The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-18

Lou GU anu Ff-HoVEs Nf N@
Q4.S4A.
Silver certificates were Gllsassc: bar silver.
60kc; Mexican dollars, zgc. Silver bars closed at
2s1sd an ounce in London.
Exports OF gold and silver from the port of
New York to all countries for last week aggre-
gated 1928. 1852 in silver bars and coin and slli,SOO
in gold. Imports of specie were valued at $500
In gold and ST., 10 in silver. Imports OF dry goods
ard merchandise at the port of New York for
the week were valued at $685., s2s.
The weekly statement for the associated New
York banks, issued on Saturday, shows the fol-
lowing changes:
Loans, decrease 'SS's, sO0 O
Legal tenders, decrease .........-...--- $500
Specie, decrease '.Vo,VV0
Reserve required, decrease --......--....-- l4ss' 20
Surplus reserve, decrease ........-........ 1900
The banks now hold $1,000. 600 in excess Of
reserve requirements under the % per cent. rule
The Financier says: "A decrease of nearly
81. 900. 900 IN the loans of New York clearing
house banks for the week ended March 16 en-
abled the institutions to withstand a loss of
81, $50, 400 in cash holdings at the expense OF less
than three-quarters of a million dollars In sur
duction in required reserve due 10 lessened de-
posit liabilities. The statement, theoretically.
is a good one, for the reason that the losses
which the banks are reporting are not making
serious inroads on their excess holdings. Carried
be repeated indefinitely, but whether the loan
item can be decreased without some disturbance
Is another matter. The chief factor In the STU
alton at present is the continued absorption OF
bank funds by the subtreasury. The remittances
from the interior counterfeit the average snip
ments to country institutions. The immediate
future. therefore, so far as cash Is concerned,
rests on the transactions between the banks and
the treasury. "A year ago the surplus reserve
touched its lowest ebb, and the quick recovery
was que IN large part 10 ACCOMPLISHMENTS from
Washington on bond refunding account Now,
however, there is nothing of this character to
the treasury pension disbursement now begin
favor of the banks over the remainder OF the
month. These payments will run well toward
eight or ten million dollars. 1t is also true that
the heavy losses which the banks have been
suffering on treasury operations OF late have
came through the banks as an excess over the
average carried by interior repositories, and also
through New York correspondents for inland
banks. With these facts in mind. there appears
future. The pending important steel combina-
ton probably will work changes in the situation.
minimize adverse influences. The payment of
over So, 1905 600 in dividends in the last week on
money market in the least"
WALL-STREET REVIEW.
The remarkable demonstration made by the
Burlington stock in Saturdays stock market had
a decisive effect in lifting prices generally to a
higher level. The persistent and growing strength
of Burlington overcame the tendency toward
heaviness which was manifest at some points in
the first hour of trading. but the taking of prof
its, which was the cause of this heaviness, con-
tinued all through the late squirt in Burlington.
1t was offset, to a considerable extent, by the
new buying which came in through commission
houses and lifted prices. in the majority Of cases,
despite the realizing offerings. There were ex-
ceptions on the side of weakness. st. Louis &
San Francisco dropped nearly TWO points under
Friday in the midst of the buoyancy. The coal
ers made no notable response to the rise. SEEM
ingiy on account OF the possibility still remaining
OF a clash with the miners. St. Paul was a
notable laggard in the granger group. and never
got as much as a point over Friday night. Sell
ing for London account had some depressing in
huence. Speculative operations obviously had
much to do With the movement in Burlington.
61z. brought such heavy realizing that the stock
was driven back nearly three points. Talk OF
an increase in the dividend rate to Z per cent.
and OF a contest for control was the only news
10 explain the movement. Manhattan was very
terest of the New York Central, the extreme
rise reaching four points. All the other New
in Illinois Central were very large at an ex-
treme gain of Sl2 points. Recent buying of stocks
or a number OF smaller roads is believed to be
in the interest of this road, and the buyers con-
slider the price low, compared with other 6 per
cent. stocks. The Chicago * Eastern Illinois
stocks rose 4 FOR the common and AZ for the
preferred. Pacific Coast gained 3&, New York,
Chicago x ST. Louis first preferred and American
Tobacco 2, and the newly listed American Snuff
preferred ~. The steel stocks turned strong at
y from early, weakness. The close was con-
fused by the break on proft-taking on the eX-
lTel1t advance, out II unQtTlOlt WAS strong.
Dealings in low-grade bonds, especially in Wa
bash debenture BIS and Mexican Central incomes
were on an enormous scale. Fort Worth az Den
YER City frsts rose four points. The loan con-
traction and the consequent small shrinkage in
surplus reserves caused the bank statement to be
favorably interpreted.
The demand for railroad securities of all grades
week. The special feature of the market has
been the activity of the stocks of small railroad
companies. some of which are not seen in the
| record OF the Stock Exchange transactions for
many weeks at a time. There can be no doubt
| of the larger railroad systems. with a view to
| absorption or control. There are continued OPP
of interest among the larger railroad systems
| themselves. Buying Of this character has given
| stocks where il was evident, and these pools
have helped on the rise by manipulation and by
properties. The occasional realizing of specu-
iative profits has caused an irregular movement
of prices. The prevalent tendency towards alb
| sorption Of the minor railroad systems has at
tracted speculative pools to operate in that class
OF all rumors regarding consultations. some of
which prove unfounded.
SOMETIMES A CONTEST.
In some cases there is a contest against change
of control and the competitive. bidding in the
open market for the floating supply of stocks
makes high prices. 1t is now a matter of his
tory that efforts TO obtain control of st. Paul
were frustrated by insiders, and the price Of
that stock has not been maintained at the nigh
level reached during the competition, in spite Of
stock privileges and an increased dividend to
stockholders. The recent activity ard strength
in Burlington has given rise to the belief that
other railroad interests were buying the stock
| and inside interests are said to have extended
their holdings. There has been a large addi-
tional absorption Of Baltimore & Ohio in the
| interest Of Pennsylvania. with a view 20 the
more perfect control OF that property. Indica-
lions point TO the progress OF a plan for con-
solidation among Southern railroad properties.
and the public expression by the president of
fhn NfCCnlrf Pacific ar nIA nXnaHf2f1nn NJ rurrhA.
mergers has added to the general belief.
or general conditions the large earnings re-
ported have been a Strengthening influence on
railroad stocks. This has been especially true
OF Southwestern railroads. many OF which have
enjoyed a double advantage from last years
cotton movement and the large wheat crop In
their territory, compared with the shortage in
the spring wheat region. The tidewater btu
minous coal carriers have been uniformly
strong. on account Of notice given OF an increase
of freight rates on soft coal on April l. and the
large traffic in anticipation of the advance
The active iron market has been q factor Ia the
underlying strength of the stock market. the
output OF pig iron having risen to the figures of
the recent boom period and consumption is still
running ahead Of production. The steel stocks
themselves have not responded 10 these condi-
tions. but have been dull and rather heavy. The
process Of exchange Of the old securities mo
those OF the new corporation nave hammered
transactions In the stocks. The restricted on
eratlons on the curb In the new United States
steel Corporation stocks. when issued, are not
regarded as sufficiently broad to fix the market
the Stock Exchange is awaited to give better
opportunity for Judgment. The sessions OF the
United Mine Workers convention had a some
what reprcssive influence on the cOalers earIv in
ndence grew that the difficulties would be adj
justed without a strike.