The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-13

Silver certificates, nominally. 591a G6O14c:
bar silver. $3.50: Mexican dollars. 47Izc. AT
London, bar silver closed steady at 27I2d an
ounce.
The imports Of specie last week were $685.
51S in gold and $3S. $50 in silver. The exports
of gold and silver from New York to all
countries for the week aggregated $1,lA.H
silver bars and coin and $306.927 gold
The New York weekly bank statement
shows the following changes:
Surplus reserve. decrease. ,375. 125
Specie decrease NEUTRALITY-SUSPICIOUS.. 2.Ol0o
Legal tenders, decrease ............... 12o6@00
Deposits decrease ..................... e,Ilo,lVV
CHCuiatlon, decrease ....-............. Zo''U
The banks now hold S23 ,2O3, 600 in excess of
the legal requirements
The New York Financier says: THE loan
and deposit expansion which has been a
marked Characteristic of the New York bank
statement since the opening of December
has seemingly eliminated The exhibit for
the week ending March II shows a falling
Oft of S3.06Z GO loans and s.. 155, 100 iii de
posts, the change in the latter Item being
due In part 10 the loss of 3,4l3,9oo in cash,
which the banks report. The decrease in re-
serve was only $l,S15,lZ5 the excess now
standing al $Z4,57S,S-5. 1t is doubtful If the
averages tell the whole story of the weeks
operations. The material decrease in re-
serves for the several weeks previous has
had the effect of bringing a great deal of
employment, and the total amount does not
figure in the current statement. On the
other hand, the movement TO the interior
has been lighter than usual. The most i'm
pOrtant factor Of the week appears only in
part in the statement Central Pacific pay
ments March 10 called for a transfer of no
less than 100000 in cash from the banks
To the subtreasury, but in the weekly aver
ages this counted for only one day, or NOM
inalIy one-stXth. The money has gone out
of the banks. however, and may Influence
rates for few days next week. To what
extent this Will prove true depends largely
on the volume of interior money which will
be forwarded to this center. The statement
so far as current operations are concerned
Is rather confusing. 1t is to be noted that
While the actual cash in banks declined
three and one-half mlllions-and one banks
loss more than accounts for this-the excess
reduction is only one and third million.
The deposit changes which reduced reserve
requirements by over two millions explain
this showing. The loan contraction prob
ably reflects the consummation of several
speculative accounts. 1t is also not impos-
sible that Ii indicates a thorough absorp-
ton of the large volume of American Sc
curities returned from Europe and in a les
ser degree the contraction in foreign cred
its. Regarded as a whole, the statement is
ease in money The time is rapidly ap-
preaching when the movement OF money
will be in this direction and reserves will
be strengthened materially, although they
cannot be said 70 be unduy low ar present"
Total sales of stocks. 315.Oo0 shares, in
Guiding Atchison preferred. n,515; Central
Pacific, 5000; Burlington. 1895; Manhattan.
4525; Metropolitan Street Railway 1866:
Reading first preferred, $3.50; Ontario &
Wester p LID Union Pscitic. 1850; St,
1860; American Spirits preferred, $50; To-
bacco, $500; Bay State Gas, $3.50; Federal
Peoples Gas. 3.715; Consolidated Gas. 800;
Brooklyn Transit. 0,660; Sugar. "a, 240; Ten
nessee Coal and Iron. $500
Stock Exchange left off fractionally above
fridays close and near the highest. Trad
Ing o at the outset was OF a hesitatng char
move in the specialties. This was indicated
by rise in Sugar, the Improvement in this
general market moved sympathetically. but
very narrowly. Subsequently there was a
raid on Metropolitan Street Railway, which
dropped five points. This incident stimulated
short sales on the other stocks with conces-
sions quite material in Manhattan, Brook
Ign Trnsit, Sugar and Bay State Gas. The
latter was particularly influenced by the
action of the Boston Exchange authorities In
disseminating trading In the stock. This
action was subsequently taken by the gov
ernors at the local exchange. The railway
shares moved very slug2ishly and attempts
10 improve them were retarded by the heav-
mess of the Union Pacific issues in which
foreign selling was quite pronounced. Va
riouS pessimistic expressions as to the prob
able character of the bank statement, which
had been rife during the week were partly
eradcated when the statement was pub
lished. The .alient feature Of it was a con-
tl.3t
The loan account showed a reduction OF
over $300o.0o. Cash decreased A.E3OoO.
which reflected subtreasury operations in
connection with the Central Pacific settle
ment The statement was received with
considerable favor in the street and in
duced active buying, raising the. general
level OF prices above Friday night. The
closing was strong and active.
CHANGES ON THE WEEK.
The stock speculation for the week was
largely of a professional character, with
sales about million less than those of the
previous week. While stocks showing adj
vances were more numerous than those
figuring for declines, gains registered In the
railways were in obscure properties, the
general run of active shares. particularly
the grangers and Pacitics losing ground.
Owing to the unusual support extended to
the specialties during the week, many or
these properties show handsome gains. a
furry in the call money market in which
quotations for time reached Az per cent,
was largely due TO the financing of the Cen
trail Pacific settlement with the government.
the Chicago a Alton deal and various in
dustrial combinations. The money To pay
money market, as IL was withdrawn from
the subtreasury. A large amount OF country
bank balances reached New York because
Of the frmness in the money rates, and
there were arrivals OF round amounts or
gold from the Pacific coast and moLey
While money was In particular demand
there appeared a reflex easing in sterling
exchange which again strengthened
money became easier
Third-avenue became strong on the BELIEF
that threatened hostile legislation was less
likely. Metropolitan retained net gain or
- on expected favorable developments.
Brooklyn Transit was strong on the reports
that II was to absorb Long Island Railway,
and the latter advanced points. Much in
regular quarterly dividend on Sugar. and
the stock was strong in consequence. Some
speculative interests professed disappoint-
ment at St. Paurs declaration Of only the
regular dividend and because the last
dividend or liz per cent. on Union Pacific
preferred was not increased. These Incl
dents, while they were not different from
mad depressing influence on number or
the railways. Continued reports of progress
In the so-called anthracite deal were given
color by the strength displayed for the most
part or the week in these properties, Lacka-
wanna retaining points OF an extreme rise
or points At one time the political ten
sion In Europe over the adjustment OF queS-
tons arising In China had an unfavorable
influence sentimentally but subsequent adj
vices were that the matter in dispute had
been amicably adjusted, at least for the
present. The increase IN expenses incurred
by the railways during the February storms
were expected 10 reduce the net showing
showed slight falling off, except in the
case or the granger roads. This interpreta-
ton OF the railway showings had a depress-
ing influence. The continued good demand
Tor iron products was example of the en-
couraglng trade advices in many other in
dustries.
The bond market followed the tendency
or stock prices pretty closely. which caused
considerable irregularity I'm the dealings
The market again. as a whole. showed a