The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-19

Loans INCREASE 81 1s9. 500
Deposits Increase ..................... s.57s 300
1,srr,,Iation decrease ..............2s 200, Geo
Legal tenders, increase 26l21yO
cnecIe Increase ............... 2. SOS, 500
Total reserve, increase. 5,2OS,3O0
Reserve required. Increase 144 30
Surplus reserve, ncrease........--....- 5VoS,azo
The rinancier says: 1.-THE New York clearing
house banks made Unexpectedly good show
ing for the week ended Nov. II. cash increases
having surpassed all expectations The gain
footed up s.. 2Os. 800. divided almost equally be-
tween Iegals and specie. The increase was due.
for the most part, to operations with the treas
ury, although it is known that New York gained
appreciabiy during the week from the interior.
Then, too. portion of belated gold imports fig
ured In the reserve item. With this strong con-
dftion as basis the banks were able to stand
the swelling OF their other totals without trou-
bic, and as the expansion In loans was under
all previous calculations they closed the week
with s3.os3. 725 added to their excess reserve.
bringing the total 10 1858. rs. The slowness
with which the loans OF the banks respond to
the enormous Stock Exchange expansion noted
since Nov. Is rather puzzling feature, and
one that is variously explained 1t Is quite prob
able that there has been liquidation which does
not show in the statement. except to minimize
the influence OF the new business being done
change activity during January, 1889 the same
popularity in the lean item was shown, al
though In period OF three or four weeks fol-
that time the explanation now often used, name
; ~. the heavy volume of investment buying. was
advanced. 1t is probable that the loan and cash
fluctuations within the next month will show
some interesting phases, but continued heavy
increase IN surplus reserve would appear to De
an anomaly In the face OF prevailing conditions.
The deposits OF the banks S. 800 last week
result Of the changes already noted. and
nents. explaining why the increase in surplus
not large tn. gain in cash. The
money marker mas Hot oeen aneeteo 10 any ex-
tent by the revival in business since election.
Clearipgs in New York last week to 1.546.-
5s2,775. an advance CT s476,50O.oe0. nearly 50
per cent. over the previous week. The circul2-
tion OF the banks in New York has, for the
ment. reached its maximum, decreases in the
total having been shown from the last two
weeks
wALL-sTREET REVIEW
Fridays definite resumption OF strength in the
securities market and the evidence of large and
aggressive buying Tor investment had an infiu-
ence upon speculative sentiment Saturday which
the must sanguine could scarcely have foreseen.
Such speculative excitement that the
change the opening has rarely been seen in
the history of that institution Brokers had
limit. apparently Such orders were sheer reck-
lessness in a market where stocks strong
~ held as at present, and the sensational ad-
vances which resulted were almost instantane-
color 20 the supposition that a large short in
terest was In process of closing out by forced
selling at intervals ever since the election and
an uncovered bear account after Fridays ses-
vance of large traction and rgn5tns mn at 10
over point was Imposing. but in a few In
solidated Gas was sold for POI at the same time
al Is 10 77is rising afterwards TO AZ points over
Friday night General Electric jumped points,
which Is less than its average daily rise for
This speculative excess quickly brought its
By these high prices and the relapse was so
violent as to awaken uneasiness The relapse
day night and I'm some conspicuous Instances,
notably Pennsylvania prices fell below; but
statement buying renewed with confidence
an, an, prices Were lifted again in some cases to
No special influence could be assigned the
based evidently on confidence in the comprehene
sive nature OF conditions making for prosperity
and large earnings in all branches OF business
There has been considerable abatement this
which threatened last week extend to reci-
less extremes and TO run the money market into
q squeeze by putting too much money into spec
uistive holdings or stocks Selling secure
holiness in the bear attacks on the market at
las caused reaction. This forced out some of
market top-heavy. and discouraged the head
long rush OF outsiders to buy. The class of
Mh0 OF hs but been Ss
less In evidence this week. but 1t has become
waiting for the reaction in prices TO come into
the market confident in the intrinsic value OF
securities and the s0undness OF the Industrial
and financial outlook but fearful tina; over
md endangering the stability OF values The
market has thus found effective support at
the decline and has rcSained it's equilibrium
The fact that no registration exact record is
made 81 transactions on the Stock Exchange
except by the parties Immediately concerned
gives the opportunity for unwarranted state
nents regarding the proportions OF the market.
According 90 the general suppostion heretofore
the largest days business in the history OF the
Stock Exchange was Dec. II. 1883. the day 81
the panic I'm the nature OF the case the num-
Der ~ sales left unrecorded WAS likely To ~
larger that day than la hull market What
profeSsed 20 be careful sootings the time
placed The days business as high as i.7ioon
i.ssS.o0o shares. according the most re-
liable estimates. hut Tor the week ended Tues
day evening last shares sold than i'm
any previous like l,eriOd In the history OF the
exchange The total amounted 10 7s94 ISL
shares. For the week ended Jan. =. 1873 the
aggregate sales were 7.f32.s5s shares.
RELATIVE ACTIVITY
As for bond sales. the total has not reached
fs.e'0.coo. par value. any day since the cleo
tion. while the record stands at sii.1eoooo par
value As for the record OF sustained period OF
activity. the sales Of stocks were constantly