The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-17

o. Mexican dollars, isc. Silver bars closed at
ISL an ounce in London.
Exports Of gold and silver from the port Of
New york TO all countries for last week aggre-
gatei s9. 752 in silver bars and coin and S117. 800
n gold. Imports Of specie were valued at 500
IN sold and s1T. 10 in silver. Imports of dry goods
and merchandise at the port Of New York for
the week were valued at S10.3l7. 929.
The weekly statement for the associated New
York banks. issued on Saturday. shows the fol-
lowing changes:
Loans, decrease $o,yto,sOV
Circulation. increase ..................... 1850
Legal tenders decrease ---------- 4d4' t0
Specie. decrease ], lgo.0V0
Total reserve, decrease ....-...-......... z,lyO,tJ
Reserve required, decrease ......-...-...-- ], f35, f25
surplus reserve, decrease -----...-...-..... 1855
The banks now hold SO, 0o2, 600 in excess Of
reserve requirements under the p per cent. rule.
The Financier says: a decrease Of nearly
SgH.000 in the loans OF New York clearing
house banks for the week ended March 10 en-
atled the Institutions TO Withstand a loss Of
$.l50,4l9 N cash holdings at the expense OF less
than three-Quarters of a million dollars in sur
plus reserve This was brought about by a re-
duction m required reserve que 10 tesseheu 1e-
posit liabilities. The statement, theoretically,
il a good one. for the reason that the losses
which the banks are reporting are not making
serious inrOads on their excess holdings. Carried
10 a logical conclusion the same operation may
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 eounteract the average ship
ments 10 country institutions. Inc 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 it's lowest ebb, and the quick recovery
was due in large part TO disbursements from
Washington on bond refundlng account Now,
however, there Is nothing of this character TO
look forward TO. although as a matter of fact
the treasury pension disbursement now begin
ming will, in all probability, turn the tide in
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
been due to internal revenue payments. which
came through the banks as an excess over the
average carried by interior repositories, and also
on account OF bank redemption remittances made
through New York correspondents for inland
banks. With these eacts in mind. there appears
70 be no cause for any anxiety touching the
future. The pending important steel combina-
ton probably will work changes in the situation,
but even here preparations already made may
minimize adverse influences. The payment OF
over s25.000.0O 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.
IL was offset, 10 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
ingly 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 10 do with the movement in Burlington
The squirt TO 1914. which made the extreme rise
.. brought such heavy realizing that the stock
an increase in the dividend rate TO Z per cent
and of a contest for control was the only news
l. explain the movement; Manhattan was very
aeuVe ana strong on talk OF controi IN tne IN.
terest Of the New York Central, the extreme
rise reaching four points All the other New
York public utilities were strong. The dealings
II Illinois Central were very large at an ex
IRENE gain OF 81 points. Recent buying of stocks
o. a number Of smaller roads Is believed to bs
IN the interest Of this road, and the buyers con
slider the price low, compared with other . pei
stocks rose 4 for the common and az for th'
preferred. Pacific Coast gained SS. New York
Chicago & St. Louis first preferred and American
Tobacco >. and the newly listed American Snuff
preferred 2iz. The steel stocks turned strong a
the last, and Amalgamated Copper rallied sharp
Is from early weakness. The close was con
fused by the break on proht-taking on the eS
Dealings in lOw-grade bonds, especially in Wa
bash debenture BIS and Mexican Central incomes
Nere on an enormous scale. Fort Worth x Den
Yer City frsts rose four points. The loan con
traction and the consequent small shrinkage II
surplus reserves caused the bank statement to %
The demand for railroad securities Of all grade
has continued broad and active during the pas
been The activity OF the stocks OF small rallroa'
companies. some OF which are not seen IN IN
record of the Stock Exchange transactions 70
thar IN many cases this buying is in the interes
~ fH. Hu-mnr wat1rauI Ey-fpmG win a View L
absorption or control. There are continued or
ersfi6ns also looking TO extension of cOmUunit
az interest among the larger railroad system
themselves. Buying Of this character mas give
rise 10 the formation of speculative ipols IN s1
stocks where it was evident, and these poor
have helped on the rise by manipulation ana %
eSaggeration of current rumorS Iegareihs IA
properties. The occasional realizing or specu
latye profits has caused an irregular moVehleh
o. prices. The prevalent tendency toWaIus d.
tractei speculative pools 10 operate IN that ga
o. stocks also, and has made The pubic cIelulou
a. al rumors regarding OBSERVATION-DISCLOSURES sum" =
which prove unfounded-
SOMETIMES A CONTEST.
n some cases there is a contest against chans
Or control and the competitive bidding In IN
open market for the floating supply Of STOCK
makes high prices. II is now a matter OF ms
tory that efforts to obtain control of ST. Pau
We're frustrated by insiders. and the price {
that stock has not been maintained at the mig
level reached during the competition. in spite
stock privileges and an increased dividend
stockholders. The recent activity and strengt
IL Burlington has given rise to the belief tbs
other railroad interests were buying the stoc
AM inside interests are said To have extende
their holdings. There has been a large adc
tonal absorption Of Baltimore * ohio IN u
interest OF Pennsylvania. With A View 10 u
more perfect control OF that property. lndict
lions point 10 the progress or . plan LOT COZ
s1ldafion among Southern railroad propertis
ait the public expression by the PRESIDENT,
the Missouri Pacific OF his expectation OF Iurtn'
mergers has added to the general belief
OF general conditions the large earnings II
ported have been a strengthening influence q
railroad stocks. This has been especially tn
o. S0uthwestern railroads. many OF which haN
enjoyed a double advantage from last year
cotton movement and the large wheat crop
heir territory. compared with the shortage
the spring wheat region. The tidewater DIT
minous coal carriers have been unltorm
strong, on account CT notice given OF an tncrea
OF freight rates on soft coal on April l. ana u
large traffic in anticipation OF the adNanc
The active iron market has been a factor IN 81
underlying strength Of the stock market. u
output OF pig iron having risen TO the nguIes
te recent boom period and consumption Is 81
rtnning ahead Of production. The steel stocl
themselves have not responded 10 these conc
lions. but have been dull and rather heavy III
those OF the new corporation nave hamper
transactions In the stocks. The restricted o
sfatlons on the curb in the new United stat
steel Corporation stocks, when issued, are n
REGARDED as sufficiently broad 10 TX the mark
status Of those stocks. and their admission
tne stock Exchange Is awaited TO give bett
opportunity for Judgment The sessions or I
enited Mine Workers convention had a som
WHAT repressfve influence on the coalers early
week, which was 0meWhat reviewed a. CO