The Indianapolis journal., 1899-01-23

the port OF New York the past week were
| valued at IS, ,232, ,44S. The exports of gold and
silver from this port to all countries for
this week aggregated $926.O0O silver bars and
coin and $l,0S6 gold. The imports of specie
this week were 81, ZOO, ,i46 in gold and $123 989
silver.
The New York weekly bank statement
shows the following changes:
Surplus, reserve, increase. SO. 430 800
Loans, increase Observation-Disclosures. 507 800
specie increase OBSERVATION-DISCLOSURES. 6,6o5 oO0
Legal tenders, increase. S57 200
Deposits, increase .13, 26S 400
Circulation, decrease .................. 16S,SOO
The banks now hold $94, ,69S 675 in excess of
the requirements of the % per cent. rule.
TIE New York Financier says: The banks
of New York gained $9,747 800 in cash last
week, mainly in the form of specie. The
heavy increase in gold was due to the treas
ury disbursement, to receipts from Europe
! and San Francisco and smaller transfers
from other points The cash expansion, ow-
ing to the relatively small loan increase,
greatly swelled the surplus reserve and the
gain in this item for the week was no less
than $6,63O,6OO bringing the total idle ex-
cess to a point well over $35,0O0O00, the high
est figure in fact, recorded since August
last. Much interest has been excited by
the sowness with which loans are advanc-
ing in the face of a stock market and in
dustTial conditions never before paralleled
in activity. One theory that finds ready
ceptance is that the present speculative
craze finds its course in investment buying
and that securities are being paid for and
| taken out OF the market, instead of being
used as collateral. There is some room
for this conjecture but the operations of
the banks for a week past do not reflect ii.
While the gross loan expansion was but
$4,000, a detailed analysis shows that
gam was made In spite or loss of 900
a ,ffla
is heavily interested in sterling investments
and treasury disbursements. Whether this
loss represents the maturity of outstanding
foreign credits or operations with the treas
ury IS not known. but it is true that to
meet the decrease and report the gain noted
the other clearing house banks must have
increased their loans over S, ,000,GJ0 Opera
tiOnS with the treasury Cf unusual i'm
portance at present, since the heavy surplus
OF the banks, not only here, but all over the
country, is largely que 10 the $50, ,010S31 or
$Se, 10000 of government deposits held by
them.
EFFECT OF LOW RATES.
'The present enormous volume of specula-
ton, based on the country's prosperity, is
still dependent on these deposits as assur-
ing low money rates and any policy locking
toward their withdrawal or reduction
would, no doubt, check the violent advances
which have marked characteristic of late
More than that it would put money on a
plane where profits are possible providing
gold imports did not Immediately follow
AS it is, the New York banks find it i'm
possible to use the money now flowing to
this center and the movement has only be-
gun. The very presence of these funds only
tends to eXaggerate unsound speculative
conditions"
At New York the total sales of stocks
saturday were l62900 shares. including:
Atchison S92O; Atehison g di@ preferred, 7o745;
i,ZOJ; chesapeake & Ohio, 1850; Burlington
$50; Cleveland Cincinnati, Chicago & St.
Louis, 1920 Delaware 4 Hudson $500;
Denver & Rio Grande preferred. 72l0:
Illinois Central, SO520; Louisville & Nash
vile, Y, $50; Manhattan, q, ,32J; Metropolitan,
st: Louis, 4,lO0 Missouri Pacific, 24,21O;
Missouri Kansas q Texas preferred $500;
1920; Northern Pacific preferred 1920:
Rock Island, 1868: Union Pacific, S. GO; St.
Paul $3.50; Southern Railway, $500; South
ern Railway preferred 1920; Union Pacific
preferred, 5000; Wabash preferred 42OO:
Paper $50; Cotton Oil. 5000; Tobacco,
$,7S0; Steel, 9,72c; Peoples Gas, 7,G5O Brook,
l4S2O; Tennessee Coal and Iron $500;
Leather. $50; Western Union, 1880; CHI
cago Great Western, 13 $50.
The New York stock market Saturday was
exceptionally active and remarkable ad-
Vances We're made in many shares, the ex-
treme gains being in Investment issues The
average Of prices was higher than in years
and the volume of trading in stocks and
bonds was the largest yet traded in on a
Saturday. Had the two hours session been
extended to five hours as on other days. and
nad the same rate of trading continued
there would have been S14 0000 900 bonds and
l9GaC0 stock dealt in. Investors, weary of
waiting for q substantial reaction seemed
panlc-stricken to place their money. The
opening quarter OF an hour was the most
excited in sympathy with the booming mar
ket for New York Central on the London
eXchange. All the Vanderbilt shares made
sharp advances on rumors concerning the
plans of the controlling interests of the New
York Central. The street Judging by the
the market Rra6EnNa fO
reports, but nothing given out in regard
TO the plans which were said to involve
closer relations between New York Central,
Chicago & Northwestern and Union Pacific
although an unnamed director of the latter
company was quoted as making denial as
far as the Union Pacific Company con-
cerned. New York Central made an extreme
advance of SIS Union Pacific 21a for the
Northwestern 51b. London moved up
ward all day and it is estimated purchased
about 50,CCO shares in New York, although
the London exchange closed before the New
York market opened. There was heavy real
iZing in some stocks during the advance
readily taken. Commission orders were so
large that some floor brokers having more
than they could we'll attend to. had to re-
fuse orders. The fractional declines that
occurred were due to the suspicion on the
part of the traders that prices were bid up
i'm the interest of sellers. The appearance
of the bank statement, assuring, as 1t did,
an abundance of money, eXerted strong
influence and a renewal of confident pur-
NiieteSS' iilt CloSlllS was StIcliS, Out az ~
cessions from the best figures. The more
important gains for the day, outside of the
Vanderbits Union Pacific and Atchison.
were Great Northern preferred. ?. and
Evansville & Terre Eaute preferred, 2. The
declines We're fractional, excepting Hawaiian
Commercial. 3h; Pullman, 2, and Western
Gas, l. National Biscuit common closed at
q loss of 81, after a previous advance of 5&.
Sugar. American Tobacco. Manhattan, Peo-
pies Gas and Federal Steel were weak.
RUNAWAY STOCK MARKET.
The stock market the past week was
treated to daily average of a million
shares dealt in. making allowance for the
short session of Saturday. and on three
days the dealings were in excess of a mil
lion. Saturday was a fitting close of the
remarkable week. the highest prices of re-
cent years being attained in many stocks.
There Were various potential influences at
work. the most important of which being
the continuance of easy money, very favor
able trade reports, especially the improve
ment in the IRON business. large railway
earnings and the governments foreign
trade statement for the year, showing an
excess of $521 261, 900 of exports over i'm
ports for the year, against 1857 O91 600 in 1897,
which was the highest record before last
year. The exports were the largest and the
imports the smallest since 1885 although the
consuming population is about one-third
larger than at that time Moreover De-
cember exports were the greatest of any
month in orr history