The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-29


Exports of specie for the week. to all
countries. aggregated $1,OO0,072 in silver
bars and coin. and s59.S59 in gold.
The imports of dry goods and merchan-
disc at the port of New York, for the week.
were valued at s9.9s4.624
Tn weekly statement of the associated
New York banks. issued Saturday. shows
the following changes:
Surplus reserves, increase ....... s. 092, 30
loans increase ..-..........-.......... L5l5,6vo
Legal tenders increase .............. 1858, 600
Deposits. Increase Is Dos, 900
Circulation. increase ................. 3i2,5O0
The banks now hold So. 1855 in excess of
the requirements of the Is per cent. rule.
The Financier. in its current issue. says:
1.-THE New York clearing house banks add
ed s5.Ose.SO0 to their surplus reserve last
week. making the present excess s29.277,975,
the largest reported since the middle of
June. 1869. At the former period loans and
deposits were at about their maximum.
while the cash holdings were $50, 100000 in
excess Of present supplies The banks
were then facing the yearly demand for
crop purposes. which depleted the reserves
to the vanishing point over the fall season.
Now, with every prospect of continued
gains from the interior. the problem con-
Germs Tire disposition of this excess cash
rather than the contraction of loans to
meet heavy call for money elsewhere.
1t is a fact, however, that the business Of
the banks Is increasing faster than general
conditions seem to warrant The expan-
sion of s7.5l5.S00 in loans during the past
week. In the face Of an extremely inactive
stock market. is not easily explained. espe-
cially since 1t follows gain of about 81
D0rO0 the previous week. The loan item
Is therefore over sl2,0OO.O00 higher than it
was two weeks ago, while Stock Exchange
business in that time has been extremely
dull. How far special causes have brought
this about cannot be stated. but it is to be
eaid that the gain has been distributed over
a large number of institutions, and is not
confined as with cash gains, ETC., to a Few
of the larger banks. With reference to the
latter, the detailed statement shows that
one bank gained over two-thrds of the
cash last week while it's loans remained
practically stationary. In other words the
reserve of this institution has gated at
the expense of other members of the clear
ing house The increase of 900 in de-
posts reported by all the banks is about
what the operators of the week called for,
and since the banks required to carry
a. additional reserve of S3.750.00O on the
extra deposits, the gain in reserve is
smaller than indicated by the receipts of
cash. The influx of currency shows no signs
CT falling Off, but IL is interesting to recall
yhat exactly one year ago the reserves of
the banks touched their maximum for the
earlier Fart OF the year, and from that time
On, while cash continued to pour into New
York in large volume, the expansion in
business was such as TO outstrip those ac-
sessions. with the result that the reserve
had fallen to Sl5000.O00 at the beginning
Of April. TIE boom liz the stock market
" hich brought about this snrinkage is now
entirely lacking and gives no immediate
sign OF being at hand
THE wALL-sTREET REVIEW
The New York stock market was narrow
and professional Saturday. but reflected
some slightly increased interest and prices
showed some response TO news develop
ments. Quite active speculation de-
veloped in Third avenue. which was fever
fish at level extending to 81 points be-
low Friday night Rumors were rife touch
ing the plans for financing the floating
debt OF this company, and denials followed
quickly on rumOrs. The market was sup
posed TO resist this influence and hardened
the specialties leading in point of activity
and strength. The rather cheerful tone
OF the weekly trade reviews. the good rail-
road earnings for the third week in jan
uary, and the expectation of a strong
bank statement prompted buying. The De-
cember statement of ST. Paul checked the
movement, on account of the decrease of
$l6s.ooO In net earnings for the month by
reason of increased operating expenses.
The decrease in net earnings OF the sys-
tenn for the fiscal year is thus brought up
TO $685. The stock was offered down
sharp fraction on the showing, Burlington
closely following, and the wheat list show
ing the effect. There was but indif-
ferent rally on the bank statement and
the prices were slightly lower than Fri
day at the close. The proportions of the
loan Increase again showed a sharp rise,
though the loan expansion was only-a frac-
ton OF the increased credit facilities AZ
forded by the cash increase. There has
been no borrowing demand manifest on
the Stock Exchange during the week, and
the time loan and mercantile paper mar
kets have been reported dull, although
bankers have been Offering increasing in
ducements to place loans. No operations
have been known of sufficient size TO
account for the loan expansion of $7,5l5.
CO.
A small contingent of professional opera
tors In stocks and foreign arbitrage brokers
have done practically all of the trading on
the Stock Exchange for the past week.
Dealings have not exceeded in volume
those OF the preceding week. and in bonds
have shown a progressive decrease. There
were rather wide changes in prices on sew
eral days. but they were but vibrations due
TO professional manipulation, and the clos
Ing OF contracts served TO draw prices back
TO last Saturdays level. around which
the market oscillated. The reasons for the
excessive dizziness are not entirely clear. as
many conditions conform TO those in for
mer periods OF great speculative activity,
notably the large refiux of money to the re-
serve centers from active use I'm business,
and uniformly favorable reports OF bust
ness and trade. There is large body in
Wall street Of the opinion that the dullness
Is only applicable on the score of suspense
over the outcome OF the war in South
Africa, but there were two events there
during the week which were thought of
sufficient Importance I'm ~the London stock
market TO induce considerable speculative
activity there, without arousing any inter-
est In the New York market. outside the
foreign arbitrage Offices and the profess
sional traders.
INTERNATIONAL STOCKS.
Prices OF internationally listed stocks re-
sponded sharply. as the narrow market
made the arbitrage operations effective in
keeping prices near the London parity.
This Is not conclusive evidence. though
Il Is against the assumption OF the domi-
mating influence of the South African war
upon speculative sentiment. The taking OF
Spion kop was not 10 be expected to mark
tbs final submission OF the Beers. any more
than the retaking was to be interpreted as
the REIMBURSEMENT OF the British cam
paign, yet both were deemed important
developments and had reflection as such
in the London stock market. without induc-
Ing any appreciable buying OF stocks here