The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-05


commercial bills, 81 s311d4sfA.
Bar silver was 60ssc. Mexican dollars,
471zc; silver certificates. 591zd6O1zc. Bar sill
yer at London was quiet at 27ssd per ounce.
Imports of specie at the port of New
York for the week ended Saturday were
$4s7. 4s2 in gold and s5s.Os7 in silver. Exports
to all countries were s1.13S,7S1 in silver bars
and coin. and $4,000 in gold.
The imports of dry goods and merchan-
disc at the port of New York for the week
were valued at s13091,5l4.
The statement of the New York associat-
ed banks for the week ended Friday shows
the following changes:
Surplus reserves, increase .......... A,593 5000
Loans, increase ....-.-......-.......-. l,2iysU
Specie. increase OBSERVATION-DISCLOSURES. 1850
Legal tenders. increase ............. 43S,5O0
Deposits. increase ............-....... 1892 200
Circulation, increase --.-...--......-. 2Z5,oOO
The banks now hold go ,275 in excess
of legal requirements.
The Financier says: Despite heavy de-
mands made upon the cash holdings of the
clearing house banks of New York city
by the expanding loan and deposit items
the reserve continues TO grow, standing at
the close of business Saturday at $50, 81, 275.
The increase in deposits was SIS. 391, &C., ne
cessitating the setting aside of 50. 800 adj
dtionai reserve. but as the cash receipts
during the week were s5,f4, 100 this extra
demand was not only met but 81, 5e3, 800 was
added to excess reserve. The expansion in
deposits was larger than the ordinary OPP
erattons of the week called for, but two
thirds of the entire amount was made by
the National City Bank. which also report
ed $5,o00,000 increase in loans and about
s.. 5000 I'm specie. the statement assumes a
a ha ha nj hoc cd
q great deal of money of late in connec-
ton with its increase Of capital to So co.,
900. The revival of interest in Stock Ex-
change circles and large volume of COM
mercial paper offering have also served to
swell the loan account. The loans of the
clearing house banks now stand approx
mately at $700.000.000. and deposits have
Increased to $796, 100000. The fact that re-
ceipts of cash are more than sufficient to
meet these heavy advances seems to fore
show continued easy money conditions. but
as the treasury has given notice that here
after internal revenue collections to be
cared for by the government the question
of future receipts assumes a new interest.
The banks have received within the past
month very large additions from interior
remittances, but these found their inspira-
ton, In part at least, in the liberality of
the treasury with reference to depository
banks If the government has placed with
these banks all the money IL feels called
upon to contribute the inflow of money
must slacken preceptibly. In other words,
will be the result of natural business con-
ditions. 1t is perhaps true that in this
case the interior receipts will slacken and
that the New York institutions will not he
able TO go on adding heavily to their out
standing commitments without infringing
on the present surplus. Nothing definite
can be said on this phase of the outlook
but II should be borne in mind as having
an important bearing on the market"
wALL-STREET REVIEW.
Speculation in Saturdays short session of
the New York stock market was swayed
by long ventures, encouraged by the state
ment Of the ST. Paul Railroad for the
fourth week of January, and a disposition
to take profits. A level of prices had been
early established which indicated a hand
some rise in securities purchased earlier in
the week The tendency to realize was very
manifest after the publication of an ex-
ceptionally favorable bank statement AL
though the downward movement assumed
some force near the end, owing to a violent
break of 3ss per cent. in Sugar. the earlier
advances gained by the st. Paul showing
and that of minor roads, was not entirely
cancelled. Interest was revived to a marked
extent in number of the iron and steel
issues. National Steel moving up points
and receding fractionally. Tennessee Coal
fell into comparative dizziness, and al
though IL covered a range of three points,
terminated unchanged. Some comment was
excited by a rise of 3 points i'm General
Electric, which was generally attributed
TO reports of encouraging earnings. Sugars
plunge downward was ascribed to gossip
concerning the trade war. Third-avenue
occupied a less conspicuous position in the
market than of late, and moved in SYM
pathy with narrow limits. A tendency to
cover in some directions, coupled with free
selling in spots. caused a very irregular
close to the days business. Transactions
were unusually heavy for a short day. and
"a har Of cfn he In lx,,r.c
equaled that OF Friday.
Whatever may have been the incubus
that rested on the stock market activity
the last few weeks, Ii was quite effectually
lifted during the week just ended. Deal
ings have advanced nearly half a million
shares OF stocks day, and on one day ran
up to three-quarters of a million shares.
The early repressive influence was not the
military situation in South Africa, for the
symptoms of indifference to that, which
were indefinite last week. were emphasized
on Monday, when the London stock market
was in a semi-panic, and the local market,
though still dull near TO stagnation. was
distinctly strong. AS for the money market
outlook. the conditions have been no easier
thar during the recent period of neglect,
and the course of the foreign exchange
market and OF operations with the sub
treasury have given intimations of re-
newed drain on the New York money sup
ply. But whatever the cause of the previous
dizziness. the most influential factor in
arousing the market from its lethargy was
unQueSt1OndDly the action at the dnnuai
meeting of the American Steel and Wire
Company. The setting aside of a full years
dividends on the common stock at the rate
of per cent. to be paid quarterly. was not
more than had been foretoid in some of the
numerous rumors that had been dissemin-
ated I'm vain attempts to awaken specula-
tive interest in the stock. But the publica-
ton OF a balance sheet, certified to by
chartered accountants. was answer to
much scepticism that has assailed this
company and, from the same causes, the
whole group of industrial stocks.
cENTERS OF MYS4 ERY. I.
Mystery has been the main characteristic
of the Industrial corporations. The amount
and nature of assets. of obligations. Of
earnings. OF expenses-all these were
sealed from the knowledge of the public
and OF the average operator in the securi-
ties. The statement published by the Steel
and Wire Company did not answer all the
questions which investors would want to
know, but 1t served to dissipate some of
the suspicious which have hung around
the iron and steel stocks The resulting
rebound was correspondingiy resilient on
account of the extreme depression which
they have suffered. This depression was
due to liberal promises regarding divi-
dends and very moderate performances
thus far. A legal obstacle developed last
year to the payment of dividends on the