The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-10

Prime mercantile paper, 3q4 per cent.
Sterling exchange was nominal with ac-
lual business in bankers bills at s4.S72s for
demand and $4S4s444A for sixty days;
POSTED rates, S4.S5d4S5R and SASSY; com
aercial bills. S4S3hd4S4-
Silver certificates were CHOOSE; bar sill
yer, e0Bc; Mexican dollars. 49c. Bar silver
closed at 2Slsd an ounce in London.
Imports of specie for the week at the
mort OF New York were So, 100 in gold anu
psSu in silver. Exports of gold and silver
to all countries aggregated 81, 2S4, $50 in sill
yer bars and coin and S17.1SO in gold. I'm
ports Of dry goods and merchandise to the
port Of New York for the week were valued
1t S2,SH,425.
The weekly statement of the associated
New York banks. issued on Saturday. shows
the following changes:
Loans. increase $50 200
Deposits, decrease ................... 5000
Circulation. increase. 5000
Legal tenders, decrease ..........-... 1,415, so
Specie, decrease 4,Ao,2y
Reserve required, decrease .......... 1883
Surplus reserve, decrease .-.-...-... 4,OSS,UZo
The banks now hold $40, al, 275 in excess of
requirements under the % per cent. rule.
The Financier says: Despite the fact
that one or more of the larger banks began
10 call loans last week, the current exhibit
Of the New York clearing house institu-
tons shows an expansion in the loan item
Of 1850. 200. 1t is rather difficult to trace
satisfactorily the cause of this rise, but in
explanation, it may be said that operations
Incident to the completion of the pending
large deals are reflected to a greater or
less extent in the change. The increases
and decreases are confined, for the most
part, TO a few banks which represent Spe-
cal interests of magnitude. BY far the
most interesting portion of the statement
Is found in the depletion of $4,0S3. OPS in the
cash reserves OF the banks. The loss Is the
heaviest that has been noted in any week
since last October, and was brought about
BY subtreasury operations with the banks.
The treasury. in fact, gained nearly $5,OO0,-
m during the week, and this was counter
leted only slightly by interior remittances.
From Chicago. Philadelphia and other CEN
Iers, however, come advices of extremely
sasy money markets, and any heightened
demand for money here will, no doubt, be
met with a response from all large pionts
which have funds in excess OF current need.
AS a rule, however, the excess reserves OF
the New York banks show a falling off
from the March period. a year ago this
week the banks held less than S6,OOO,OW of
reserve, and the succeeding siX-day period
witnessed a further decline TO two and two
thirds millions. from which low point there
was a steady rise, which did not culminate
until September. The deposit item for the
Week just ended showed little change. The
decrease was only $685. 500 and the excess re-
serve, therefore, In its decrease of $4,Oo3,S25
reflects only the excess money that was
paid out by the banks. The present surplus
f SIC, 17,Il5 is the lowest held by the banks
Nnce the opening of the year. The outlook
presents nothing beyond the usual. Many
Stories have been current of a coming fur
~ IN call rates, but while predictions on
Shs point are useless, 1t Is TO be remern-
pered that the operations which will call
LOT heavy divided payments in the near
future, notably the Standard Oil disburse-
ment, are largely mere transfers of ac-
counts, and whatever preparations are nee
tSSdlN DrOhQhlV have hppn made Hlrp1dN.
SUI. the fact is not 10 be overlooked that.
win the huge totals now reported by the
banks, fluctuations of more than ordinary
magnitude are not out of the question:
WALL STREET REVIEW.
There was a very irregular price move
ment during Saturdays short session on
te Stock Exchange. Speculation was act
I've IN only a few stocks. and the contrary
movement In these had the effect of con-
iHsing the sentiment of room traders. The
published rumor that the Pennsylvania will
tease the Chesapeake & Ohio for 999 years
with a guaranteed dividend of 3 per cent.
Per annum caused an excited opening In
uat stock. the first transaction of $500
snares carrying the price is over Friday
MshI This proved TO be the highest price
- 'ue day, as the recent large advance in
- STOCK offered handsome profits for large
sfeeulatNe holdings. Amalgamated Cop
- scefed q violent recovery from Fridays
49, rising more than three points
FRIDAY nights prices in the first 1--WE
'rvAes OF the trading. This also proved
~ Ihe highest price OF the session "A
number Of low-priced railroad stocks were
saN9hceQ ln concert. including the Wabash
S'SNs' Ghicago Great Western, St. Louis
san francisco stocks. Hooking Valley
a. Feofla X Eastern. There was realiz-
80 SONS on IN other parts of the list, and
~ tuHc OF the market had turned heavy
around before the bank statement APP
Pealed. Prices OF some OF the principal
N~"ahE railroad stocks We're forced nearly
fv.Nt unutr Friday night. Sugar fell an
SNe upon the announcement OF the
Seath ~ Paris of an official OF the com
r. me bank statement had evidently
49, discounted. and the shorts bid up
H. ON themselves in their efforts to
80 prouts. The close was irregular on
renewed realizing In some stocks at the
SSeHAnce. The loss in cash reserves by the
rsas proved as great as indicated by the
I4hFy forecasts, and the large cali
enc, lqans early in the week has appar-
sny Followed, by further loan expansion
49, 70 make he average outstanding
81 the coming week are the dividend dis
easements Tor the Standard oil Conn
,shy and the Consolidated Gas Company.
Tor H.o0.ool.
aae stock market has been active and
vs curing the past week by reason OF
cSsn diversified demand for railroad Sc
snt ooth stocks and bonds. and an
das'nrtted speculation in some of the In
sfontlils In the latter class the steel
srS rave been a conspicuous exception
49, nave been neglected and rather heavy.
panSes rom the stock OF some OF the com
tfsa,ss not Included In the United States
a.. corporation. I'm which a short In
ss mas been driven 90 cover by an ag-
hSs' stse bull interest. The buying OF stocks
al oeen attributed TO further extension
NJ" e community OF interest policy. and
pau, aepoEted 10 be for account or COM
Tins and connecting railroad systems.
gIangers. especially Burlington. the
ratnncs the Southwesterns and the tide
been Sltuminous coal carriers, have all
nan Affected by the influence. The last
naseu group was benefited BY the showing
war; IN the annual report OF the Pennsyl-
f. sLa railroad. The good results reported
.ehls document OF the better freight rates
ehse - by the company's policy of pIr-
Inc. or influential holdings I'm competing
ere. especially the rates for soft coal.
Cbi1n' eo a strong demand for Baltimore q