The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-21


Legal tenders, increase. .............. 49, 500
Total reserve, increase. .............. 6,4o1,941
Reserve required, decrease. $4,000
surplus reserve. increase. 6,Sy3UO0
The banks now hold sl4.O22. 100 in excess of
requirements under the % per cent rule.
The Financier says: THE associated
banks of New York added nearly $7.OO0Ooo
to their surplus reserve last week. bringing
the total to $li,s22, 100. an amount larger
than they have reported since Feb. . last.
Loans are now $13.OOO.OOO less tnan at the
Date named, and deposits have decreased
twenty-seven and one-thrd millions. IL
will be recalled that the remarkable ex-
pansiOn of these items, which caused new
records to be made during the middle cf
February, started at the opening OF the
month. so that the banks are practically
back on the basis preceding these deals, by
far the largest ever consummated in this
country. AS matter OF fact loans have
decreased twenty-five and one-haif millions
from the high point reached on Feb. 10.
There has beeh a shrinkagr of S44. 100000 in
deposits in the same time, while cash hold
ings. despite gold exports, treasury alb
sorptions and losses to the Interior etc.
have decreased only about nine million.
This is a remarkable record, and shows on
its face that the financing of transactions
of unprecedented magnitude has been &C
complished with ease. The current state
ment is more favorable than expected. The
gain of $6,46l,900 in cash is about twice as
large as preliminary estimates had as
sumed, and in connection with decrease
in LOANS of sS,SS9,00G, which reduced deposit
liabilities. produced a reserve increase
larger than the actual gain in cash
WALL-STPRET REVIEW.
The week of the largest transactions, in
stocks in the history of the Stock Exchange
closed with the inevitable upward squirt of
prices and the natural pressure of liquidat-
ing sales at the high level. The rapid up
ward course of prices at the close on Fri
day brought in the expected horde of out
side buyers Saturday morning. and the pro-
fessionals added their efforts to the excited
demand of the outsiders to make opening
prices as high as possible. The result was
some wide spreads in prices and congested
buying orders in the favorite stocks, nota-
bly, St. Paul and Union Pacific. Specific
official denials were put out of the report of
a projected combination of Northwestern
and Union Pacific to offset the Burlington
deal, so the spectators substituted ST. Paul
for the former and found it just as effective
in attracting demand for the stock. The
manipulation of st. Paul was very papable
and violent but the price was pushed de-
terminedly upward TO 40. after having al
ready crossed its previous record price Fri
day. The final high price was made in a
vigorous effort to rally the market from
the decline into which it had fallen as a re-
suit of the unwieldy mass of realizing sales
which were thrown on the market on the
opening bulge. The effort was successful
in only few stocks, and the undertone at
the close was distinctly easy and showed
some rather violent breaks in recent Specu-
| lative favorites. survey of net results
| shows that the persisting strength was con-
| fined to st. Paul, Union and Southern Pa
cific. Missouri Pacific, Texas q Pacific, the
| local fractions and some of the minor
stocks The bank statement was more ia
vorable than expected by reason OF the
| heavy loan contraction, which gave the
surplus the benefit of all the cash increase.
| But the showing had evidently been dis
counted and the selling to take profits on
purchases made in anticipation Of the
| statement had evidently not been completed
when the market closed. The sales for the
| two hours of trading were 1,l45.000 shares,
compared with the record for Saturday OF
| LISP. 500 shares. on Jan. 3 The weeks sales
| aggregated 10,0lS.4D shares, which sur
| passes all records.
Another week OF extraordinary specula-
| tive activity has been added TO the great
| stock market boom of 1901. There have
| been signs of nervousness many times in
| the trading and enormous speculative HQul-
! datiOn has been absorbed. but new buying
has been met on all recessions in prices and
| disquieting factors have been persistently
| ignored or their influence overcome by the
! powerful and aggressive support which was
| accorded weak spots in the market. AS a
consequence many Of the principal active
| stocks have touched prices higher than
|
| of business has continued in a daily scale
| near TO record level. Confirmation has beer
| given to several important projects which
| have been In the field of surrnise up to this
| time for large proportion of the most &C.
tive speculate tors in the stock affected, thus
resolving the occasional spasms of doubt
which have unsettled the speculation from
| time to time
MANY NEW RUMORS.
There mas been added a constant crop o
fetal or authoritative confirmation. blu
which are received with eager credulity b!
the speculative world, owing TO the nina
| confirmation given to rUmors in the forme
cases TIE most important subject final,
removed from controversy and dispute i
the Burlington deal Wall street has no
| wavel ed in its conviction Of the eXstenc
| OF this project for time past. bu
| there have been fears of hitch which sen
many tremors among spectators, and yer
| sons of -ha terms of the deal have dit
fered from time to time, and probably hav
| leen actually changed from time TO time
The oIrcial announcement of the term
| giVes a more stable basis for the TRADING
| in the Stccks affected.
! The settlement or the wage dispute VIII
the steel workers at McKeesport has re
| lIeved underlying apprehension of dc
| structive contest with widespread cola terra
effects, which would have hurt propert.
values not only of the United States Stee
| Corporation, but of many other properties
| The offer OF banking firm IN Boston t
receive deposits of copper stocks, lookini
10 a consolidation of Butte & Boston. BoS
ton q Montana and Amalsamated Copper
was the basis of excited speculation il
! the last-named stock on the New Yorl
Stock Exchange.
But the most potens influence in foment
ing the continuance of the speculation wa
the reple nishment OF the money reserve
Cf the New York banks. y mere arrest -
the hardening tendency wOUld doubles
have been sufficient &c encourage The spec
ulators ID renew buying of stocks. Tn
profitable money rate in fact, has bee
he cause OF arTesting the depletion OF NeN