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

silver certificates, 6llza6sc. Bar silver at
London clossd at Is 3-l6d an ounce.
Imports o: specie for the week at the
mort Of New York were $50. l4s in gold and
az. 81 in silver. Exports OF gold and sill
Ger from New York TO all countries for
,he week ag,regated 81. 2sO. 904 in silver bars
and coin AMI $500 in gold. imports of dry
goods and merchandise TO the port of New
York for IN; week were at $lO.954,S67
The weekly statement Of the associated
New York banks, issued on Saturday,
shows the following changes:
Loans. incrtase ................... -, 408, 800
Circulation. increase ................. y4,VcO
Legal tcndc:S. increase .............. 9l,vVO
Specie. tncrylse 5J9,zo
Total reserve. increase.-....-......... l,OSb,zUO
Reserve required; increase-.......- S5i.M5
Surplus reserve, 254,4Z5
The banks now hold Sl4, sol. 100 in excess
Of requirem;nts under the % per cent. rule.
The Finaicier says: 1.-The bank state
ment for tn! week ended March 2. contrary
20 expectations. showed a slight increase in
surplus reserve. the present total standing
at $l4.S1. &c.,; or $254.325 above the figure re-
ported for the previous week. The gain of
tl0s6.2 00 in sash, in view of known losses
by the ban;s in their operations with the
subtreasury. is not easily explained, but
the most pTibable solution Is that the re-
celpts from ,the interior were heavier than
anticipated. Loans expanded 81, 40S. 500,
which was also a surprise, as liquidation
had been h5avy during the week. The gain
does not reject corporate deals of magni-
tude. and - rumors of impending large
operations lave created a belief in a COM
ing disturbance IN the money market,
many conservative interests have been Sc
curing themselves against possible higher
rates by taking out time loans at prevail
ing quotations.. The influence of this bor-
owing shows In the present statement.
peDOsits rose 1897, 200, owing to the
changes in ,Oans and cash already noted,
and the added reserve requirement called
for by this Expansion explains why surplus
reserve INCREASES were not heavier. Viewed
I'm every ligfi. the statement is of favorable
character. although the small changes are,
OF themselves, rather unimportant. The
one factor which will bear watching over
the next tws weeks is the trend of money
TO or from ihis center. AS 1t is. the banks
have sent vjry little money to the interior,
the prevailing movements having been al
most p~ersistintly in this direction. The Of
fetal statentnts of new banks In different
sections of fhe country indicate a strong
condition oflreserves. but the general bust
ness outlook Is such that spring trade re-
qulrements may work changes of impor-
lance In thi New York money market. In
the matter Sf surplus reserves the banks
here show tnly narrow fluctuations from
the course + the same item last year, and
It Is worth keeping in mind that the sur
plus reserve; item. which stood at about
thirteen and a half millions for the corre-
spending week one year ago. fell, in four
- Naa p u abOAN wv anu mn
lions. alfhO{gh there was a recovery In
the succeeding four or five weeks TO nearly
100000 o Stil. one year ago, national bank
note currently was one hundred millions
less. and tn: general stock of money was
much lower. than at present. Eliminating
the Influences OF pending deals of unusual
Importance. sthe course of the money mar
ket over thei next few weeks appears to lie
within limit. OF very narrow fluctuations.
WAIsL-STREET REVIEW.
Dealings were rather unimportant in the
stock market Saturday, neither the volume
of TRANSACTIONS nor the range of prices Of
fering any Striking features. The bank
statement bire out the index of the money
market during the past week rather than
the indicated cash changes. No ineligible
explanation can be offered of the fact that
the known rOvements of money showed a
loss of Overt s.. 0OO,O 900 for the week, while
the bank statement disclosed an actual in
crease in cash reserves OF over a million
dollars. Th3 system of reckoning the vari-
Gus items b1 the daily averages is usually
accepted foy explanation of all such va
carries. The moderate loan expansion can
hardly be attributed TO any of the great
financial transactions whose effects have
merger most fe tSeSe S especially aams t snf steel of
stocks by traders on Friday on the suppo-
sition that s. decline in surplus reserves
would be reported. the publication of the
statement brought a demand from this
source 10 coSer short contracts. Prices ran
on again in.sOme cnses and the close was
irregular in stone as the trading had been
throughout she short session. Net changes
are mixed. THE days market served to
corrObOrate Ehe view that trading has been
relegated largely to the hands of board
room traders. The steel stocks were en-
orally higher on small transactions. Tin
Plate preferred showing the largest ad-
vance, with. a rise of 21s. The steel and
wire stocks were exceptions and are slight
ly lower. Che bituminous tidewater car
riers continued in some demand, the b. x
q. stocks beng marked uD 29s and "a, re-
specttvely, ibr the common and preferred.
Sugar was iaclined to be heavy, but recov-
cred most "a It's loss. There were advances
In some Of The less important stocks here
and there IL. the list and some strength In
individual i;lilroad stocks on reports or
good earnings.
Events of 1.-The week in the stock market
hinged on she consolidation of the steel
companies. ! The stock market world has
not concernSd itself much with the larger
bearings of ,his vast project as TO the ulti-
mate rfects'On the iron trade Of the world,
the increase in efficiency of control and di-
rection, ma sntenance of stable conditions
and such ltely problems. Operators I'm
stocks havej been almost wholly taken up
with the QUESTION of relative values of the
gluerent ste.l stocks. measured by their al
lotted rightst TO participate in the securities
OF the new corporation by exchange. There
Vas wild SPECULATION in the steel stocks on
Monday whyn the conviction was general
IN Wall strict that the basis of exchange
mad been setued during the previous three
days interval of a closed market. The
failure 10 PIT out any official statements
OF these teris left room for excited specu-
laton on thj part OF those who were left &c
conjecture tie terms from tips and from
the actions fOf those credited with having
inside information. When. the officia'
statement y the terms of exchange was
gwen out il ;was quickly perceived that the
Pad not been made at all I'm the
proportion ~ the ruling market prices fol
these securities. Previous consideration
OF the earnitg power of the different com
panles. the Value of their property holdings
ana the conditions of their respective
branches of .the trade gave way entirely &c
uleir relatiSt claims for new securities IN
exchange Some of the higher-pricec
stocks. With relatively small proportions In
the allotmef.t. were sold by the Stock FIX
ehange traders. who covered their con
tracts by Purchase of some OF the low
priced stockt with relatively large porpor
uon IN the allotment. y brisk market was
made on INF curb for contracts TO deliver
the stocks VI the United States Steel Cor
p0ration whtn issued.
INSEX OF PRICES.
The making OF quotations for the ex
pected newt security furnished an indie,
from which 20 estimate the market value o
al the sect-ities concerned. The price o
the United States Steel Corporation stool
was seen t%o;conform approximately 10 tina
or the lowest priced of the old securities
III which tie terms OF exchange were a
Tar. The mSvement OF prices In the group
While very uneven owing fa fha adfnSf