The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-09

demand and at 4.S124Q4S2 for sixty days;
posted rates, $4.S212 and $4S51a; commercial
bills. $4.S0$4@4S14.
Silver certificates. 591k0e01ac; bar silver,
591sc; Mexican dollars. 1890. At London bar
silver closed at q 5-16d an ounce.
The imports of specie for the week were
$16,3SS in gold and $32, 766 in silver; dry goods
and merchandise, $685. 59. Exports of gold
and silver from this port to all countries
for the week ending Friday aggregate $685.
200 silver bars and coin and $67O0O0 gold.
The New York weekly bank statement
shows the following changes:
Surplus reserve, increase. 81, 349, 400
Loans decrease. ACKNOWLEDGEMENTS. 4,504,900
Legal tenders, in crease .............. ,624 500
Deposits, increase. ..................... 3,S44OO
Circulation. decrease. 4l2,4O0
The banks now hold $23, $780, 375 in excess
of the requirements of the rs 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 a continuance of those factors
which have been so prominent of late is of
a 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 about set forth.
The banks gained heavily from the interior
during the week. some estimates placing
the amount as high as 100000. AS the
operations with the treasury resulted only
in a slight loss, the published expansion of
s. $40 400 cash, $S,6S6SOO of which was in the
form of specie does not seem unreasonable.
The decrease of 81 504, 800 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 5
business by the closing of the Baltimore q
Ohio reorganization. The real significance
of the statement is found in the cash
expansion. The certainty that reserves
will be increased from this time on by
interior remittances assures continu-
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 15.120 Atchison, g., 400
Atchison preferred. 1910 Central Pacific,
1850 Burlington, 1850 Delaware & Hudson,
1857 Louisville & Nashville, $500 Manhat-
tan, 1900 Reading preferred, $3.50 Missouri
Pacific. 1900 Northern Pacific, 1920 Reading,
400 Rock Island, 0,420 ST Paul, $500 South
ern preferred, 1900 Union Pacific preferred,
1000 Wheeling & Lake Erie, 1920 Tobacco,
80 700 Steel, IL 800 Steel preferred, 400 Peo-
pies Gas 1880 Colorado Fuel and Iron,
6710 Pacific Mail. 17,720 Sugar, 1920 Rubber,
800 Western Union, 4,600 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
reaction were successful only in the initial
trading There were moderate arbitrage
sales for London account, which aided the
reacuonists' early efforts. The grangers
and Pacifics were 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 APP
pearance of the bank statement which was
far more favorable than expected. Brook
Ign Transit rose five points from the low
est; Peoples Cas- 1A; Tobacco, 23s: Sugar,
American Steel and Wire and Federal Steel,
Z RfanRSGS
Atchison preferred, 33s. Notable advances
were made in american District Telegraph.
which rose 8 points; Colorado Fuel and
Iron preferred. 10: st. Paul 4, Duluth, SIG;
Delaware & Hudson pa and Rubber pre-
ferred 212. The close was active and strong at
the best. Hestancy 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 technical,
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 re-
action with some success on Friday and
early Saturday. but the market moved up
before the close. The conditions of affairs
in the Philippines and talk of friction be-
tween England and France as well as de-
sire to realize profits, We're assigned as rea-
sons for the selling for London account.
London's persistent selling on balance daily
initiated a nervous and unsettled trend in
early trading which. except on Friday, was
as regularly overcome by a subsequent rise.
There were pronounced movements in both
directions in the specialties. while the stand
ard securities f1uctuated less widely Grang-
ers for the week show fractiOnally irregular
changes, while the Pacifics. Northern Pa
citic and Union, are off point each. Amer
lean Steel and Wire is off 4s4 for the COM
mon and for preferred. The decline in
nounced advances for the week were Brook
lyn Transit, H. Colorado Southern. first pre-
ferred,, :; New York Air,brake and Tobacco
edCn anu GullIldu f12. Inc lTdluC re-
turns of railways were 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 a
profitable return from the Seaboard traffic.
St. PauHS gross receipts for the fourth week
in December were unprecedentedly large ex-
ceeding as they did last years returns for
the same period of over a quarter of mill
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 fig
ures. at times distributed confidence of mar
gin-hOlders of stocks
IMPORTS OF GOLD
A feature of interest was the import of
million and 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
81 349 400 was largely due to this movement
Seasonable weather for the anthracite coal
bly, Reading, although disappointment was
expressed at the failure of the predicted adj
vance in coal to materialze at the begin
ming of the year The purchase of coal
lands, which II was assumed would largely
ern because Ii was made by parties friendly
to that road. gave the stock a sharp turn
UPWARDS The delicate character of the re-
Organization of the Hooking Valley was a
sales by those dissatisfied caused a break of
10 points in the per cent bonds, p in the
skies and in the preferred stock Colorado
Southern, which Is the new company organ