The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-31
HEAVY GAINS RECORDED
STOCKS GENERALLY TWO TO FIVE
POINTS HIGHER THAN ON FRIDAY.
IT. Paul Made Record High Price
General situation-Quiet Week
I'm Local Business.

steady at per cent.
Prime mercantile paper. 4%4G5A per cent.
Sterling exchange was nominal with actual
business In bankers bills s4.s5 for demand and
nj HsiHa4s1z for sixty days; posted rates.
asz and As5; commercial bills. si-s0a4a-
silver certificates were e449s5c; bar silver.
ss7kc; Mexican dollars, soc. silver bars sold at
% s-1sd an ounce on the London market.
Exports of gold and silver from the port Of
New York 10 all countries for the week aggre-
cate Il 3s4 so7 in silver and coin. and s46 Us
An gold Imports of specie were ssS.s13 in gold
and sA.lOz in silver. Imports Of dry goods and
merchandise were valued at 81. 30, S34 for the
week
The weekly statement Of the associated New
York banks. issued Saturday. shows the follow
ing changes:
Deposits. Increase ls'sSisoo
Circulation, increase. $500
Legal tenders increase. 1850
Specie increase ~
Total reserve, increase. 5SIo,l00
Reserve required. increase. 3s46.200
Surplus reserve. increase 2,02s,Soo
The Ffnancier says: IF the New York as
ISOLATED banks report over the coming month
eeipts of currency equal the January remit
tances that usually flow in this direction. the
fears of a tight money market may well be
S.-sipated. AS the situation stands at present.
the position Of the banks is easy and despite the
heavy addition TO reserve requirements neces-
STATED BY growing loans and deposits. the sur
plus is increasing During the week just ended
loans expanded s.. 35S. 900. which, considering the
fact that business virtually began wednes-
day, is am extraordinary showing 1t is prob
ably safe to say that the loan expansion reflects
the present tendency OF this item in a somewhat
beIated manner. The gain in cash was $5.s75.1Oo.
due to the treasury disbursements for interest
latter having been increased heavily by reason
of dividend requirements. But aside. from this
money is flowing TO New York not only In re-
Spouse to usual conditions. but also on ac-
count of attractive opportunities offered banks to
make use Of their funds here This has Teen a
feature for some time, and probably will con-
tinue until checked automatically by interest rate
regulations. The deposits, owing to heavy loan
and cash increases ran up In excess OF S5 coo.
thus counteracting 10 a large extent the cash
Gains. Still the surplus is 81 900
higher than a week ago. and stands at s11,525. 800.
or almost the figure with which the banks opened
the year ending the clearing house banks
of New York bave increased their loans sl1s,-
ESQ eco deposits sos. 90, 100. and cash holdings
gzs.oy.2oo. this too after having met the heaviest
demands known over the crop season. In
the twelve months now closing the surplus
serve touched s5o.Ooo.ooO only once has been in
excess OF $40. GOO only fourteen weeks, and I'M
der $10000, 900 for the same number OF weeks
This shows at a glance that the banks have
found constant employment for their funds al
though the general totals have ruled higher than
ever before Since March last the national hanks
the present total standing a $3l COO, 600. This
mercy assisted materially as regulating factor
during the somewhat stringent period two
months ago.
wALL-sTREET REVIEW.
Friday night New York showed symptoms
of alarm over the OF financial difficulties
IN Loiidon than that center die itself Saturday
morning the New York market gave about fifteen
minutes OF active buying TO overcome the rather
sharp declines in the international stocks which
had resulted from the unsettled condition OF at
fairs In London. growing out of the announce
inent of actual failures resulting from the gamble
In West Australians and their subsequent slump.
The lower prices here seemed an attraction in
themselves. and the asgressively sustained ad-
vance In ST. Paul renewed reports OF the
entry OF j. j. Hill into an active share in the
management of the company and of alliances
with other Northwestern railroads WAS a stimu-
lating Influence throughout the whole list. The
buying OF 81 Paul Itself was on very large
scale. and the price I47, leaving the prev
tous record price far behind. The market sold
on little before the bank statement but re-
newed strength appeared the showing made
py the banks. the expansion in loans Icing more
than provided for by the increase reserves Of
nearly S5.0O0.OO0. which considerably more
than was expected TIE principal strength OF
sns market was in high grade railroad stocks.
were conspicuous. The Sorthwestern stocks
were buoysnt. but the other grangeTs failed to
III. III.
ern racine. Union Pacific. Illinois CentrsI. the
tfohk tines.- American Express. Wslis-Fargo.
the Rubber stocks. National tube and, after
cary WeahhtSS, sugar and BrOoklyn Transit
were all strong features. the advances running
rom TWO to five points. There were weak spots
ih the list Under the pressure Of persistent
pioht-taking. but these prices were above the
early low point and the realizing was well alb
sorbed- Standard OIL sold an $500 and $500 |.
share. "
There have been lingering apprehensions dur
ing the short week in the stock market that the
4gkt
esentuate during the last week OF the year and
toppe over prices under the rush to realize
ifonts- There has been. in fact. enormous real
i]inS on every day. and influential professional
operators have testified their confidence that the
,i. ~ prices mad eliminated 10y frequently put
ting cut short lines. But the astonishing abb
kcrpttSe power OF the market has taken up Of
a., san,ss lIom All sources with unsatiated vorac-
10, srehng out constantly new stocks for favor
and shifting profits from one quarter OF the mar
Vel 70 another The Judgment Of professional
OPERATORS has been continually at fault and RE
hears have been forced 10 cover their short CON
tsSts DAP after day. helping the notable
r'ss from the occasional periods of reaction.
there mas been a growing perception that All
ordinary rules and standards are quite INADEQUATE
- Apply TO the present stock market. Not only
sre inclviduai or syndicate operations ON an un-
precedented scale. but the dissemination OF in
terest through the general world Cf capital takes
the market beyond the bounds OF the ordinary
.'anipuiselNe processes OF stock exchange opera
TOTS ahd speculative cliques. The looked for
money squeeze Is about The only prospect that
ecnid ce relied upon TO check the 5eterminatIon
70 buy stocks. and money has continued easy
IN spite OF the preparations for the Yearly set.
Elements and the enormous requreme Of tn
unoridied speculation The widely dlffused pub
nc sentiment has apparently continued well
ss.isneo win the prices paid for stocks and
convinced OF the value OF its rossssssans s
snere nave not been lacking signs OF Continued
o.S1hg oy banking interests in f1rtherance Of
PANS or consolidation 81 control The eeYorts
W professional operators to work reactions have
therefore beer uniformly defeated
WORKING IN A CIRCLE.
IL - fruisn that so long as the public main
tsins It's confidence In the value OF stocks and
nas money with which to buy prices will con-
tinue to advance. But Il Is worth wbtla co,s,d-
erins that the fact OF the advance Is the attrac-
non o; the general public TO buy. while tina,
buying Is. In turn. the cause OF the advance
X 70 clear that this is process which, In its un-
Checked operations. would lead to unlimited In
nation The eredulous mood OF the speculation
which quickly follows any leadership or swallows
euy runor indicates the possibility that the