The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-22

OF New York for the week aggregated
SSS.6lS in silver bars and coin and 5000 in
gold. Imports of specie were 81 1914 in sill
yer and S2i.967 in gold. Merchandise and
dry goods were imported during the week
TO the value of So, 5Si. 444.
The weekly statement of the associated
New York banks, issued on Saturday,
shows the following changes:
Loans, decrease IS. 7SS, 100
deposits, decrease. ...... loss, 90
IIIcuiation. decrease 2i,ytO
Eesal tenders, 1,4ly,SyJ
Specie, Increase. 500, 100
IOtal reserve, Increase. d, tol. y41
reserve required, decrease. .......... 522, go
surplus reserve, ncrease............. 6,S93. 600
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 $1,000. 600
to their surplus reserve last week. bringing
the total to Sl4,922, 100, an amount larger
than they have reported since Feb. 8 last.
Loans are now $l3, coo. 900 less tnan at the
cate named. and deposits have decreased
twenty-seven and one-third millions. 1t
will be recalled that the remarkable ex-
pansion of these items. which caused new
records TO be made during the middle IF
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 in this
country. AS a matter of fact, loans have
decreased twenty-five and one-half millions
from the high point reached on Feb. 10.
There has been a shrinkage of H.COO,0 900 in
deposits in the same time, while cash hold
ings, despite gold exports, treasury alb
sorptions and losses 10 the interior. etc,
have decreased only about nine million.
This is a remarkable record, and shows on
Its face that the financing of transactions
or unprecedented magnitude has been ac-
| OnTn NIT nnnn Thn re cfofn-
ment is more favorable than expected. The
gain of So. 461, 800 in cash is about twice as
large as preliminary estimates had as
sufned. and in connection with a decrease
In loans of $~S,SS9,0O, which reduced deposit
liabilities, produced a reserve increase
larger than the actual gain In cash."
WALL-SrPRET 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 IL just as effective
In attracting demand for the stock. The
manipulation of St. Paul was very palpable
and violent, but the price was pushed de-
terminedly upward 10 l10, 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-
1 crr1t Of ~ N noe Af roo - n
which were thrown on the market on the
opening bulge. The effort was successful
in only a few stocks, and the undertone at
the close was distinctly easy and showed
some rather violent breaks in recent specu-
lative favoriteS. A survey of net results
shows that the persisting strength was con-
fined TO st. Paul, Union and Southern Pa
cihc, Missouri Pacific, Texas x Pacific, the
local fractions and some of the minor
stocks. The bank statement was more fa-
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 ~1,145,OO0 shares.
compared with the record for Saturday of
1.152, 500 shares, on Jan. 8. The weeks sales
aggregated 10,O1S, 400 shares, which sur
passes all records.
Another week Of extraordinary specula-
tive activity has been added to the great
SlOCh IIldIhtl OOOLl VI lJJl. lei nave
been signs of nervousness many times in
the trading and enormous speculative liqui-
dalton 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
ever before in their history and the volume
of business has continued in a daily scale
near to record level. Confirmation has been
given to several important projects which
have been in the field of surmise up to this
time for a large proportion of the most ac-
tive spectators 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 OF
new rumors, which are entirely without Of
fetal or authoritative confirmation. but
which are received with eager credulity by
the speculative world, owing to the final
confirmation given To rumors in the former
cases. TIE most important subject finally
removed from controversy and dispute is
the Burlington deal. Wall street has not
wavei ed in its conviction of the existence
Of this project for some time past. but
there have been fears of a hitch which sent
many tremors among spectators, and YER
sions of he terms of the deal have diff.
Tered from time to time, and probably have
teen actually changed from time to time.
nhe official announcement of the terms
gives a more stable basis for the trading
in the stocks affected.
The settlement of the wage dispute with
TIE steel workers at Mckeesport has re
heved an underlying apprehension of de-
structive contest with widespread collateral
effects, which would have hurt property
values not only of the United States Steel
Corporation, but of many other properties.
The offer of q banking firm III Boston to
receive deposits of copper stocks. looking
TO a consolidation of Butte x Boston. Bos.
ton & Montana and ~Amalgamated Copper
was the basis of an excited speculation IN
the last-named stock on the New York
Stock Exchange.
But the most potens influence in fonent-
ing the continuance of the speculation was
the replenishmen of the money reserves
CT the New York banks. y mere arrest 81
the hardening tendency would doubtless
have been sufficient To encourage The spec
ulators 10 renew buying ~ stocks. The
profitable money rate. in fact, has been
5he cause of arresting the depletion of New
York reserves. Interior exchange has riser
10 a premium with The demand for remit.
lance to New York 10 take advantage Of the
high money rate here, end sterling eN
change has beea held uEder the gold-exDort
level, although its hardening tendsnc,
whenever money rates relaxed showed Il