The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-05
A REACTION IN STOCKS
SHARES FOR SALE IN BUNDLES AND
PRICES BEGIN TO SLUMP.
Bank Reserves Show Decrease First
Time in Nearly Two MOnths-LOcaI
Business Not Satisfactory.
At New York Saturday money on call

At New York Saturday money on call
was steady at 215 per cent.
Prime mercantile paper, 21z@3I per cent.
Sterling exchange firmer, with actual bust
ness in bankers bills at $4S5Ad4S51k for de-
mand and at 81 4S3a4 for sixty days;
posted rates. $4S4g4S41a and $4S6Q48 615;
commercial bills, $4.S212.
Silver certificates, 5913G6O11c; bar silver,
593sc; Mexican dollars, 47c. At London bar
silver was dull, at 27ssd an ounce.
The gold and silver movement at New
York for the week ending Saturday was:
Exports of gold, $685. 2S6; of silver, $940, $50;
imports of gold, $576, So; of silver, $50. 256.
The imports of dry goods and general mer-
Chandise at New York for the week were
valued at $7,S56.31O.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ........... 81, 779, $50
Loans, increase ..........,.......... I3, lo4 4Vg
specie, increase 5, 1850
Legal tenders, decrease ............. $4,000
Deposits increase ................-.. is, 3S3, 000
Circulation. decrease ................ SO, 400
The banks now hold $685. 452,675 in excess
of the requirements of the Is per cent. rule.
The New York Financier says: THE
statement of the associated banks of New
York city for the week ending Feb. shows
a decrease in surplus reserve of 81, 779,350. the
first contraction noted since Dec. 10. The
shrinkage, in view of the enormous expan-
sion in loans and deposits, is moderate, be-
ing Offset TO a degree by the gain of 81
Sl6,900 in cash reported. The statement
seems to reflect in belated way the ac-
tNity of stock speculauons and probably
deals with the previous weeks business as
much as with the current operations. The
increase of SJE 1r4 400 II, Toops for pvapopIe
cannot altogether be charged to the past
week. as the volume of exchange transac-
tons fell off appreciably. The gain in de-
posts amounted to SIS, 3S5 ,000 which is about
normal taking the cash and loan expansion
into consideration. The actual expansion of
cash is less than had been figured, but
II is doubtful if the averages reveal
the full result of the gain from the
interior. A detailed analysis in fact, shows
that one bank gained over five millions in
specie, which is almost twice as much as
the net gain reported by all the banks. Spe-
cial operations and shifting of funds doubt
less have had much to do in bringing this
about. Taken as a whole, the statement is
favorable Never before have the totals ap-
preached such figures as are now being re-
ported, but, despite the unprecedented ex-
pansion of loans and deposits, the banks are
III AIS @oosdo-fVto lOiG CASH ana, WITH re-
ports oVerbalaneing disbursements. there
seems no limit to their power to meet the
demands made upon them. AS a matter of
fact, the New York clearing institutions
have doubled their business in a little over
two years. and still have surplus reserve
beyond the average. The current statement
may have the effect of temporarily stimu-
latng the money market, but it is too much
10 expect, even with an expansion in totals
such as the weeks operations reveal that
rates can maintain an advance. II will re-
quire a much more appreciate reduction of
surplus TO bring about a change of that
character"
Total sales of stocks Saturday reached
$500 shares. including 1850 Atchison, rs
ern, $50 Central Pacific 1850 Chesapeake
a Ohio 1906 Burlington, 3375 Cleveland
Cincinnati, Chicago x St. Louis. 7215 Den
Yer a Rio Grande. $3.50 Lake Erie & West
eFn preferred, 9190 Louisville & Nashville
1Z5ig Manhattan, 1870 Metropolitan APO
Reading preferred, n, 736 New York Central
10 Northern Pacific, 4S75 Northern Pacific
q san Francisco second preferred IL 42O
Union Pacific, go Union Pacific preferred
40llV 81. Paul. 3,47O Southern Pacific $3.50
b0uthern Pacific preferred, 61G PAPER & 400
IoDacco go Steel. $3.50 Steel preferred
s9zy Peoples Gas. 1920 Consolidated Gas.
s 100 brooklyn Transit. 4.020 Pacific Mail,
Vssae9 sugar o.SD Tennessee Coal and Iron
40 s.. Louis & Southwestern preferred
ba19 chicago Great Western.
SOME REACTIONS.
The New York stock market was strong
the greater part Of the day Saturday, but
early gains were lost and prices receded un-
~ they had made slight net loss on the