The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-21

bars, &c; Mexican dollars. 49c- Silver bars
at London sold lower at % 1-16d an ounce.
Export of gogd and silver from the port
OF New York to all countries for the week
ended Saturday aggregate s1,1l5,966 in silver
bars and coin and s1.6s4672 in gold. I'm
ports of specie fol- the week were $14,420 in
gold and s14.l2s in silver. Imports of dry
goods and merchandise to the port of New
York for the week were valued at
s1O.ss3.s7S
The weekly statement of the associated
New York banks issued Saturday. shows
the following changes:
Loans. Increase 81. s4l,OO0
Deposits, increase ................... 80 45l,OOO
Circulation, increase ................. $500
Legal tenders, increase .--..........- 2,476,O00
Specie Increase --...---..-........... III, 500
Total reserve. increase ............ Is, 81. 800
Reserve requirements. increase..... 9,112,7s0
Surplus reserve, increase. ........... 4,S5S.5J0
The F1nancier says: '"To-day's bank state
ment showed record fluctuations in loans
and deposits. as compared with the change
of any previous week Of clearinghouse
history Bank officers were puzzled by the
81, Sal 900 gain jim loans during a period of
considerable stock market liquidation, and
could not account for the showing except
by the fact that il indicated preparations
to finance some sort of a private railroad
deal In this connection it was pointed out
that one WaIl-street bank to-day and yes
terday had a credit balance at the clearing
house aggregating $14Oo0.O00. Not only were
the fluctuations in loans and deposits the
heaviest on record, but the aggregate total
of these items are also the highest known
IN the history of New York banks. Sig
nificant as these figures are, however, of
the great volume of business passing
through the banks, the results as revealed
in the standing of the institutions are even
more worthy OF note. In the face OF an
advance in net deposits amounting to $780,.
45l 900. which required an additional cash
reserve of more than nine million dollars,
the banks have been able to add S4,S5S,55O 20
their excess reserve, the gain in cash hav-
ing been almost fourteen millions. The
cash expansion, reflects rather correctly the
gains the banks have made In their deal
ings with the Interior and the subtreasury.
and the item would have been higher mad
IL not been for the exports of specie earlier
In the week. The gains in the leading Items
were confined principally to half dozen
large banks Owing to the face tnat the
cash expansion. was not distributed among
the banks in proportion TO the', lnei Eases
I'm other items. the reserve percentages have
undergone wide fluctuations as compared
with the usual changes The statement,
despite the record breaking figures. really
indicated continued easy money. IL the
accumulation Of idle cash in the banks is
taken a cri terion. The total specie and
legals held BIZ the clearing house now
1t is not surprising that Europe turns TO
this accumulation as the representative OF
store of national wealth upon which
drafts may be- made to meet emergencies.
in passing IL may be said that the increase
alone in the deposits of the New York
banks last week amounts to more than the
aggregate deposits of all the banks in quite
a number of reserve cities throughout the
United States.
WALL STREET REVIEW.
The New York stock market was ex-
cited and nervous throughout the short
session Saturday, under the varying for
tunes of the speculative contest waged be-
r tween the bulbs and the bears. The bulls
made a determined stand in the early deal
ings. boldly supporting the weak spots by
liberal buying orders and causing sharp
advances in special stocks, which had
a sustaining influence on the general mar
ket The unwieIdy short interest was made
uneasy by this show of strength and
bought urgently, TO cover. When the bank
statement appeared. there were mixed opin-
ions as TO the bearing of the large changes
disclosed. but the bears detected selling
to realize by the interests which had been
opposing them, and they fell upon the mar
ket with determination. Prices broke vio-
lently under flood of selling orders for
both accounts, and the market closed active
and semi-demoralszed with prices for the
most part at the lowest. The admittedly
serious ili-health of Queen Victoria caused
uneasiness as ito the possible bad effects
on foreign securities markets which might
be reflected here. The bears also circu-
lated reportsi afterwards shown TO be
groundless that President Mckinley had
had relapse with the grip. and profess
sional manipusative tactics were manifest
In other canards which were put afioat
AT the opening of the market there was an
urgent demand for some OF the steel stocks
on the report that the Federal Steel Com
pany would absorb a rival organization.
Steel and wire was advanced extreme
2ss and Federal Steel ~. Missouri Pacific,
Wabash preferred and debenture bonds and
Texas e. Pacific also were strong at adj
vances of SIS fpr Missouri Pacific; Wabash
preferred 2. and Texas Pacific rs. The vio-
lent break in Anaconda and Amalgamated
Copper had the first unsettling influence
on the market. The weakness was at
tributed TO London selling on account of
the dull conditions in the copper market.
Anaconda broke 314 and Amalgamated Cop
per az Both stocks rallied in sympathy
with the general strength of the market
In the final break in prices declines
reached, In BROOKLYN Transit to points;
3ia; 81. Paul. 81; Missouri Pacific. 3Ib: Steel
and Wire. pa; Federal Steel. Erie first pre-
ferred and Sugar. 2iz; Northern Pacific, 2Ss
Rock Island, rs and a large number OF
active stocks from l to 2 points. In face
of the stock market LIQUIDATION the
enormous Increase in the loan account OF
the banks of s22.sfi.OO0 was a disagreeable
served
to Offset the effect of the cash gain of
nearly S40to.e0O. There has been large
placing OF lcans abroad during the week
but special operations must be looked TO
TO explain the loss item. The payment on
account OF the Pennsylvania Coal Com
pany purchase and large borrowings by
enc OF the great railroad companies to
carry purchases Of stocks OF other rail-
roads. made last year, are supposed to ac-
count for some part Of the increase
The stock market during the week has
shown state OF nervous apprehension
among SPECTATORS long OF stock on a mar
gin and a marked falling off in that gener-
nj demand for stocks which afforded a
sure market fer so prolonged a period of
extraordinary activity in trading The con-
victfon has steadily gained force that the
demand which lifted them 20 that point
was purely speculative and was not but
tfesseS. h. genuine requirements which
would hold them at the high level attained.
From a technical point of view. the mar
ket has given evidences of an overextended
long account Stocks have been held. how
ever, with considerable determination. and
evidently there Is element that is still
confident OF higher prices The selling has
been largely forced by the declines which
the bear element has caused by manipula-
ton. thereby nncovering stop-loss orders
and disiocging long stocks. The bear tao
tics have been resisted by powerful specu-
lafive interests which have had supporting
orders In the market The bear element
itself has been 50 eager e anticipate the