The Indianapolis journal., 1899-03-27
GOOD BANK STATEMENT
LENDS STRENGTH TO THE SITUATION
IN WALL STREET.
Stocks i'm Active Request and Most of
the Shares show Marked Gains
Local Trade Active.

Prime mercantile paper, %44f4 per cent
Sterling exchange was steady, with actual
business in bankers bills at As5l2nis5%I for
demand and at $i-S31a for sixty days; posted
rates. s4Sps' and $i.s61@.
Bar silver, $3.50; Mexican dollars, 4712c.
AT London bar silver closed dull at 27l2d an
ounce.
Exports of specie from New York to all
countries for the week aggregated sSn, 759
silver and $11,3 $50 gold, total of Ss53 1i9. The
imports Of specie were S3S5,531 gold and $751;
aOS silver. Tho imports of dry goods and
general merchandise. at the port OF New
York for the week were valued at 1,32S, ,396.
The New York weekly bank statement
shows the following changes:
Surplus reserve, decrease ............. SILT, 80
Loans, increase --.------------------. o.95O 1OJ
Specie, increase --.-..-..-..-....-.'-'.. -Jo,-VJ
Legal tenders, increase. l&',SD
Deposits, increase .-.-..-...-........ ~, 20
Circulation, decrease ...---.......------ 66,loj
The banks now hold SIS, ,557, ,425 in excess of
the legal requirements.
The New York Financier says: The
changes in the totals of the New York bank
statement for the current week are mean
ingless, judged in the ordinary sense, for the
reason that the totals include the Astor Ma
tional, new clearing member, and the
which. as branches of the Corn Exchange
Bank, are now cleared through the parent
Institution. The new banks carry average
depositions of about eight and one-third
millions and loans of over seven and one
half millions, and the statement must have
been affected by an amount nearly as large,
although the Corn Exchange totals do not
indicate the full change. OF course, the
hop full hat ha
position of the remaining banks was not
materially altered, but to get at the real op-
erations of the clearing house institutions
1t is necessary to deduct at least six mil
lions both in loans apd deposits. On this
basis the expansion of $5.5S0.O00 in loans, as
compared with the previous week means
that there has been a slight decrease in the
actual discounts of the banks, whose totals
have been heretofore reported. The same
result holds good in deposits. for the in
crease of s., $4,000 does not equal the addi-
ton of the Astor Nationals total of $i.OOO,-
600, to say nothing of the deposits of the
other two banks added.
THE REAL SITUATION.
'It will be seen. therefore, that the de-
posit liabilities of the regular clearing
house banks were materially reduced last
week, as were the loans. Reserves ought
TO have shown corresponding gain, but the
increase in cash was only third Of a mil
lion. and as the deposit expansion called
for about $50. 900 additional requirement, the
actual decrease in reserves was &l6, 80
Perhaps a more accurate way to get at the
position OF the banks is to say that thir-
teen of the sixty-three banks are now be-
low the % per cent. reserve, as against
twenty-five for the previous week. The
statement with the factors described elimi-
mated shows that the position of the banks
has been rather strengthened. The routine
operations with the treasury for the week
resulted in a loss of something like one and
a half millions to the banks. but the gain
from the interior served in large part to
Offset this. The totals have been influenced
somewhat by the payments made in COM
pleting large industrial DEAL
The total sales of stocks Saturday were
547 800 shares, including: Atchison, 3,295
Atchison preferred, 1926; Burlington, q, 4S5;
Denver & Rio Grande. 5000; Louisville &
Nashville, 4.5J0; Manhattan. 1850; MetrOpol-
itan. S.60S: Reading first preferred, $500;
Missouri Pacific, 3lO0; New York Central,
9215: Northern Pacific. clio; Northern
4, 40; Rock Island, 7,S4O; Union Pacific, $40;
s.. Paul. 1905: Southern Pacific $3.50;
Southern preferred. IA SD; Union Pacific pre-
Federal Steel, 509l5; Federal Steel preferred,
1l.6l5: Peoples Gas, H. .925; Consolidated Gas.
ESQ: Brooklyn Transit, 1880; Sugar, SOS;
Great Western. $780,
New York stocks were very strong Satur-
day. and with transactions of over "A half
million shares in the two hours session
material gains were quite general and quo
ta;ions closed at the best. Expectation that
the bank statement would be favorable. was
an early incentive for purchases and when
1T appeared, although showing an increase
of about five and half millions in the loan
account, the decrease OF only half million
I'm the surplus reserve received a favorable
Interpretation ana most stocks continued
their progress upward The frmness of
American securities in London. in anticipa-
tion of the fGrtnightly settlement the re-
appearance OF large factors in the market
less apprehension as 10 the monetary stu-
alton and the nearness of the close of Ger
tain state legislatures were all assigned as
reasons for confidence In market operations
The announcement of the formal transfer
of the Brooklyn Union Elevated to Brook
lyn Rapid Transit Companys stock, which
rose az points on the large deal
iis in Long euse Island RaiRroad. which RO'His is
understood TO have working arrangement
with Brooklyn Rapid Transit. There were
sympathetic advances with Transit in other
transportation shares, Metropolitan figuring
for &c. Third-avenue and Manhattan a
fraction. Among the industrials Continental
Tobacco preferred got up pa. Federal Steel
Ia Peoples Gas L and Consolidated Gas "a.
Among the Vanderbilts there were advances
OF lIs in New York Central and l each for
Illinois Central and Canada Southern. In
creased interest appeared among the gran
gers. with improving prices, burlington
leading with IL. Strength was also dis
played by Atchison preferred. Southern Rail-
way preferred and St. Louis x San Fran
cisco. Although most loans were made on
Friday. to carry over until Monday the
fact that call rates ruled at per cent. yes
terday was favorably commented on, and
the market closed strong.
ACTIVE WEEK IN STOCKS.
About seven-tenths OF the stock dealt in
on the Exchange advanced during the week.
The dealings. which were about half mill
lion larger than the week previous, were
mostly Influenced by the monetary situa-
tion and the interest attaching TO the bank
statement was largely as TO whether IL fore
casted easier or tighter money. Judging by
the course OF prices after the bank state
ments appearance, spectators seemed to
take the view that for the present call mon
ey would not get above last weeks figures
The highest rate for call money accommo-
dationS--S per cent--Was reached on Mon
day. subsequently, the rate gradually eased