The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-30


bills S4.s2
Silver certificates, nominal, at 5912q6O19c;
bar silver, $3.50; Mexican dollars, 471sc. At
London bar silver closed steady at q 7-16d
| an ounce.
| The imports of specie for the week were
$l5S.012 in gold and SOS ,S91 in silver. The inn
| ports of dry goods and merchandise at the
| port Of New York were valued at Sl1, Az $50.
The exports of gold and silver to all coun-
tries aggregated $1,OOOOSS, silver bars and
| coin and $s9, 300 gold.
The New York weekly bank statement
shows the following changes:
! Surplus reserve, increase. $685. $50
Eoa nis' increase .'.......''.' e3 ~ S00
| Legal tenders, increase. 1851, 40
Circulation, decrease ................ 739 300
deposits, increase .................. II 563, 400
The banks now hold $39, 232 1O25 in excess of
| the requirements of the rs per cent. rule.
The New York Financier says: "Esti-
mates TO the amount of cash gained by
the New York clearing house banks for the
| week ending Jan. q were very much at
| variance with the actual results disclosed
! by Saturdays statement. Treasury figures
! proved that the operations for the past six
| days were against the banks by nearly or
! quite $6OOO0O. The interior movement had
been counted on to swell cash totals about
100000 Instead of that, however, the re-
| ported gain was less than $7,679, POO of
| which $6,411 800 was in the form of specie.
| Obviously this expansion does not repre-
| sent exclusively interior receipts. This con-
| clusion is borne out by the fact that one
| large bank alone reports an increase of
! nearly five millions in gold, or almost 60
| per cent. of the total cash gains for the
week. In other words the increase of Sc, 02O,-
| 600 in loans by all the banks brought down
| the reserves of some individual institutions
even in the face of the heavy gains in the
/ average surplus holdings. The deposits,
owing to the loan and cash expansion,
show an increase of $12, 500, 400 bringing the
| total to 1851 637 500, figure altogether UNI
precedented. Despite the increase reserve
requirements the surplus is four and one
half millions higher than a week ago, and
is now $39, 232O25 Such a statement fore
casts but one conditional continued easy
money market, accompanied. probably, by
further manifestations of the expansion
| which has been a prominent factor for sew
| eral weeks past. Still, the policy of the
banks is one of conservatism, and they are
not making extraordinary efforts to employ
| their surplus in any but secure channels.
| The spirit of discrimination against over
| inflated collateral is based on soundest
J
not profited on the present uprise in values,
| they are in a position where they can direct
| to a large extent the course of future specu,
! lation in safer directions. In the opinion of
| some conservative officers the present con-
dition Of the money market is rendering
| imperative some changes in existing bank
| practices as applied to the flow and ebb
of money to and from this center
The total sales Of stocks were 5Si. 500
preferred, $3.50; Central Pacific, SOLO; Ches-
apeake & Orio, 81, no; Burlington, 1890: Lou
H. o ylxrfIlo ATnra hot faT1
| Metropolitan. 1855; Reading preferred 1910;
Missouri Pacific APPS; New York Central,
! cifc preferred, 1850; Ontario & Western,
$3.50; Rock Island T. 755: St, Louis & South
ern, 900; St. Louis & Southern second pre-
ii 220; Southern Pacific i2,S50; Southern
Railway 1920 Southern Railway preferred
| 1O16O; Steel preferred, 1850: Peoples Gas
| % 400; Brooklyn Transit, 5000; Pacific Mail
1880; Sugar, 52.550; Tennessee Coal and
ferred. $3.50; Rubber 5000 St Louis South
! western. 1890; ST. Louis Southwestern pre-
| feTred, 3,24O; Chicago Great Western, $3.50.
STOCKS STILL STRONG.
The New York stock market was quite r-
regular Saturday. The opening was strong
in spite of the irreguarity in the London
market, because in part of the absence of
disquieting Philippine advices, which APP
parently had been expected by the traders
who started covering short contracts Pres
emily there was renewed attack on values
on predictions of an unfavorable bank state
| ment, but when the statement appeared it
upset all calculations by being very favor
| able. This was the signal for the repur-
| chase of stock sold earlier which gave a
| strong tone to the closing. There were
some recessions in the railways, however,
| on the evening up of contracts for the week
| Sugar and Glucose gained over a point
| each, but it seemed to be the impression of
! traders that Sugar was advanced in the in
| terest of sellers, while in other quarters the
| simultaneous advance of Glucose and Sugar
was surmised TO pressage favorable trade
| developments. Among the Pacifics there
was an advance of over point in Northern
| Pacific was attributed TO more confident
| gossip regarding its dividend standing. Pa
outlook for the mail subsidy bill in Congress.
| Minneapolis and st. Louis at one time dis
played strength on the possibility of the
first preferred stock being retired The
/ prospective advance in coal rates at Western
points was reflected in some strength in
| Reading. Among the low-priced shares St.
| Louis q southwestern preferred rose four
points and st. Louis & San Francisco sec
ond preferred, 23s. Pittsburg, Cincinnati,
/ and Southern Railway were also strong.
| Among the industrials American Steel pre-
! ferred and American Malt were weak.
| Canadian Southern and Cleveland, Cincin-
natl, Chicago " st. Louis preferred also
| showed declines.
| This a Vanderbilt week in the stock
| market The dealings were over 1885, COO
! shareS, with fluctuations showing great ir-
| regularity, but with an upward tendency.
! There were many reported deals associated
| with the Vanderbilt name and the stocks
! affected moved widely, according as the
! various rumors were believed discredited.
! 1t was said that New York Central, North
west and Union Pacific were to be ANAL
| gamted, that Lake Erie & Western, through
! options secured on stocks. would be found
under the New York Central control; that
! New York Central projecting an ar
rangement with the West Virginia Central,
( and that Chesapeake q Ohio would be
merged with the Cleveland Cincinnati, Chi
| cago & st. Louis AS matter of fact it
was said that the Vanderbilts were increas-
/ ing their holdings in various properties with
| which they were identified, but rumor assoc
| railroads as being in the interest of the
| Nanderbilts, whenever the roads location
! was such as to lend credence to the report.
| The unruffied condition of the money market
| in face of the unprecedented volume of
| transactions in stocks and bonds reas-
| surfing, and in a sense confirmed the public
| conception of the marvelously favorable con-
| ditions prevailing in industrial, agricultural
and financial circles in America.
Excellent railway returns came to hand
! from various sections of the country. Sixty
one railways increased about ga per cent.
! in gross earnings for the third week in jan
! uary. Among the December statements Of
net earnings st. Paul showed an increase
| of over one-third of a million dollars, while
| Burlington increased $4,000. Lackawanna'
annual report was an exception TO the gen.
eral favorable returns, showing as it did
deficit of over half a million dollars, but il
was received with speculative Indifference.
! The bank statement was far more favorable
tod -c icr .4Fa1a