The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-17

sold at 2s5sd an ounce.
Exports OF gold and silver from the port Of
New York to all countries for the week ended
Saturday aggregated ssS2. ESQ in silver bars and
coin and 81. 400 in gold. Imports of specie for the
week were s2s.T III in gold and So. 40l in silver.
Imports OF dry goods and merchandise to the
port OF New York for the week were valued at
se.5es.2 1s-
The weekly statement Of the associated New
York banks. issued Saturday. shows the follow
Ing changes:
Loans, decrease SIG, $50. 500
Deposits. decrease ............."... is, 1885, SOC.
Circulation. increase ....-......-.. lie. 100
Legal tenders. 1,179. 200
specie, decrease b,l49. 100
Total reserve. e.sSs. 800
Reserve requirements. decrease......... 1884. $50
Surplus reserve, ga, 80
The Financier says: Through the operation
Of a very heavy contraction in loans. which re-
dueed deposit liabilities ard thus lessened cash
reserve requirement. the New York clearing
house banks last week neutrafized the eject OF
a heavy drain Of funds. and even succeeded in
adding slightly to their surplus cash. This
showing was unexpected. and instead of an unfa-
vorabie statement the banks made a particularly
strong exhibit. The chief feature is The s1s. esq.,
600 decrease in loans. which, with one or two
exceptions. is the heaviest Of the year. 1t is
known that several financial institutions have
called in large special loans OF late. and the
approach OF the January dividend period al
ways brings about a withdrawal OF funds from
the market IN anticipation OF that event. II
was not anticipated, however. that a liquidation
so marked would be encountered in a six-day
period The cash changes are about as figured
early In the week. The banks lost heavily to the
treasury, and calls from the interior were also
large. but on the other hand money is beginning
to flow in this direction again, and the heavy
losses which have been noted from week to
week give promise Of being made up by current
this year has been extremely heavy. II is thought
that treasury disbursements. beginning with the
coming week. Will serve 10 ease the situation,
although no apprehension is felt that the turn
OF the year will be productive OF embarrassment.
The present excess surplus stands at IS. 81. SIS.
This OF itself is larger than at the end of ten
previous weeks scattered over the currers year.
As a matter Of fact; however: the excess is very
vaults more than so per cent. Of tie whole
amount This means that the remaining insti-
the reserve standpoint, as at the close OF last
previous week. Circulation is expanding after
six days ended Saturday. Despite anticipations
OF an unfaycrable statement, money has not
shown more than the usua, degree of hrmness.
curate are found to be misleading only unim-
portant changes will be encountered. TIE ma
THRILLER Of the currency for statements. once
these are made. the present strain will be re-
lieved in part"
wALL-sTREET REVIEW.
A conviction gained ground over night that a
f ao ~ QI1s ~
grade railroad stocks. had more significance
than the apparent imminent relief to the money
market on the forthcoming enormous disburse-
ments by the government and corporate inter-
ests- The street. having in mind the successful
deal In the anthracite coal industry. was in
clined to regard with some credence the various
rumors anoat as to the absorption or representa-
ton in governing boards OF railroads having IA
vorabIe geographical locations. This policy for
a community OF interest is cyDeFfQd To hrinU
about more stable. economic conditions. and re
duce TO a minimum the possibility Of rate wars.
As far as the rank and file OF spectators were
concerned. the expectation that the much-her-
aided pinch In money rates would not be realized
was sufficient to revive the bullish spirit which
has been dominant for some time on this ac-
count London's response 20 our buoyant close
OF Friday was encouraging. and during the
course OF the day the foreign marker bought
about 1900 shares. At the opening pronounced
advances were made in various stocks. but de-
preston was noted IN others, and IL was not
tin after the publication OF the bank statement
that the advance assumed any violence. The
statement showed an increase in surplus re-
serves of s624.25e. owing 10 a reduction in de-
posit liabilities OF SIS. 376. Geo and a smaller de-
crease in cash than had been looked for. So. 1885,
800 A decline In loans OF $13. sS2. 500 was some
what inexplicable. but may have been due in
part 10 calling OF loans eariy in the week ra;s
showing was regarded with favor. and the mar
ket became very animated and broad. The de-
mand was maintained. and most substantial
gains were made in the Pacihcs. st. Paul. Sugar.
Atchisons and Brooklyn Transit. Union Pacific
and Northern Pacific ruled at about parity un-
III " (lO the CtO<Er WITH tXClltU IUYlnE
OF the latter rushed Il up TO 7s15, compared with
US at Fridays close The earlier heaviDess OF
will small gains. Speculation left on with buy
Ing very confident and the tendency upward.
Standard oil sold at ssl2 and ssls a share.
All the world looks 10 Jan. 1 as the annual
settlement period for collection and payments.
At no other time Of the year is 50 much money
needed for exchange and such large demands
made for credits. Those who have their own
resources available. while not active bidders
for loans reduce the available credits by put
ting their money 10 their own use, which might
otherwise be available for lending The sum OF
the obligations TO be met on Ian. in the
United States is greater than ever before. A
large proportion Of these obligations are for in
terest and dividends on all sorts of securities.
representing a distribution or earnings from
profitable business. The fact that TIE sum Is
the largest this year IN the connt-y's history
prosperity. but the fact is not altered that this
process OF disbursement OF earnings and profits
makes corresponding requirements on all the vast
and complicated machinery OF exchange ami
money. The special bearing OF the condition On
the stock market lies in the fact that capitalists
choose TO place loans Tor use In speculation IN
stocks only after every other demand for money
mas been fully supplied. Ii i not strange.
sstive 10 the showing OF the surplus reserve
item OF the banks. as the shrinkage 81 that item
represents the certain prospect OF the calling CT
Ioars and forcing 10 sale q securities held with
the borrowed money Naturally only stocks
held for speculation with borrowed money are
forced 20 Sale az a time when a money pinch IL
IN itself an inclination Of active trade ana pros
perity- Holders OF securities wro own them out
az such a time than 20 part with them. so FAR AS
their means viii allow.
MONEY MARKET CLOUDS.
The stock market. during the past week. has
shsxn its sentiveness 10 tae gathering clouds
on the horizon OF the money market. and the
nervousness OF speculative holders has brought
large offerings OF stock on the market. But
II the same time there has been a remarkable
demand FOR Increased holdings OF PARTICULAR
stocks. which have made extraordinary advances.