The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-20

business in bankers bills at $4.s5i4G4S5I2 for
demand and at $4s3A for sixty days: posted
rates, $4s41h and S4S61z; bar silver, SO 1850;
Mexican dollars, 4724. AT Londan bar silver
closed quiet at q 9-16d an ounce.
The imports Of dry goods and general
merchandise at the port of New York for
the week were valued 50. 9s5,207. The ex-
ports Of specie were s1,O5S,455 silver, and
s.. 46O gold. Imports were s1s,179 silver and
S33, $40 gold.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ............A, S,S25
Specie, decrease NEUTRALITY-SUSPICIOUS.. q, 40. 500
Legal tenders, increase. 6l,lO0
Circulation. decrease .-..--...........- $4,000
The banks now hold $19,074,175 in excess
Of the requirements of the % per cent. rule.
The New York Financier says: THE
statement of the New York clearing house
banks. for the week ending March is. is not
as unfavorable as the changes at first sight
Indicate The averages were made over a
period covering some twenty-five small and
large operations and, in addition, the full
effect of the previous weeks transfer of &c.,
5000 of Pacific payments to the treasury
has been included in the current exhibit.
This accounts, in large part, for the de-
crease Of over six millions in specie re-
ported, although it does not explain the
contraction in full, since one or more heavy
consignments OF specie have been received
from the West in the meantime. The set
Element. of the Chicago q Alton deal was
responsible for great deal of shifting of
funds and this, doubtless, has had no small
part in determining the character of the
statement. The important feature of the re-
port is the contraction of So o97, 200 in loans,
which, in the last two weeks have fallen
off over $500, 900. The higher rates ruling
In, stNflr
ton, but the consummatlon OF several in
dustrial deals and lessened Stock Exchange
transactions are TO be taken into account.
The call in of loans, of course, strengthens
the position of the banks. The decrease of
81, SO3, 500 in deposits lessened reserve liabil-
ity more than two millions, so that, despite
the loss of six millions in cash. the excess
reserve is only a little over four million
less. 1t Is interesting to observe that there
was a slight increase in legal tenders, show
ing the effect of money that has been re-
ceived from the interior. While it is idle
TO predict what forthcoming bank state
ments may show, it is yet true that the
banks begin to recover from the spring
contraction about the end of March and
from that time into the crop season ac-
cumulate funds rapidly. The money market,
therefore, ought to show decided ease with
In very short time. The decrease of over
half million in the circulation of the
banks last week certainly indicates a feel
ing that the market IS not in a dangerous
condition, for If this was the cause, circu-
lation would expand rather than contract.
The only possible adverse factor is the de-
mand which will be made this summer on
depository banks for the Spanish indemnity
could spare even a. larger amount without
feeling 1t seriously"
Total sales of stocks Saturday, were $751;
| 800 shares. including the following: Atchison
| preferred. 2l,0l0; Burlington. q go; Manhat-
tan, 1891; Metropolitan, 6,3e5; Reading first
preferred. $50; Northern Pacific. AS;
! Union Pacific. $50: Union Pacific preferred
$3.50; St. Paul, $3.50; Texas * Pacific, 1920;
American Steel and Wire, 1920; Federal
n. L-ola n.
Peoples Gas, Is, 420; Brooklyn Transit, 2S,-
$50; Sugar, 69.64O; Tennessee Coal and Iron,
The change in stock prices Saturday com
| pared with Friday, was very narrow In
| the early trading prices drifted downward.
notably Continental Tobacco, International
| Paper, Glucose, American Steel and Wire,
| Brooklyn Transit, Burlington, Texas Pa
| cific and Metropolitan Street-railway. The
movement seemed to be in the nature of dis
! counting an unfavorabe bank statement,
for when it was published. showing a de-
| crease of over &.000,0O0 in the surplus re-
serve, but a contraction of some s., 800, 000
| in loans. covering of short contracts set
in. Metropolitan, Brooklyn. Transit, and
most of the other stocks which had shown
earlier recessions were lifted smartly. In
| terest very largely conferred in Sugar again,
and the stock closed within a fraction of
being 164 Tennessee Coal and Iron also
showed improvement on the day. There were
declines of from fractions to per cent. in
! Tobacco and some of the new industrials
including Continental Tobacco, Interna-
| tional Paper, American Tin-plate and
| American Steel and Wire. The railways
left off practically on a parity with Fridays
closing. The market closed strong and ac-
| tive.
PROFESSIONAL TRADING.
| The stock market was of a very pro-
| feSsional character throughout the week,
with standard shares generally receding,
| as did several of the industrials, but Sugar
was marked up over 80 points, with some
inf. lin lie nn nu
market was the all important influence, call
money averaging 4 per cent, although at
one time it touched O. There was a trifie
| easing in sterling and hardening of money
| rates in all foreign markets. the bankers
were in demand tor urgent request for cur
rency, bat the scarcity OF currency was re-
| Elected by the payment early this month of
over 81 per cent of the customs duties in
gold The payment of 100000 10 the gov
| ernmnet IN part settlement of the Central
Pacific obligation, together with the pur-
chase of Chicago & Alton STOCK, Tor which
/ large sum was transferred 10 the former
owners, were largely responsible for the
hardening of the money market. An I'M
! favorable bank statement had been eX-
| pected, and when 1t appeared there was
crease of over 1900, 0O0 was thought to be
! largely due TO those special transactions.
The uncertainty at this season regarding
that February ret traffic returns would not
| be up to expectations, had a depressing in
! fiuence in the railways. On the other hand,
| earnings for the first week in March showed
| an increase of about / per cent. The de-
crease of some $4,000 in value OF the eX-
cess Of the February exports compared with
| last year was a subject OF comment in re-
lation 10 our foreign trade situation, but
| the items showing increases in the eX-
| ports of manufactured articles was source
| of qualification. The signing of the peace
| treaty by the Queen Regent of Spain, being
expected, caused no response in the mar
ket.
The industrials and specialties were more
prominent in the dealings than at any time
hitherto. All the advances OF note were
made in securities of this class. with Sugar
the leader. This stock, after remaining
comparatively steady, suddenly sprang into
| activity on Thursday on transactions of
over a quarter OF million shares, rose
| day, reaching 10. and then reacted to 15l,
| and on Saturday again 1t rushed up TO
| 172i2
| Various rumors attended the remarkable
| movement in Sugar. All the independent
| retneries and the glucose company were
mentioned about to form trade agree
| meDtS with the sugar company or absorbed
by IL. All these stories met prompt denial
| from the various concerns mentioned or in
| terested which should be posted, except in
| the case of the president of the Sugar Re-
filming Company, and he made no statement
| Among the other notable advances were
| New Air Brake, 10: Tobacco. 1885: Brooklyn
| Transit, 71s Glucose. az, while Chicago Ter
| minal Great Northern preferred, Peoples
Gas, Tennessee Coal and Iron and Metropol-
| itan Street-railway were up about 4 per
cent. each The largest gains were Consol-
| idated Gas, .; Continental Tobacco. So;
Steel, as; International Paper preferred, AZ;
1 Third avenue and Kansas Civ Pitts