The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-20

SILVER, OS24c, mexican uOlldIS, ti14C. al ~
don bar silver closed steady at 2712d an
ounce.
The imports of dry goods and general
merchandise at New York for the week end
ing Saturday, were valued at S. O,341. Ex-
ports of gold and silver from New York to
all countries for the week aggregate $940, SS6
silver bars and coin and $11,OOO gold. The
imports of specie were $780, COL in gold and
$5S. 348 in silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. 81, 1873, 900
Loans, increase 6,56l, 700
Specie, increase ................... 3,634,00
Legal tenders, decrease .............. 2,493, 700
Circulation, decrease ................. 1890
The banks now hold $34,373, S25 in excess of
the requirements of the % per cent. rule.
The New York Financier says: The de-
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, $50, 900, 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 a
reserve it constitutes 2S.6 per cent. of the
enormous deposit total, or $34, 1913, S25 more
than the % 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-
tions, 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 new 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 SO, 113, 200 in deposits, necessi-
tating enlarged reserve requirements of over
t~wenty-four millions, their surplus reserve
decreased only a little over one million.
REAL GAIN IN CASH.
1.-THE gain in cash was 81, 140, 300, the de-
crease in surplus reserve of course being
due to deposit additions. Specie receipts
were 1864, OOO, mostly from the Pacific
coast, and the losses of legal tenders were
about two and a half millions. This shrink
age was due to shipments to interior insti-
%tutions, but that the demand forecasts a
continued loss is uncertain, as the interior
banks are remarkably strong in reserves
and will probably be able to supply their
own needs without calling on balances here.
The loan expansion of 1885,, 700, 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,
Uhfln r lnnr . nPn or lnnGf Rvvn
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 $4,000 shares, including:
Atchison, $500; Atchison preferred, 81, 800;
Illinois Central. 5',tii60;' Mammalian, 1906:
600; Missouri Pacific, 3,4O0; New York Cen
trail, $780,; Northern Pacific, 10000; Northern
Pacific preferred, 11.620; Ontario & Western,
200; st. Paul, 1920; Southern Pacific, $3.50;
Southern, 1900; Southern preferred, $3.50;
Texas & Pacific, $500; Union Pacific pre-
Steel preferred, 1900; Peoples Gas, $500;
brooklyn Transit, $500; Sugar, 1880; 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 a
Saturday short session, almost 100000 shares
being traded in. London was early a 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 was scattered. The feature Of
Tobacco, which made a net gain of IN
after an extreme advance Of almost %. The
dealings in this stock were of a very SEN
sational character, the variations between
sales running either way from / to 4 points.
The movement was generally considered as
directed against the short interests. Various
reports were current of absorption or friend
~ 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
exhibition of strength, realizing sales being
offset by confident buying in others. Bur-
lington was damned down 2 points, and the
other grangerS and ilWa which have
been strong crumbled. Meanwhile Man
haitian, which broke 3 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
cradle strength, as did also a number Of
the lOW-priced stocks, including Texas Pa
cifc, 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
surplus and an increase in loans, brought
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 a 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
to advance and as they lifted them it be-
came follow the leader" which this week
was Burlington. Gratuitously disseminated
gossip that a 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
of many new industrial combinations, re-
funding schemes and a~malgamations, 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.