The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-11

Exports OF gold and silver from the
port OF New York to all countries for last
week aggregated $1,Ols. 794 in silver bars
and coin and $4,000 in gold. Specie imports
for the same period were $129, 702 in silver.
and s7.151 in gold. Imports of dry goods
snG merchandise at the port Ct New YORK
were valued at s9.Soo,0l5.
The weekly statement OF the associated
New York banks. ISSUED Saturday, showed
the following changes:
Deposits. z4,oao5Vv
Circulation, acknowledgements. os,9V
Legal tenders, decrease............ d'S.z'SoO ~
Specie, increase. S'cooeoo
Total reserve, increase-...--.--...--- 1.oSz'SO
Reserve required, increase........ 6,l6S,iO0
Surplus reserve, decreaSe....-..... 4'fio'-VV
The banks now hold $3o,3o2.62o in excess
OF requirements under the % per cent. rule.
The Financier, in its issue of Saturday.
says: 9TH totals of the New York clear
ing house banks continue to expand at a
rate never before equaled. Loans for the
week ended Feb. 8 increased $23, 2O, maxi
ing a gain of more than $S1, 000.0 900 siece JAM
s last. This enormous accession TO loan
commitn ents seems larger than is called
for, even taking into consideration the
amounts required TO finance the various
railroad deals, which have been pending
over the month, and it Is to be inferred that
a large amount of the borrowing has been
in the nature OF sterling exchange opera
lions and stock market requirements, the
latter owing TO the revival in activity, noted
OF late, having been exceedingly heavy.
The surprising feature of the statement
IS the small gain in cash. The total in
crease in specie and legals was 81. go.
which is considerably less than half the
amount calculated earlier in the week. 1t
fS frIla hnWaXRr that the flow OF mOnRX
to this center from the interior Is dimin-
fishing. and operations with the subtreas-
ury resulted In a loss TO the Banks. Inc
treasury was a creditor at the clearing
house non Saturday for over two million
dollars, which was paid over in one check
on account OF Union Pacific settlement
with the government. This will figure in
full In next weeks bank statement, and
TO that extsnt will operate against cash
increases by the banks The gain in de-
p0sitS. amounting TO 1864 400, is due al
most entirely to the loan expansion. and as
IT called for an additional reserve re-
quirement of more than six millions, the
surplus reserve was decreased by that
amount, less the gains in cash holdings,
leaving 81, 200. This lowers the total ex-
cess to SO. 362, 625, but this figure, despite the
rise in deposit liabilities of nearly one
hundred and twenty-four millions in a
month, Is six millions heavier than at the
beginning OF last month. The banks, there
fore, are stronger in surplus reserve than
was the case four or five weeks ago, a re-
markable fact considering the burden of
accommodation TO which they have been
subjected. Viewed in every light, the cur
rent exhibit makes a firmer market, al
though this does not necessarily mean high
er rates at once. The announcement of
several heavy railroad bond issues and the
pending steel deal VIII make the state
ments for the next several weeks an in
teresting study. There seems TO be no
doubt now that deposits before that time
will rise above the thousand million mark,
now nearly reached. The trust companies
totals, If available. would probably show
a. proportionate expansion, due to causes
already noted"
WALL STREET REVIEW.
Saturdays market was free from SEN
~sational movements. 1t was evident tina
realizing was going on on a liberal scale,
especially in the high-grade railroad stocks.
under cover of the upward movement in
some OF the low-priced stocks in both the
railroad and Industrial list. Among the
candidates for favor in this department
were Standard Rope. Leather. Mexican
National and some other stocks Of a SIM
Tar grade, which showed continuance OF
Fridays strength. Advances in Sugar, To-
bacco n General Electric also helped
TO sustain the market. Atchison was firm
all day, and in the last five minutes was
suddenly run up TO 56A. at the same time
that Union Pacific was sold down sharply
to 81. Chicago & Eastern Illinois was
pushed up ga, but reacted 2ls, and Louis
Vile and missouri Pdc1nc We're rather firm.
The steel stocks moved narrowly and ir-
regularly. Spectators in these stocks
seemed disposed to await the authorized
announcement of the reported plan for ad-
Justment OF control in the steel trade
before making further commitments. The
bank statement brought some further sell
Ing on the market, but vigorous support
was forthcoming, and no further serious
fnroads were made on prices. The bears
were manifestly timid about attacking the
market, In view of the possibilities Of
flIrfhar Craof nannfaI 0so III -
increase OF So, 4Sl 200 in the outstanding
loans and discounts of the banks brings
the total loan expansion for the last four
weeks up TO $6S, 159. 600. which is in excess
or any previous increase in the same length
OF time. The soothing assurances given out
by some or the principals in the pending
steel negotiations on the certainty that
this vast project can be carried out with
out a ripple in the money market do not
carry universal conviction. In face of these
figures or the results of the less important
railroad deals which have been carried
through Standard Oil rose many points
Saturday. and sold at 1919 and $3.50 a share.
The days subtreasury statement reflects
the receipt by the government OF a check
for nearly S,G90,0O0 in payment of a note
or the Central Pacific Railroad to the gov
eminent. 1t is probable, also. that the de-
from this time on, with the opening OF
spring trade. Wal street has been all week
IN the tnroes or the excitement of pro-
digious financial projects, contemplating
such vast connections of property as have
never before been known When the market
opened on Monday IL was the first oppor-
tunity for the effect on the public senti-
ment of the Union Pacihe-Southern pa
clnc deal To manifest itself, as its consum-
nation had not been formally announced
until Friday afternoon, and on the eve Of
the Saturday holiday. Speculative senti-
ment has been dazZled by the financial po-
tentialities thus shown, and trading in the
stock market has again run up To near
the high record. The extent OF price move
ments also has been extraordinary. as is
but natural when the abnormal PROPORTIONS
or the dealings is considered. Where specu-
lators are dealing In one thousand to Ten
thousand-share lots, as they have been
during this week. much greater changes IN
prices are bound TO occur than where rms
normal unit OF one hundred-share lots As
adhered TO. The highly speculative char
acter OF the market is shown by the fever
fsh and erratc character Of the nuctua-
lions.
BOTH INTERESTS INVOLVED.
This has been true not only of the bulls,
but Of the bears also, so that the occasional
bulge In prices have generally given way
before the heavy offerings, while the sud-
den dips. which have at times occurred
have been followed by violent recoveries.
The purely speculative operators arc
not distinguished for close ANALYSIS n,
values. II they can attract a large FOL-
lowing which will join them in buving q,
IN selling stocks until a change in prices has
been caused which offers them proat that,
object Is attained. Their success iiaS -
the alertness with which they disenea@e
themselves from the current before n ~
spent its force and the tide IS turned AZ
q rule they are dependent for a guide "a