The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-25

Deposits, decrease ................. 5,2Il, 800
Circulation, decrease $4,000
Legal tenders, d. zoo
specie, decrease .................... 5Jy,oOV
Total reserve, decrease........-...... 1.162,0 900
Reserve required, decreaSe.......... j, All, so
Surplus reserve, increase........... 2o9,oz5
The banks now hold $40. 272. 425 in excess
OF requirements under the % per cent. rule.
The Financier, in commenting on foreign
Influences on the money market, says:
Some attention was attracted early in the
week to foreign exchange. which grew
stronger, and preliminary talk of gold
exports in the face of an enormous trade
balance was not lacking. This view. how
ever, seems unfounded as the variation
of interest rates here and abroad led to
technical advances that will adjust them
selves automatically. 1t will be seen, how
ever. that the demands to which the New
York banks are subject are now growing
less. and where one reason for easier
money can be advanced others quite as
logical can be offered on the other side of
the question. Conservative interests look
for no great changes in the market. In
terror points seem we'll supplied with funds
and are seeking commercial paper here.
wALL-STREET REVIEW.
Saturdays bank statement affords con-
vincing evidence that the capitalists who
have engaged in the recent great syndi-
cate operations made provision for them
some time since, while the resources of the
money market were still superintendent.
That there should have been achieved a
loan contraction by the banks of upwards
OF %.0OO,O00 N a week i'm which yme
was made for over SO, 100000 on account OF
Union racine bond subscriptions and Il
Call maize Tor payment of $25,0OO.O00 on
Monday on account OF steel syndicate sub
scriptiOns. and IN which a furious specula-
ZION was carried on in the stock market,
Is an impressive demonstration Of the new
scope o; the resources or the New York
money market. The effect on the stock
market was materially marked. From 4
hesitatins and irregular condition due to
heavy proht-taking under cover of the
feverish advances OF a few stocks the mar
ket leaped into ar animated and buoyant
condition; earlier losses being generally
established. The early strength was con-
fined To a comparatively small number Of
stocks, and was due to belief in the prog
ress or plans Tor a great consolidation of
Southwestern railroads. The Denver & Rio
Grande stocks led the advance with ex-
IRENE gains OF ) for the common and ga
for the preferred. The Rio Grande West
ern stocks. usually I'm the background, sold
10 points higher for the common and 3
higher for the preferred. The Wabash
stocks. Missouri Pacific, the St. Louis
Southwestern, Texas 81 Pacific, St. Louis
* San Francisco and the Colorado South
ern stocks all responded with gains of /
to Pr over Friday. a number of recently
conspicuous minor railroad stocks also adj
vanced feverishly. including the New York.
Chicago & ST Louis stocks. the Chicago
indianapolis & Louisville stocks and Lake
Erie & Western. The strength of these
stocks did not prevent declines running To
a point or more In many active stocks on
realizing, proat-takins going on very ac-
lively under cover OF their strength. The
smelling stocks were raided down 2As and
BIS for the common and preferred, but rose
strongly again over Friday nights level
The steel stocks were rather heavy. IL
was not until the bank statement was made
public that the undertone OF depression was
overcome. There was some renewal OF the
realizing here and there. but the close was
animated and the undertone strong. with
prices near tho best.
\ number OF influences combined To nre-
cipitate a very active speculation for the
rise with the opening OF the week. and a
heavy speculative proit-takinr had been
well absorbed by the growing new demand
80 that the general strength OF the marko,
has been well sustained. Last Saturdays
bank statement. with its record of loan
contraction. was interpreted 10 mean that
the large syndicate borrowers for the vari-
Gus consolidation and absorption plans were
In a position 10 liquidatc loans 10 offset
eny encroachment upon noney-market re-
sources from other sources. The contest
for control OF Burlington apparently con
tinued. and was supplemented BY excited
speculative buying or stock. The announce
ment that the Rockefeller Lake Sunerfor
iron interests were 10 be Included IN fbe
steel merger and the knowledge that a SUI
fcient proportion or the steel stocks had
been deposited 10 insure the success Of m
plan awakened the steel grotD from ffs
recent dormant state and removed a ham
pering effect on the general advance. addint
q strong influence In its favor. BY Tues
day afternoon the speculative prOnt-takinp
had overborne the force OF the buying. and
Wednesday saw some sharp reactions. But
new points OF strength developed and rallied
the market. The buoyancy OF a number az
minor railroad stocks gave color TO reports
tEzt the process or absorption aud conn
bfnatlon In the interests Of the lar~er ali
road systems was still actively proceeding
louisville & Nashville and Missouri Pa