The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-18

aggregated COTS, III SILVER DdIS anu Gull
and $40, 900 in gold. Imports of specie were
s12, 7O5 in gold and so. 124 in silver. Imports
of dry goods and merchandise to the port
OF New York for the week were valued at
| SIC, So, 235
The weekly statement Give days. of the
associated New York banks, issued Satur-
day, shows the following changes:
Loans, increase ...................S19S 33, 600
Deposits. increase ............. Ii, ,007
Circulation decrease - 10 800
Legal tenders, decrease 649, 4U
specie, decrease .................'.. a,oos'V ,
Total reserve, decrease ..-..-.---;-. 80, 4OO
Reserve required, increase ......... 80
| Surplus reserve, decrease .......... 75lO,li5
The banks hold s12, So. 45O in excess of re-
quirements under the % per cent. rule.
The Financier, in it's issue of Saturday,
| says: For the first time in their history
| the clearinghouse banks of New York city
reported deposits in excess of 81, 900 0O0, 900,
| the exact total, according to the bank state
ment of Saturday, standing at s1.0l1, 900.
These deposits, it also should be stated,
| are net and include only actual items en-
| tering into that definition The gross de-
posits are in reality much higher. The
| constant growth of the figures since the
| opening OF the year has been little less than
amazing. Since Jan. deposits have ex-
1
| S1l050O,000. Despite the strain on their
power 10 which these increases subjected
! the banks, they hold within about $40, 500.J0J
| as much excess reserve as was reported at
| the opening OF the year. But the current
statement shows practically the same OPP
| erations that have been in evidence now
the week s19, 1888, COO of which amount five
large banks report the largest proportion,
and deposits expanded $l6,1S5, 1O0 traceabie
also TO a few institutions. The important
4 a
| in the revelation of the diminishing ship
ments or money TO this center from the
| interior, and the absorption of cash by the
treasury, the cause of this weeks loss hav-
| ing been forecaSted in this analysis last
week. How long the present operations In
| the loan market will continue is uncertain
| but 1T needs no superior Judgment to show
| that with the loan item growing at an I'M
/ precedented rate, producing proportionate
| decreases going on, the surplus reserve
must be seriously affected The decrease in
/ this Item for the week was 1910, 1I5, which
| brings the present surplus to $l2, $50, $50
Last year the surplus fell from S24, 900, 900
| on Feb. IL 10 less than $1,000, COO on March
| z, and the leading causes are more pro-
| tions are responsible for the advances
! shown of late. 1t is interesting TO note that
While the increase in the loans of sixty
/ three banks since Jan. 5 have been S110, 600 =
OO0 two large banks are responsible for
nearly $40,0000O0 of the entire gain, and six
| banks identified with the similar
| interests haxe expanded their loans nearly
$sO5VV,OOo, or "a per cent. and over or the
| total gains. since January. This throws a
| strong light on the character of the year 5
expansion TO date"
WALL-STREET REVIEW.
There was much confusion and doubt re-
| garding the speculative outlook manifest
| in the movement of prices in Saturday $
stock market and the professional trad
erS were obliged to change sides severel
times during the course of the short SEES
sion. The opening strength seemed to be
due to London operations, and gave way
Immediately after the opening. There was
manifest apprehension over the showing
to be made by the bank statement. The steel
| stocks were reactionary, partly over the
| delay in the announcement of the terms
| OF the merger and partly over the proba-
bility of a probing ny the Industrial COM
| mission. The 1nternal diSSenSiOnS in the
Smelling Company were responsible for
| the weakness of these securities and re-
ported dissatisfaction on the part of the
| English minority stockholders in Anaconda
| was reflected in decline in that stock and
| in Amalgamated Copper. The metal stocks
as whole, therefore. made rather a poor
| showing. Tin Plate, National Steel pre-
| fcrred and Federal Steel preferred were
! exceptions, Tin Plate rising at one time 21s
over Friday night, and closing with net
| gain OF Us. The strength of Burlington
| ana of Delaware & HUDSON made the Iea-
ture OF the market. They rallied after the
opening weakness, and checked the sell
| ing by the bank statement, modifying what
| promised TO be a weak closing into dull
| ness and heavIness. The Toledo, ST.
Louis Western stocks We're strong, the
preferred rising 31s, but yielding TO the
late reaction. Illinois Central was advanced
nearly points. AS a rule, the list shows
net losses ranging up to over point for
| many Of the prominent trading stocks
| General Electric lost 52 of Fridays rise
| The bank statement proved fully as weak
as the pessimists had prophesied, and I'M
ffafC FOL h inf hDr1r cfrr
| spectators, although the serenity shown
| by the financial world in face of the fig
ures prevents any acute apprehension. II
is true that the rate of loan expansion with
the added factor OF cash Shrinkage is carry
ing the surplus rapidly toward the van
lsning point; Two more weeks of the pres
wipe out the surplus. The increase in loans
siEee Dec. % last has reached the enor-
NOUS aggregate of $12S, 524, 800, but a large
part OF these are credits of the highest
grade, involved in the financing of great
railroad combinations, and. presumably, IN
part, on sterling exchange collateral. The
deposits in New York clearing house banks
have thus been brought up to the stu.
pendous aggregate OF S1Ol1, 329. 000 CROSSING
the billion dollar mark tor the first time in
their history. The continued Willingness oil
the banAs to loan money at the prevailing
easy rates reflects their confidence in the
future, which quite possibly may be due
TO foreknowledge and assurances of tn.
plans of the capitalists and syndicates tc
whom they have extended large credits
4
| any emergency. 1t is nevertheless obvious
that the situation may result in great dan.
ger to poorly secured creditors, whose Dor.
rowings are placed in purely speculative
ventures.
The speculation in stocks quoted down
this week. The pause In the excited upward
movements in stocks brought the inevi-
table realizing movement and the bearisf
traders took advantage of this selling to
| put out short lines. but the bears We're by
no means aggressive. and they seemed con.
tent with quick turn on the short side
thus causing an early check to the declin-
| ing tendency and some recoveries. Their,
are far possibilities still hanging over the
market of further important Developments
| looking towards additional consolidation OF
railroad interests and extension of the
community of interests among great rail
| road systems and capitalists, to affort
| great vantage ground for bear attack or
the market. beyond the limits of holding by
| weak spectators who have no resource.
to defend their holdings or 70 hold through
a decline. There have not been lackins
signs that the process of absorption of Sc
| curities of minor railroads in the interest:
of large railroad systems has been pro
| oeadinV and isolated instances n r,rtl