The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-08


Sterling exchange was steady. with actual
business in bankers bills at "a s4A "a s4ls for
demand and at s4.SA04S2 for sixty days;
posted rates, A.S212 and $4.S5la; commercial
bills, S4.S024gt4.
Silver certificates. 591z96O14c bar silver,
59lsc; Mexican dollars. 1890. At London bar
silver closed at q 5-16d an ounce.
The imports of specie for the week were
Sl63SS in gold and So, 7e6 in silver; dry goods
and merchandise 81 So 259. Exports of gold
and silver from this port to all countries
for the week ending Friday aggregate $780,.
2G0 silver bars and coin and $4,000 gold.
TIE New York weekly bank statement
shows the following changes:
Surplus reserve, increase. "a 349, 400
6toais oecfedse. 49V4' SOJ
specie, increase. ACKNOWLEDGEMENTS. 1855, 800
LeSai lenders. in erease.. ......... 624 GOD
Deposits, increase. .-................. S44, 900
Circulation, decrease. .................. AZ, 400
The banks now hold SO. 5SO,S75 in excess
of the requirements Of the % per cent. rule.
The New York Financier says: I'm view
OF the extraordinary speculative activity
the weekly statements of the associated
banks Of New York assume new interest
The current exhibit, in the sense that it
foreshadows easy money, and therefore
makes for continuance of those factors
which have been so prominent of late, is Of
favorable character. The week covered
has been marked by heavy dividend dis
bursements, and as the statement includes
only the beginning of these transactions. it
would not be strange if the real condition
of the banks at the close of business Satur-
day differed radically from the published
figures. In the main, it must be said that
the tendency of funds is as about set forth.
The banks gained heavily from the interior
during the week, some estimates placing
the amount as high as 5000 900. AS the
operations with the treasury resulted only
in slight loss, the published expansion Of
$5310,400 cash. $3.50, 800 of which was in the
form of specie, does not seem unreasonable.
The decrease of 81 ,504, 900 in loans is the first
contraction noted in some weeks. 1t is
rather difficult of explanation but probably
is to be traced to the cancellation of sterling
loans and the part played in the week )
business by the closing of the Baltimore d
Ohio reorganization. The real significance
of the statement is found in the cash
expansion. The certainty that reserves
viii be increased from this time on. by
interior remittances assures contnu-
ance of easy money. The present deposits
and loans of the New York banks are far
above previous records, and with increasing
idle reserves they can be expanded in
definitely
The total sales of stocks Saturday reached
4S0,100 shares, including 1920 Atchison, 400
Atchison preferred, 4,910 Central Pacific,
1850 Burlington 1850 Delaware q Hudson
1857 Louisville & Nashville, $500 Manhat-
tan 1900 Reading preferred, $500 Missouri
Pacific, 1870 Northern Pacific, 1920 Reading,
400 Rock Island. 10 40 St. Paul, $500 South
ern preferred, $500 Union Pacific preferred
loo Wheeling & Lake Erie, 16, 300 Tobacco,
So 700 Steel, IL 800 Steel preferred, IA 400 Peo-
pies Gas. 1880 Colorado Fuel and Iron,
6710 Pacific Mail 17,720 Sugar s. 400 Rubber
100 Western Union, 1900 ST. Louis & South
western preferred.
STOCKS IN DEMAND.
New York stocks resumed the upward
movement Saturday and in some cases adj
vanced materially. Efforts to bring about a
reaction were successful only in the initial
trading. There were moderate arbitrage
sales for London account, which aided the
reactionists' early efforts. The grangers
and Pacifics We're off fractionally while the
so-called Flower specialties - Brooklyn
Transit Federal Steel and Peoples Gas
were very sharply off. The execution of an
order to sell large block of stock at the
market caused a bad break in Tobacco.
This brought out further sales by reach
ing stOp-loss orders. Floor brokers in many
cases advised their houses that the move
ment in the general market was too violent
TO last, and presently buying orders pre-
dominated over those to sell. These pur-
chaSeS were largely increased on the ap-
pearance of the bank statement. which was
lyn Transit rose five points from the low
est; Peoples Gas. IA Tobacco, 23s; Sugar,
American Steel and Wire and Federal Steel
each: the grangers about point and
Atchison preferred, 3Ss Notable advances
We're made in American District Telegraph.
which rose s points; Colorado Fuel and
Iron preferred. 10; St Paul & Duluth, 512;
Delaware & Hudson. pa, and Rubber pre-
ferred 2i2 The close was active and strong at
the best Hesitancy and irregularity marked
the weeks fluctuations in values. The
underlying condition continued very favor
able in mercantile and financial circles and
market movements We're largely tecnnlcal,
owing to the recent steady advance. Promi-
nent interests were ranged on both sides, one
party marking up their SpecialtieS, bring
ing out a considerable commission house
following while others. having disposed of
their holdings. tested the market for a re-
action with some success on Friday and
early Saturday, but the market moved up
before the close. The conditions or a1alrs
in the Philippines and talk of friction be-
tween England and + rance, as Wen as q oe-
sire to realize profits, were assigned as fed-
sons for the selling for LONDON account
LOndOn's persistent selling on Dalance ual!y
initiated a nervous and unsettled trend in
early trading which, except on FRIDAY, was
as regularly overcome by subsequent rise
There were pronounced movements in both
directions in the specialties, while the stand
ard securities fluctuated less widely Grang-
ers for the week show fractionally irregular
changes while the Paclhcs, Northern "a
cific and Union Off point each. Amer
lean Steel and Wire is off 4s4 for the COM
mon ard 6 for preferred. The decline IN
nOunced advances for the week were Brook
lyn Transit II: Colorado Southern, first pre-
ferred = New York Air-brake and Tobacco
each and Pullman, AZ. The traffic re-
turns of railways We're in nearly all cases
unusually large, rejecting improved bust
ness conditions as much as of the increase
in the grangers. for instance, was due to
profitable return from the seaboard frame
ST. Paui's gross receipts for the fourth week
II December were unprecedentedly large, eX-
ceeding as they did last years returns for
the same period of over quarter OF a mil
lion dollars. The reports of the Louisville
and the Southern railroads for November
were also creditable A hardening tendency
in the money market call loans being often
bid up sharply. cOinCident with bear raids,
although it quickly receded to normal ng-
ures. at times distributed confidence OF mar
gin-hOlders of stocks.
IMPORTS OF GOLD.
A feature of interest was the import OF
million and a half of gold. petty payment
on account of Europes Indebtedness to
America, which is at present loaned abroad
The currency movement towards New York
which has already set in, seems likely TO
continue The bank reserve increase of
"a $40, 400 was largely due to this movement
Seasonable weather for the anthracite coal
trade at one time helped the coalers, nota-
bly, Reading. although disappointment was
expressed at the failure of the predicted adj
vance in coal to materialze al the begin
ming of the year. The purchase of coal
lands which ii was assumed would largely
increase the traffic of the Ontario q West