The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-23

don bar silver was ZfSsd an ounce
Specie imports at New York for the week
ended Saturday were 1926 in gold and
$l3.S03 in silver. Exports of gold and silver
were sliO4s in gold and si7i. 7oa in silver bars
and coin.
The imports of dry goods and mer-
chandise az the port of New York for the
week were valued at s11.5s4.194.
The weekly statement of the associated
New York banks, issued Saturday. shows
the following changes:
Surplus. reserves. increase SO 94, 075
Loans, increase -..-..-............-..- 5sOO,yW
Legal tenders. increase. ............. 1423. 200
Deposits, Increase ..............-..... S30yOO
Circulation, Increase ...-............. 36O,5OO
The banks now hold sl4. s94 $50 in excess
Of the requirements of the Is per cent. rule.
Commenting the above figures. the
Financier says: THE New York banks are
adding steadily to the surplus, despite the
expansion in deposits. operation that
calls for additional reserves. The state
Inent for the current week shows gain of
over 100000 in cash holdings. the result.
primarily, of treasury disbursements, al
though considerable cash came to this
center from the interior. The increase in
loans was s.S00.900. and In deposits $780,
800 The statement does not balance by the
usual rules for proving. but the result. ac-
cording to the published figures. was a
gain of about four millions in surplus re-
serve. bringing the total excess above four
teen millions. The month of April. so far.
has been marked by handsome increases in
cash, the expansion since the close of
March footing up about s14.000000. In the
same time loans have increased $25, 600, 900
and deposits $S5 100000. Whether the rising
lz will orrvffI
the cash gains now being made is a ques-
ton the answer to which will solve the
probable range ofrates in money over the
spring season AS matters stand. the low
rates prevailing encourage an advance in
sterling, and the spectacle is presented of
hardening exchange market In the face
of g credit balance due the country larger
than at any time in its, history This is
noteworthy, so far the United States is
concerned, but il only goes to show that a
condltion mas been reached where surplus
wealth is seeking higher interest rates
abroad. The disbursements on bond prem
fums by the treasury is adding to the pres
be reckoned with is the imitation which Is
going on I'm national bank note issues AL
ready the New York banks have taken out
S6,O00OW OF circulation above the average,
and reliable estimates made on the basis
of careful official canvasses indicate that
$loo.0oo0oo OF new national bank money is
IN circulation throughout the United
States This will not be issued immedf-
ately. but its gradual emission will have
a clearly defined effect in assisting gold
exports. The number of clearing house
banks has been reduced by one during the
week. but an increase in the capital of an
other institution to s1OOOo.0oO makes the
over $50. 900 of this is national bank can't
tai the opportunity for new bank circuia-
tion VII be at once apparent. The total
circulation now Is 81. 800. 100"
WEEK IN WALL STREET
The stock market took on an appearance
NJ vf<x,,f
days short session was over Stocks were
thrown over in large blocks. and the whole
list broke badly. the general range of
prices of the most prominent active stocks
falling to a level Of 1 to 2 points under
Friday night In many instances the loss
exceeds these figures. The results of Fri
days meeting os the executive committee
OF the American Steel and Wire Company
were very different from what Wall street
had pursuaded itself they would be. The
confirmation OF the chairman's assertions
of overproduction I'm the company's line,
and the disposition to cut prices was not
10 be construed as reputation and con-
traction or the acts and gloomy predictions
OF Chairman Gates made on Monday. Fri
days rumors OF change of control of the
company, the ousting of the chairman and
the instaliment of III. c. Frick had all
been dissipated when the Stock Exchange
opened in the morning. The effect was
seen In a sharp break in all the iron in
transactions
reached points in Steel and Wire and
nearly that In others. The general list
rave way In sympathy. but met with pow
erful support The steel stocks rallied with
the rest of the market on covering by
shorts. But II soon became evident that
the support afforded the market was SIM
ply TO afford an opportunity for realizing.
which set In on large scale. Stocks
which have been pulled" had the heaviest
weight 10 carry on account of speculative
profit-taking. Missouri Pacific and B. &
~ he
former falling SIC and the latter 22sc. De-
clfnes reaching up to points were num-
erous all through the railroad and indus
trial lists. and In several stocks exceeded
that The bears were disposed to cover
on the appearance of a favorable bank
statement, but the rally renewed the pres
lowest. Among the steel stocks, the ex-
treme declines were: Steel and Wire, 81 !:
Federal Steel, 5; Steel Hoop, preferred. 4;
Republic Iron and Steel. preferred, Sl2
Steel Hoop. National Steel and Tennessee
Coal. 3. Losses elsewhere in the group
ran up TO ga There were some spasmodic
rallies on the taking of quick profits by
the bears. but the activity and general
weakness continued up TO the close.
Stocks are generally lower than at the
closing of last weeks trading, which was
on Thursday. and the volume of business
. has shown progressive decrease from
day TO day. The pools and combinations
which have had in view the bidding up of
number OF special stocks have relaxed
their efforts. and the bull contingent gen.
orally has assumed a waiting attitude
where they have not turned actual SELL
ers to realize. Wall street attributes this
condition OF affairs largely to what Is
called 1.-The steel and wire episode" Ger
tain insiders in that company are shown
TO be heavy sellers Of the stock. On Mon
day the stock broke badly on this selling
and after business hours that day
Chairman Gates announced that dozen
mills OF the company had shut down. He
asserted that overproduction was the
cause. and accompanied the assertion with
gloomy predictions regarding the outlook
for prices in the iron trade a whole.
The conviction is very widely and firmly
held I'm the financial world that the future
prosperity of the country is based to a
large extent on the maintenance of the
present prosperous conditions in the iron
and steel trade.
MUCH ACRIMONy CAUSED.
This unexpected jeremiad delved into the
inner circles OF the trade and had a de-
cistve effect on the course of securities.
notwithstanding the most strenuous ef-
forts 10 counterfeit it. These efforts often
took the form OF indignant protests and
expressions OF outraged sentiment. No cpl
sodc OF recent years has caused much
bitterness and invective. Not only In