The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-15

Silver certificates. 590sO11c: bar silver,
5914c; Mexican dollars, 4714c. At London bar
silver closed steady at 27lkd an ounce.
The imports of dry goods and general mer-
chandise at the port of New York for the
week were valued at IS ,O91. The imports
of specie were 's15,915 in gold and $77,265 in
silver. Exports of gold and silver to all
countries for the week aggregated $1Ol6,95O
silver and coin and $10S.SS gold.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. 81 1872 200
Loans, increase Observation-Disclosures. 3042 200
Specie, increase .....................4 742 500
Legal tenders, increase............... 2221, 200
deposits, increase NEUTRALITY-SUSPICIOUS.. 900
circulation, decrease. ............... 25,1OO
The banks now hold SIS 263.075 in excess of
the requirements of the % per cent. rule.
The New York Financier says: I'm the
face of a continued demand for funds. the
News York banks are gaining cash and add
ing to their reserves in large amounts. 1t
had been anticipated that the banks would
show a gain as a result Of the past six
| days business. but the net increase was
much larger than earlier calculations called
for The steady gain in specie reflects con-
tinued receipts not only from the West, but
from other points as we'll. In fact the gain
is exclusively from outside shipments since
present operations with the treasury are re-
sulting in weekly losses to the New York
banks. The expansion in loans coming
after the decrease of the week ending Jan.
is only logical. Stock dealings are on
such an enormous scale that borrowing on
collateral is resuming the activity noted
during the close of the year. 1t is not prob
able that the loans represent sterling opera
tons, as under present circumstances liqui-
dalton is more in order than expansion. The
cash receipts. coupled
increase, are responsible for the addition of
nearly 100000 to the deposit account, and
as increased reserve requirements necessi-
tated an addition of more than two and a
quarter millions to that fund, the gain in
reserve is now $2S.263,075 an amount larger
than has been reported since Aug. 20 last
when deposits were $95.000,00O less and loans
nearly $45.0O0,0O0 below the present total. AS
the movement towards New York is likely
to add heavily to the already idle cash
here 1t is only natural to anticipate an eX-
tremely easy money market for a long time
TO come accompanied by continued Stock
Exchange transactions on a larger scale.
OF course; unforeseen causes may operate
TO check the activity now so prominent, but
events seem to favor indefinite expansion.
With money abroad approaching our own
| level, gold import talk has subsidized. 1t is
an interesting commentary on present con-
ditions to note that the clearing house
banks while making new records from week
10 week In clearlngs and everything else,
have yet more Tide money to take care of
than they themselves like to see
Saturday were 70S,435 shares, including:
Atchison, q 900; Atchison preferred, $500;
Central Pacific, 1000; Chesapeake & Ohio,
$500; Burlington. 2S91O; Louisville & Nash
vile, 7,S00 Manhattan. 5,210; Reading pre-
ferred, $4,000: Missouri Pacific, $500; Mis-
souri,, Kansas & Texas, $3.50; New York
Northern Pacific preferred 1880; Oregon
Navigation, 3,24O Reading, 8.12O; Rock ISL
and. 26 42O: Union Pacific, 1870: st. Paul,
1890; Southern Pacific, 1000; Southern
Railroad, $3.50; Southern Railroad pre-
ferred 3O91O; Texas & Pacific, $500; Union
Tobacco, 4,5O0; Steel, 42,240 Steel preferred,
$3.50; Peoples Gas, $50; Brooklyn Transit.
$500; Pacific Mail, $3.50; Sugar, 1850.
WILD DAY ON CHANGE
Transactions on the New York Stock Elk
change Saturday were the largest for two
hour session in many years and had the
same volume continued for the usual five
hours trading it would have been within
quarter of a million of two-milIion shares.
AS it was. there were over 100000 shares
dealt in, and the average net rise in prices
was from 1 to points in the shares which
figure most extensively in the dealings.
There was a diversion of interest from the
Pacifics into higher-p priced stocks, the
grangerS being the gamers. The excitement
on the floor of the Stock Exchange was ire
mendous. There was an unusually large at
tendance of brokers for the short session,
as the constant influx of outside orders
rendered 1t necessary for the large dealers
to transfer considerable of their business
| to the hands of smaller brokers at the reg
ular commission between members. Stocks
were buoyant and active. High-priced rec
ords passed unnoticed in the confusion.
Brokers fought to execute orders and sim
ultaneoUS transactions in many shares were
widely apart. London had early received
large purchasing orders from this SIDE and
the quotations from that quarter showed
general advances. The rapdity of the rise
brought ont immense blocks on realizing
sales, but the sustained buying power of
the market absorbed all offerings after a
temporary reaction, and prices again
mounted upward The market halted mo-
mentarily pending the publication of the
weekly bank statement, but on it's appear
ance, showing as it did increases of S4,732,-
200 in the surplus reserve and So O42,2O0 in the
loan account, bullish enthusiasm was re-
sumed with violence. Commission houses
We're easily the largest buyers. The ex-
IRENE gains in the Pacifics were only frac-
tional while in the grangers they ranged
from 1, in St. Paul, to 3, in Burlingtons and
in the active coalers from l to 25s The Gould
and Vanderbilt stocks were comparatively
neglected, except Southern Railway. The
greatest strength and activity was shown in
the grangers, Atchison, the Readings,
Southern preferred, Federal Steel and
Brooklyn Rapid Transit Points of heavi-
ness were Great Northern preferred, Illinois
Central. Metropolitan, Lead and Laclede
Gas. Generally speaking, while there were
some sharp recessions from the extraordi-
nary high opening, the market regained
most OF the decline. The market closed with
some irregularity, but generally strong and
active, with important gains in many cases.
A noteworthy feature was q large rise in
Burlington on renewed gossip concerning the
prospective refunding of its outstanding
bonds. This talk, however, was little more
definite than usual. New York Air-brake
made an extreme advance of points. while
Southern Railway preferred and Atchison
preferred We're up over two points each and
Federal Steel common, which has lately
been rather neglected, although reacting
from top prices ended with a net gain of
1ss. The largest trading in any speciality
in Brooklyn Rapid Transit. which had an
initial rise of points on confirmation of its
acquiring control of the Nassau Electric
Company.
The weeks business altogether was the
most remarkable in the history of Wall
street. Transactions for the week in stocks
reached the enormous figures of $4,000,
making the daily average for the full days
sessions over million shares.
Dealings in the bond market were at
the semi-speculative issues. There was in
general a disposition to employ idle capital
in the stock trading where the rapid fluc-
tuations gave promise of a speedy profitable
return. Investment houses reported that
their books were filled up with orders for
prime liens and although issues of this char
acter came to hand through foreign sales,
vented any shading in prices. United States
seconds advanced and the threes and the
new fours, y in the bid price. United States
fives, coupon, declined y; United States reg
istered. 4, and the old fours, registered, a.
Following are the closing quotations on stocks
and bonds:
<Alclsoh rs
AAchtsou PREF Ola
baiuinoIe beSA
canada southern 55A
Central Pacific 46%
"a.