The Indianapolis journal., 1899-02-19

posits of the New York clearing house
banks according to their statement of Feb.
IS, was within a very small per centage of
nine hundred millions Their cash reserve
is $25S, ,666 800, the heaviest accumulation of
funds ever reported by these institutions
In fact, the cash balance of the United
States treasury, including the one hundred
Million gold reserve, is only about fourteen
millions above this figure. Considered as
reserve it constitutes 2S.6 per cent of the
enormous deposit total. or So, ,37S, ,S25 more
than the p per cent. which is arbitrarily
held against deposit liabilities This is al
most $4,000 in excess of the idle cash re-
ported for the same week last year, and re-
veals the remoteness, under normal condi-
tons, of any probability that money may
go to an unusual figure owing to the activ-
ity of exchange transactions and the sums
required in the financing of trusts. The
banks, to tell the truth, are exhibiting a
degree of strength in the face of present
demands on them that is little short of
marvellous. Within the past week, despite
the increase of $9, ,113,2OO in deposits, necessi-
tating enlarged reserve requirements of over
twenty-four millions, their surplus reserve
decreased only little over ono million.
REAL GAIN IN CASH.
L lie gam III CdSn was l,l4U,0UU, tne de-
crease in surplus reserve of course being
due to deposit additions. Specie receipts
were $3.634,OOO. mostly from the Pacific
coast, and the losses of legal tenders were
about two and half millions. This shrink
age was due to shipments to interior insti-
tutions, but that the demand forecasts
continued loss is uncertain. as the interior
banks arg remarkably strong in reserves
and will nrob1hlU 10 a IN hot
own needs without calling on balances here.
The loan expansion of $S567,7OO, judging
from known conditions. ought to be traced
to Stock Exchange sources, especially with
reference to securities returned from
abroad. But a closer analysis of the state
ment indicates that special operations, in
volving two or three banks at the most,
have brought about the increases and de-
creases. Thus the deposits of one institu-
ton have been swelled about seven millions,
while its loans are at least five millions
heavier. Two other banks more than ac-
count for the difference over last week, so
that a large majority of the institutions, In
dividually considered, have added to their
cash resources during the week..
The total sales of stocks at New York,
Saturday, were 67S300 shares, including:
Atchison 16620; Atchison preferred, 1880;
GgnTl nds fenrs fsGnf g IsS HHsrbggf9n FAX FAX
Metropolitan, 1920; Reading preferred, 81, :
600; Missouri Pacific, 3i00; New York Cen
Pacific preferred, 11,62O; Ontario q Western,
$780, Rock Island, 19,520 Union Pacific g.
20; ST. Paul, 1920; Southern Pacific, $3.50;
Southern, 4,OOO; Southern preferred, $3.50;
Texas & Pacific, $500; Union Pacific pre-
ferred, 1900; Tobacco, 1366OO; Steel, 1000;
| Steel preferred, 1900; Peoples Gas, 1890;
Brooklyn Transit $780, Sugar 14,900; St.
Louis & Southwestern preferred, 400; Chi
cage Great Western, 3.225.
The net changes in stock prices for the
day were irregular, with slight fractional
advances predOminating, although in some
important stocks the advance was consider
able. The dealings were very large for
Saturday short session, almost 100000 shares
being traded in. London was early q seller
and later repurchased about half of that
amount. A more confident sentiment re-
garding the situation at Paris accompanied
the election of a President of France
Houses with Washington and Chicago con-
nections appeared as liberal purchasers and
the selling scattered. The feature of
the market was the sensational advance in
Tobacco, which made a net gain or IVA
after an extreme advance of almost 20. The
dealings in this stock were of very SEN
satonal character, the variations between
sales running either way from l to points
The movement was generally considered as
directed against the short interests. Various
reports were current of absorption or friend
Iy relations being established with the COM
panyS most conspicuous rival. but these
stories were denied in other quarters The
market became irregular after the opening
offset by confident buying in others. Bur
llngton was Jammed down points and the
other grangers and railways which have
been strong crumbled. Meanwhile Man.
haitian, which broke points on the order
for the removal of the elevated structure in
Battery Park, recovered most of its early
loss. 1t was the aggressive strength of To-
baccO which steadied the rest of the indus
trials, including Sugar. Metropolitan Street
railway and Third-avenue displayed consid-
cradle strength, as did also number OF
the low-priced stocks. including Texas Pa
cific, ST. Louis & Southwestern preferred
and Chicago Terminal. After the first hour
many stocks went up at a lively rate. The
appearance of the bank statement, while
about as expected, showing a decrease IN
about considerable realizing, but covering
of shorts lifted prices again to some extent.
The market closed active and strong.
THE BEARS SQUEEZED.
Advancing prices, like rising tide, stole
upon the bears the past week, waves of
purchasing orders forcing retreats from one
position to another. In the forepart of the
week the market was highly professional
and cautiously manipulated, lest the trading
become too wild and thus render conserva-
tive spectators and investors timid. Favor
able underlying features were not different
from those previously prevailing. but the
adroit ones having acquired stocks while
the market was semi-stagnant, wished them
10 advance ana as they ltted them IL be-
came follow the leader" which this week
was Burlington. Gratuitously disseminated
gossip that purely trading market was
to be expected had encouraged the putting
out of short lines, but the rising paper
values induced covering, which at times was
very urgent. The continued prevalence of
easy money was the backbone of the price
movement. Little impression was made on
prices by the increase in loans and decrease
in reserve shown by the bank statement
for the three Saturdays ending yesterday.
There were various reasons assigned for the
increase in loans, among them the financing
of many new industrial combinations, re-
funding schemes and amalgamations pend
ing of alien railway interests The strength
of the market, despite the storms hamper
ing traffic and reducing railway earnings,
at least temporarily. was Indicative of in
creased confidence. In fact, all unfaVorable
news including the death of the President
of France, with its possible complications,
made but a transitory imprint on values,
while favorable news or rumors Of pending
developments quickly recruited the ranks
OF the optimists
The weeks bond market furnished a num-
ber of features, including a revival of ac-
tivlty in the control of Georgia issues which
ordinarily are dull. The market generally
displayed an advancing tendency with a
considerable increase in activity towards
the end United States new f0urs and lha