase. ... Sc, 475 S25
Loans, increase '...................... ,y92 SO0
Specie, increase ..-..............---. 1891 500
Legal tenders increase .............. 1850 100
DepoSllS, increase ~, 5zS 3OJ
Circulation increase ..........,...... 81 700
The banks now hold $22, 264,575 in excess of
the requirements of the % per cent. rule.
The New York Financier says: THE con-
ditions outlined in the analysis of the New
York bank statement for Dec 81 indicating
an easier money market are reflected in
still more noteworthy degree in the exhibit
of the clearinghouse institutions for the
week ending Jan. g. The banks have gained
heavily in cash and deposits. and the sur
plus is $6475,S25 larger than seven days
ago. The statement includes the dividend
period covering the first of the year. What
this means is shown in the fact that the
clearings for the week in New York exceed
81 ,0Oo,0O0,0O0. The expansion of $1O52S, 300 in
deposits and the gain Of 50 101, 900 cash rep
resent the payment of interest which
has been made. Part of the increase, how
ever. can be attributed to the interior move
ment, which is bringing $2,e00,OO0 to New
York every week. This money first
attracted by the temporary high rates pre-
Vatling, but its return from this time
viii be purely. nominal operation. The
reserves of the New York banks for years
past have been swelled from January we'll
into the spring season by interior remit
tances, the expansion being regulated by
current business conditions There is no
reason for believing that this movement will
be less now than in former years. and the
only inference is that money will be easier.
As the trade balance in favor of the United
States seems to be growing ii would not
be strange If the investments in sterling
exchange, $40 900, 000, were increased. This,
however, is dependent solely on the course
of money rates abroad. The Bank of Eng
lands reserve is lower than for years, but
hN0 fr4Ora &c 1lxr Ia Of far
the beginning of the year, 1t looks as If
money in Europe We're following the same
course as In the United States. In that case
the surplus funds OF this country will have
to seek domestic channels for employment.
II need not be repeated that it will neceS-
state a most favorable outlook to absorb
the full total of the money now available.
: The fact that the treasury is getting on
q Self-sustainlng basis may relieve the sit
res fbat bas beeS nouIpp into the mar
ket because of continued deficiencies. An
other factor is the gradual withdrawal of
government deposits now in the New York
banks. The demand for loans is increasing,
also, and will operate to steady rates"
Total sales of stocks, 2244oO shares. in
400; Illinois Central. 4.671: Manhattan, 1857;
Missouri Pacific. 1915; New York Central.
cific preferred, II. 7s5: Rock island, $3.50: ST
Paul. 1870: Union Pacific, $500; Northern
Pacific, Denver & Gulf, $3.50; Wabash pre-
ferred AGO. American Tobacco, 4945; Chi
cago Great Western. $3.50; General Electric.
6lS5; Sugar. il. 40; Tennessee Coal and Iron,
$3.50: Western Union, 1898.
There was profit taking on quite a large
scale in the New York stock market yes
terday, after an additional advance In
should be taking Of quick profits after such
a sharp rise as that of the last two days
was to be expected. and the professional
dealers who bought stocks late on Wednes-
day and Thursday sold their holdings
the most active and strongest issues.
realizing was quite pronounced in ITS
New a
reacted more than a point from Ugh
level of the morning. There va renee
of continued realizing. also ir local
traction companies These p:a es have
advanced steadily all through IL ,iullness
ami depression of the last Few weeks. APP
paTently on pool operations. and the pres
ent general strength of the market IS being
awaited of to take profits in these Some
of the anthracite group also continued un-
dictionary tendencies. the general tone OF
the speculation continued strong and CON
fident. Business was on a large scale, and
embraced a large number of different is
sues, some of the usually inactive stocks
being brought into prominence by sharp
advances. The pressure of large sums Of
newly disbursed money seeking reinvest-
ment was reflected in the demand for higa
grade investment stocks, the Vanderbilts
advancing or an avera &c point more.
Lake Shore was helped by the report that
some SO coo CT that eompany's old high
interest-bearing bonds had already been
exchanged for new refunding three-and-a
halls, with consequent saving in ANIMAL
for bonds also continued very heavy. There
was one transaction of 100000 of New
York Chicago & 81. Louis fours at l07.
Prices OF high-grade bonds generally are
now at the highest. and the pressure OF in
vestment funds forces money into the mid
die and lower grade issues. Realizing at
the close reduced prices considerably from
the best and in some cases wiped out ear
Her gains. This caused easy closing.
with net changes mixed between gains and
losses.
STRONG WEEK ON CHANGE.
The expected has happened in the stock
market this week in an outbreak Of some
thing very like furore OF speculation and
am upward rush of prices of pretty much
all grades of securities. There was a halt
in the anticipated awakening OH Monday
and Tuesday and some declines due to sew
eral causxs. but primarily TO disappoint-