The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-29
ADVANCES IN STOCKS
THE WEEK CLOSED WITH BIG GAINS
OVER PREVIOUS WEEK.
Business ExceIIed All Records and
Conditions Favor the Bull Move
ment - Local Trade.

At New York, Saturday. money on call
Was tirmer at per cent.
Prime mercantile paper, 21a@3A per cent.
Sterling exchange was steady, with actual
business in bankers bills at 81. S4a4G4.85 for
demand and at S4.S215@4S5 for sixty days;
posted rates. $4.S31z and $4S51k; commercial
bills $4S2. .....
Silver certificates nominal, at 5914G6O14c;
bar silver $3.50; Mexican dollars, 471sc. At
London bar silver closed steady at q 7-16d
an ounce.
The imports of specie for the week were
Si5SC2 in gold and SOS ,S91 in silver. The i'm
ports of dry goods and merchandise at the
port of New York were valued at 81 Az, 556.
The exports of gold and silver to all coun-
tries aggregated $lOOO,OSS, silver bars and
coin, and $50 $50 gold.
The New York weekly bank statement
shows the following changes;
Surplus reserve, increase. 81 53S, $50
loans increase ''......'.........-... 692G,690
9peCle, increase ..'..'................ 6,4ll, UO
Circulation, decrease ................ 739, 300
Deposits increase ................... II, 563 400
The banks now hold $S9, 232, ops in excess of
the requirements of the % per cent. rule.
The New York Financier says: "Esti-
mates as to the amount of cash gained by
the New York clearing house banks for the
week ending Jan. q were very much at
variance with the actual results disclosed
by Saturdays statement. Treasury figures
proved that the operations for the past six
days We're against the banks by nearly or
quite $60OO0O. The interior movement had
been counted on to swell cash totals about
100000 Instead of that. however, the re-
ported gain was no less than $7679,2OO, of
,f,l, in, I,a
Obviously this expansion does not repre-
sent exclusively interior receipts. This con-
cIusion is borne out by the fact that one
large bank alone reports an increase of
nearly five millions in gold or almost 90
per cent. of the total cash gains for the
week. In other words the increase of Sc, O20,-
600 in loans by all the banks brought down
the reserves of some individual institutions
even in the face of the heavy gains in the
average surplus holdings The deposits,
owing to the loan and cash expansion,
show an increase of So 563, AGO. bringing the
total to 1851, 800, a figure altogether I'M
precedented. Despite the increase reserve
requirements, the surplus is four and one
half millions higher than week ago, and
Is now S39, 252,O23. such statement lore
casts but one conditional continued easy
money market. accompanied, probably, by
further manifestations OF the expansion
which has been prominent factor for sew
eral weeks past. Still, the policy of the
banks is one of conservatism and they are
not making extraordinary efforts to employ
their surplus in any but secure channels.
The spirit of discrimination against over
inflated collateral is based on soundest
Judgment and while the institutions have
not prOfted on the present uprise IN values,
they are in a position where they can direct
10 a large extent the course or tWure specu,
IatiOn in safer directions. In the opinion of
some conservative officers the present con-
dition of the money market is rendering
4. oh
practices as applied to the flow and ebb
of money to and from this center ,oo
The total sales of stocks were 9bt, SUO
shares including Atchison, 5.525 AtchiSon
preferred 81. $40; Central Paclhc, SOU; Ches-
apeake & Orio, 81 no; Burlington. 1900; Lou
isville 4 Nashville, 9,4S9; Manhattan, $50;
Metropolitan. 1855; Reading preferred Is 40;
Missouri Pacific. 1925; New York central
S270; Northern Pacific. 5000 Northern Pa
cidc preferred 1850; Ontario & Western,
S160: Rock Island. Z, 1885, St. Louis & South
ern. l2,3o); St Louis & Southern second pre-
ii DO Southern Pacific, 1850; Southern
Railway. II 30; Southern Railway preferred,
I0i69 steel preferred. $50: Peoples Gas,
2s,430 Brooklyn Transit. 600; Pacific Mail;
1920 Sugar $3.50 Tennessee Coal ana
Iron. u720: Leather 4lU9i Leather pre-
ferred. $3.50: Rubber 5000; St. Louis South
western. 1880 St Louis southwestern pre-
teIred, 324O; Chicago Great western S'SoO.
STOCKS STILL STRONG.
The New York stock market was quite ir-
I'm spite of the irregularity in the London
market. because, in part, of the absence of
disquieting Philippine advices, which APP
parently had been expected by the traders,
who started covering short contracts. Pres
entity there was a renewed attack on values
on predictions of an unfavorable bank state
ment but when the statement appeared 1t
upset all calculations by being very favor
able This was the signal for the repur-
chase OF stock sold earlier. which gave
strong tone TO the closing. There were
some recessiOns in the railways, however,
on the evening up Of contracts FOR the Week
Sugar and Glucose gained over point
each but IL seemed to be the impression OF
traders that Sugar was advanced in the IN
terest OF sellers. while in other quarters the
simultaneous advance Of Glucose and sugar
was surmised to pressage favorable trade
Developments Among the Paclnes mere
was an advance Of over point IN Northern
and Southern. The movement IN NortneTn
Pacific was attributed to more conndent
gossip regarding its dividend standing IA