The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-27
THE WEEK, HOWEVER, THERE
ARE SEVERAL NOTED GAINS.
When Foreigners Began to Buy
Prices i'm Wall Street sIumPed-LO-
cal Markets RENAL Active.

D SN AfN O. oAN&Ng AZ StVbO Oil
ounce.
Exports of gold and silver from New York
to all countries for the week aggregated
1898. o25 silver bars and coin, and $21, 2s3 gold.
The imports of specie last week were 49, 67
in gold and s92,O 54 silver.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease. OBS, 925
Loans, increase II, 963. so
specie, increase $1,000
Legal tenders, 1211,6OO
Circulation, increase .................. 1900
The banks row hold $50, 1874, 800 in excess of
legal requirements.
Total sales of stocks at New York, Satur-
day, were 500. 100 shares, including: Atchison,
$50; Atchison preferred, $500; Central Pa
cine, $3.50; Chesapeake a. Ohio, 1850; Bur-
llngton, 25,09O; Louisville & Nashville, 4&45;
Metropolitan, 1850; Northern Pacific, 1870;
Ontario & Western, 1890; Rock Island, TO-
$40; Union Pacific, S,723; st. Paul, 1850; Tex
as q Pacific, 4,300; Union Pacific preferred,
1910; Tobacco. 1895; Steel, II, 620; Steel pre-
ferred. 1854; Consolidated Gas, 4,4S5; Brook
Ign Transit, 4,12O; Pacific Mail, 1855; Sugar,
37,140; Tennessee Coal and Iron, 1880; Leath-
er preferred, 300; Rubber. 4,250.
The New York stock market worked frac-
tionally lower Saturday on dealings of a
half million shares during the short session.
The Philippine situation consumed to be used
as a bear argument with. the present ele-
ment, which was largely in control of the
market. There were various rumors afioat
favorable to the specialties, including To-
bacco, Sugar. American Stel and Wire, In
ternational Silver and Third-avenue Rail
way, but lacking of Insiders
were said TO have given assurances that the
regular dividend disbursement might be eX-
pected in Sugar, and forthwith the stock
rose 5 points from the lowest. 1t was assert
ed that Tobacco earnings were large ana
that the company was backing those sScur-
ing control of the Cuban cigar-maklng
| nl9nfC huf this WAS in a measure onset DIV
denials from Union Tobacco company
sources that there would be a consolidation
with the American Tobacco Company, which
made only a fractional gain. Reports of the
acquisition of other concerns and earnings
gossip were responsible for a sharp rise in
American Steel and Wire, only a tractlon or
which was retained. Favorable trade adj
vices lent strength to International Silver.
The feature of the dealings both here and
abroad was the large demand for New York,
Ontario>& western on the expectation that
because of it's new acquisitions in the coal
lands the company would profit by any i'm
provement in the anthracite trade. The
stock gained 2 points on transactions of al
most 10000 shares. In the general market
the opening was hesltatlng, put q pro-
nounced tone soon developed and prices ran
off sharply on liquidation in the specialtieS
and successful drives against the grangers,
Atchison preferred and Northern Pacific.
Renewed buying of Sugar and like proper
ties rallied the market, but the bank state
ment fulfilled bear expectations, showing
another decrease in reserve or over $4,OOO,OU,
and an increase in loans of nearly Sl3,OOO,OU
and brought heavy realizing, particularly
among the high-priced stocks. Toward the
close Sugar and Tobacco started upward
again and the general market tailed on.
Third avenue. which has been extremely
conservative in its movement until late, as
sumed a commanding position among the
erratic specialties, rising 1917 points, to 238.
The rise was attended by a reiteration Of
the various reports concerning the property
which, as yet, lacks authenticity. The mar
ket closed firm with a general rise in
progress.
THE WEEK ON CHANGE.
The movement of stock prices for the
week were extremely irregular with losses
prevailing among the standard stocks in
GLIDING Northwest, A; Burlington, 8; New
York Central, 2A; Pennsylvania, Us, and
declines of 2s for Southern Pacific and 2
for Central Pacific. There were some very
pronounced gains, however, among the local
stocks, including Third-avenue Railroad,
Ar; Consolidated Gas, 1875, and Brooklyn
Union Gas, 6. Among the Industrials the
maximum gain was that of Tobacco, S1A,
while the preferred rose Z; American Steel
and Wire, 1873, the preferred and Sugar, 3A.
The enhancement Of these shares conveys
an idea of the part professional manipula-
ton played in the weeks market. Other no.
table advances We're New Jersey Central,
Az; Ontario q Western, ga, and Chicago
Great Western a, s. Generally speaking
stocks were inclined to advance until Lon
don reversed her tactics, and purchased
some stocks on Thursday for the fortnightly
settlement. But, as often happens, stocks
were freely supplied when there appears an
inclination to buy abroad, and although
the market was again opened up on Friday,
the tendency Of the general list continued
downward. The feverish dealings were sug-
gestive Of a renewal of professional control
OF the market operations. The enormous in
crease in paper values of trust stocks,
brought about cautious realizing elsewhere.
Tobaccos exceptional buoyancy was seemed
merely a drive of obstinate shorts, which
may turn out to be the case, but
it was asserted with but feeble de-
niais that the company was to gain
practical control of the trade by a union of
the rival companies, the details being with
held. The continued demand fer the finished
iron products with advancing prices and
tonic TO the American Steel and Wire stocks,
while the Federal Steel stocks at one time
sympathized in the movement, but later lost
their advance. The punishment of the To-
bacco shorts begot apprehension among
those having outstanding. short commitment
in Sugar and there was hasty covering. The
persistent rumors that events were shaping
themselves toward an arrangement for a
uniform control of Anthracite production
and prices were reflected in the rise of New
Jersey Central and New York, Ontario q
Western. Burlington receded after the an
nouncement that the refunding plan adopted
was of much lesser scope than the bulls had
anticipated and that an issue of more stock
was contemplated. This Sympathetically
affected other railways.
The continued expansion of loans, which
nave increased over sol ,OUO,UOO In i've weeks.
as being largely attributable to foreigners
returning our securities, was not altogether
reassuring, while on the other hand the
enormous increase in bank clearings re-
fiected the activity of general business, in
which, moreover, the failures were the
smallest in years.
A constantly large excess of exports over
imports and easy money, as well as favor
able wheat crop advices even after the
storm, were features of confidence. The
sterling exchange market was strong for
several reasons. the return from abroad of
American securities, a comparative scarcity
OF commercial bills and some ~discounting of
the probable payment of the indemnity to
spain. Pending a complete and satisfactory
explanation of the words political rea-
sons, used by the commander of the Amer
lean naval forces in the Philippines in re-
queStlng the presence of q battle shin. q
sinister Interpretation was put forward by
some speculative interests, but generally
there was some disposition to be noncom-
initial until the circumstances were eluci-
dated. The dealings for the week were
about 100000 shares in excess of the week
before. ~
The weeks bond market, while somewhat
irregular, showed a good undertone. Strik-
ing gains were made in many issues which
hitherto moved narrowly. United States
price. w
The New York Financiar SAYS: The bank
statement for the week ending Feb. % is
remarkable in that 1t shows an actual loss
in cash, the first noted for some weeks. The
decrease is small, but, coupled with the ex-
ira reserve requirements necessitated by the
expansion of nearly thirteen and one-half
millions in loans, the result has been a de-
crease of S4,000.O0 0 in surplus. bringing thar
item IN thirty and ODe-thirJ po{Ii{o1s