The Indianapolis journal., 1899-12-18

week aggregated $i3U,oOo IN silver DdrS dilu
coin and sl.714.OO0 in gold.
The imports of specie for the week were
$46992 in gold and $162, ,35s in silver.
The imports of dry goods and merchan-
disc at the port OF New York for the week
were valued at s1O,373,693.
The weekly statement of the New York
associated banks, issued Saturday, shows
the following changes:
Surplus reserve, increase............. $l663W
Loans, decrease. e....................... 5.004 400
Specie, decrease...-....-.... 2.l3S5O0
Legal tender, increase. ............... l,I6S.500
Deposits, decrease. 4,54o, ZUO
Circulation, decrease. e.................. 34o,VO
The banks now hold $7.025.S25 in excess of
the requirements of the % per cent. rule.
The Financier. in it's issue of Saturday,
says: 1.-The associated banks of New York
gained In reserve, last week. despite the
fact that they lost In cash nearly 81, ,oo0.oo
This was made possible through reduc-
tion in the reserve requirements of s1.13s.-
300. due to shrinkage Of s4.545.2o0 in de-
posits The extensive liquidation which
characterized the weeks operations is not
reflected fully in the statement, but the
contraction of s5.054, 400 In loans shows the
forces that were at work in the stock
market The interesting portion Of the
statement lies in the cash changes. The
banks lost 81. 73s. 500 in specie, but made
gain of 81, ,76S5OO In legals. the net decrease
approximating $4,000. The specie lost can
be traced directly to operations with the
sub-treasury. government receipts at this
point in the last six days having been
about s.000,00O in excess of disbursements.
The gain in legals plainly reflects re-
sumption of interior funds to New York,
an event that had been foreShadoWed by
the rising domestic exchange rates at sew
eral important interior cities. The extent
of this return flow of money Is not shown
In the current figures, but that 1t Will be
continuous seems very probable. The state
ment makes no account of the $2.500,0OO In
gold, exported Saturday, but on the other
hand, gain of a considerable consignment
of gold from Cuba, which offsets by half
at least the loss to Europe, is not included.
The treasury payments on bond interest
are expected to figure in the next state
ment. Taking everything into considera-
tion, the current exhibit OF the banks is not
as disappointing as first judged, for the
reasons that have been set forth and for
the additional revelation that losses now
made to Europe may be neutralized by
larger interior receipts from this time on.
The outlook does not favor much easier
condition of affairs in a monetary sense,
but il the experience of a long series of years
can be relied upon as still having a bear
local banks will acquire fresh accessions
in considerable volume within the next
few weeks from domestic sources. There
will be no repetition of last winters enor-
nous influx. which ran the idle money
i'm New York to very high figures. despite
a record-breaking expansion in deposit Ii
abilities, but even moderate receipts will
assist in making the situation more COM
Portable.
NEW YORK STOCKS.
The New York stock market Saturday
made determined stand against the de-
moralization reflected from the London
exchange, and by the end of the first hour
seemed to have overcome the weakness.
The appearance, however, was deceptive.
Active liquidation was in full force early
I'm the second hour and ate away the re-
coveries that had been achieved. forcing
prices below the opening low level. The
market closed with all the symptoms Of
decentralization and at the lowest prices Of
the week The days net losses for the
principal active stocks ran from 2 to s
points. In the railroad lists the greatest
sufferers, naturally, were the shares that
are listed on the London Stock Exchange.
cent speculativeJ favorites there. such as
New York Central. Pennsylvania, st.
Paul. Louisville, Atchison preferred and
Missouri Pacific. In the list of industrials
and specialties the New York city public
utilities, Tennessee Coal and others of the
iron and steel stocks We're the largest
losers The early resistance was due, in
large part, 10 the determined support af-
forded by the distribution of large buying
orders through the Ist by inside interests
In the various stocks. These interests had
not waited for the opening here to do this.
but had cabled buying orders to London.
London, in the meantime, had been
comforting itself with rumors from South
Africa of retrieval of General Buffers bit
ter reversals The fact that Saturday $
steamer the last that will be available
for shipments OF gold gave assurance of
relief from that drain during the coming
week. There was resumption of selling
orders by cable during the second hour, and
q growing uneasiness over the situation in
Boston, growing out of the announcement
OF bank failure from that center. The
bank statement was construed as unfavor-
cash changes conformed closely TO lore
casts. The small loan contraction barely
served to Offset the cash decrease, so that
the gain in surplus reserves Is only nominal.
The statement does not include the day $
gold engagements. which aggregated s., 450 =
0oo The weeks experience in the stock
market was a severe one to show such
small Improvement in the money situation.
Ii Is evident that large part of the money
called in has been put out again, under the
urgent stress of circumstances. large
amount is known TO have been transferred
TO Boston TO strengthen the monetary situa-
tion there. The New York money outlook
was the determining cause of the late
break in prices and withdrawal of support
II is many months since the stock mar
ket has been subjected to such a violent
and drastic liquidation as that of the last
week. at intervals IL was met with some
aggressive support by friends of different
stocks. and the professional bear opera
tors have occasionally closed out their short
contracts at the inviting profits offered
but at other times all other support seemed
withdrawn. while heavy blocks of securi-
ties were being forced 10 sale by the wip-
ing out OF margins. The shrinkage I'm val
ues reached an enormous aggregate COM
petent estimates placing the figure in the
hundreds OF millions. AS a consequence
credit facilities were heavily cut ana
stocks placed collateral were forced to
sale for the protection of money lenders.
The bear operators were very bold and ag-
gressive. and offered prices down in a
seemingly reckless manner wherever any
fntimation could be had OF large soecuIa-
tive holdings In some OF the industrials,
which have been manipulated by specua-
tive pools. the violent decline in prices dis
lodged some enormous holdings and the
bears reaped sensational profits. The COM
binatton OF circumstances threw the mar