The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-05

$l26,Zyo In gold
Imports Of dry goods and merchandise
fer the week at the port OF New York were
valued at $13.1249S7.
The weekly statement of the associated
New York banks, issued Saturday, shows
the following changes:
Surplus reserve decrease ........... So, 037, 900
Loans. increase ....................... 9.62l,O0
Specie, decrease ACKNOWLEDGEMENTS. 4,507, 900
Legal tender, decrease .............. 767,400
Deposits, increase .................... 3VoO,4Oo
Circulation, increase ......-.......... 6O2,SO0
The banks now hold sl3,641,550 in excess
of legal requirements.
The New York Financier says this week:
"a decrease Of $50 900 in the surplus re-
serves of the clearing house banks of New
York city for the current week has re-
duced the excess cash holdings to S13. ga, $50
a shrinkage of more than 100000 in one
month The feature of the statement is the
continued rise i'm loans. The increase for
the week in that item has been 1852, 0O0
One month ago the total was 5000, 900
lower than now reported This exceeds
last years record very materially, al
though the incentive which brought about
the 1883 expansion is lacking now. The ex-
PLANTATION for the rapid rise in loan COM
mttments lies in the heavy volume of COM
mercial business which the country is do
ing. Lately there has appeared another
factor-the absorption of government bonds
by banks-and this accounts in part for the
continued addition to the loan item. The
banks are still losing cash to the treasury.
The statement reveals a decrease of $4,507,-
900 In specie and $167, 400 currency for the
week. This is little less than had been
expected, as the treasury had drawn more
than that during the week. The infer
ence Is that the banks gained rather than
lost of interior account. The increase of
3. 400 in deposits was not much below the
average expansion over the past few
weeks, and requirements for additional re-
serve were not as heavy as has been the
L. -Tw.~ H. <~xf..
ming of February. AS II is the lessened
cess reserve for the past six days is due
almost entirely to the loss of cash from
banks, the deposit increase being respon-
sible for only three-quarters of a million
of the total. Viewed as a whole the ex-
hibit of the banks Is not as unfavorable
as had been anticipated. but IL certainly
fayorS the prediction that money rates are
now about as low as they will be for some
weeks to come. The money market in the
Immediate future will be governed largely
by the amount which the banks will lose
to the treasury, and the passage Of the re-
funding bill may also complicate matters
temporarily. The banks are still adding
to their circulation, and the total is now I'm
last year"
THE WEEK IN WALL STREET
The feature of the New York stock mar
ket, Saturday, was the disturbed condition
of mind manifested by the bears. whose
demands for stock to cover short contracts
worked some violent recoveries in the in
dustrial and speciality departments of the
market This influence was first evident in
Third-avenue. which bounded UP points.
on the belief that financial assistance had
been secured to rehabilitate the property.
The short account in Sugar again gave
signs OF being overextended and, after
falling to near 80, the quotation touched
lolA in the late dealings. A decline in the
price of raw sugars thus widening the gap
between the cost OF raw and refined sugars,
Influence in
stocks had a sympathetic influence upon
other induStrfalS and there were general
recoveries from the opening weakness
during the first hour. period of dullness
and heaviness succeeded, while waiting
Tor the bank statement, and on the publi-
cation OF that statement the market dis
played increasing animation and strength
until the close, which was generally at the
top. and at net gains In nearly all stocks
Part OF the buying was on the principle
that when bad news Is out rally is due
But the return was, in fact, not so weak
as had been feared. Receipts OF cash from
the interior were larger than anticipated
end the loss in cash correspondngly less
another loan expansion formidable as
S,62lOeo, was apparently viewed with COM
placency, as the feeling has grown up i'm
Wall street that much of the recent loan
expansion will ind quick return to the
money market. So long as call loans are
made at 2a2iz per cent. there will be no
acute alarm over money market prospects,
me stock market this week has been
lent contrary movements in different
groups of stocks affected by individual
causes. There have been sharp losses I'm
the department of industrials and so-called
specialties, including the stocks of cor
porations operating the New York public
utilities, and there have been notable
gains IN some railroad stocks based IN
large earnings reported. The strength of
the railroads has at times checked the fall
In the induStrfals, and at other times the
sudden breaks in the industrials have un-
az ha vxh 0lo rIrnf
drag on the movement in the railroads
Neither the gains on the one hand nor the
losses on the other have been fully main
tanned, and IL Is impossible to determine
the dominant tendency of the market or
10 decide how far the apathy of the public
demand for stocks would be changed If the
market We're relieved of the special dis
turbing Influences. The principal disturb
Ing element has been Third-avenue which
has sold over 80 points lower than last Sat
urday closing price and very nearly 200
points lower than the high price of the
corresponding period of last year Such n
development in stock long closely held
and regarded as safe investment secur-
lty mas an inevitable effect on other Sc
crrities. however peculiar to itself NAV he
the circumstances which affected H. There
were old rivairies and animosities between
ooid and powerful speculative interests
which the misfortunes of the stock af-
forded an opportunity to crafty The
Iong-standing conflict for centralized CON
troll or the New York public utilities was
or that group. but through sympathetic
connections of other stocks There has
been furious speculation i'm the certificates
OF the Sugar Refining Company ba sed ON
the ambiguous utterance of the president
OF the company that he should oppose the
payment or dividends unless the COMPANY
earned them. This riddle will not he
solved for the public until after the di-
rectors have acted on the dividend next
Wednesday, when spectators will be able
70 foot up their gains or their losses The
iron and steel stocks have also been dis
turbing influence, without any very clear
explanation being given for the large sell
Ing OF them One current but not very
plausible explanation Is that the earnings
OF these companies are proving so large
that effective competition Is invited and
Is being organized. The reports OF au-
thorities In the trade showing large con-
sumers still hating over the making al
future contracts for material. obviously
with the expectation that prices will &c
lever. seems a more rational explanation.
GREAT RAILROAD EARNINGS.
These disturbing influences have partly
Offset. but have not wholly prevented, the
effect of the extraordinary earnings re-
ported by many OF the great railroad sys.
tens for January. II has been feared that
the high prices OF material would so far
extend the cost OF operation and repairs or
the railroads. that their net earnings would
fail &c be benefited by the largely I'm.
creased gross earnings. The statement.
published during the week effectualy re-
flute this supDOSfffou. Even where the 49,