The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-28

the following changes:
Loans increase ACKNOWLEDGEMENTS SIC, 493 900
Deposits, increase .....s...........-. IL, 800
Circulation, increase ................. $4,000
Legal tender. increase ............... 39i, 400
Specie, increase --.-------------..--. 7.OoI 200
Total reserve. increase ....--.......- 7,54l,S0
Reserve required. increase ......... 3,90S950
Surplus reserve, increase 3.542. $50
The Ffnancier, in It's Saturday issue. says:
"The New York bank statement for the
week was marked by another heavy rise
In all the principal items, loans having
expanded SO. 4e3, 800 and deposits SIS 635. sc0
while the gain in cash. mostly In the form
of specie. was in round numbers 1850, CO.,
The result of the changes noted was an in
crease in the surplus reserve OF 1854. $50,
bringing the total excess cash in the New
York banks to $50, 1884, $50. the highest sur
plus reported since Feb. 3 last The chief
feature OF interest, as in the previous week.
Is the great rise in loans. A week ago the
record-breaking expansion was caused by
the contamination of railroad deals of mag
nitISie. but in the present exhibit the gain
probably is due to investments in sterling
buying of which has been active of late.
and TO buying of commercial paper, which
Is coming on the market. The system of
averages employed in compiling the state
ment makes ii also probable that part of
the previous weeks heavy business has
been carried into the current totals The
gain in cash reflects almost altogether re-
ceipts from interior institutions, as SUBJ
treasury operations, including the weeks
exports of gold, made the banks debtors
instead OF creditors. as has been the case
for many weeks. 1t is noticeable, however,
that of the weeks gold receipts, all but
$l.0oQ.0O0 went into one bank The heavy
excess OF gold receipts over legal tender
in the character Of the cash gains is ex-
plainable on the ground that New York in
situations are receiving from their bank
correspondents an unusually heavy per-
centage OF goId certificates, very conven-
lent form of remittance. The increase in
the deposit item Is less than called for by
the changes I'm other items, but the in
creases are distributed rather unevenly
among the larger banks. An interesting
feature Is a gain of s2S0,00 in the circua-
ton item at a time when it would seem that
there was less need Of circulation than 4
year ago. 1t is, perhaps. true that this is
only temporary fiuctuation due to causes
Foreign to the usual principle now covering
new circulation. Viewed i'm every light. the
statement Is an argument In favor of con-
tinued easy money, although changes with
In the next sixty days may alter the situ-
alton materially"
WALL STREET REVIEW.
The stock market manifested only a lam
guild disposition to respond to the very
active and bold manipulation to which it
was subjected. Saturday. until the appear
ance OF the bank statement. Immediately
on the appearance of the statement on the
tape the market became animated and the
dealings broadened out considerably. New
ertheless. the market remained spotty to
the close, and although there were a large
number OF stocks which show advances OF
i to points many parts of the list failed
80 respond 10 the advance at ALL St Paul
was the feature of the day. The stock
was exceedingly feverish and unsteady at
tunes, out IL was advanced and made the
last price at the top points above last
night The dealings were on a very large
scale The preferred stock gained 2$4 The
Kansas * Texas stocks continued to hold
conspicuous place in the market and the
preferred rose 2ss in the early dealings,
put later suffered from profit taking Rock
Island rose 2ss and the grangers and North
ern Pacific were strong.
The bank statement disclosed a fairly
pietnQIle condition OF the money market
and the liberal expansion of loans by the
banks or over $10,0O0.0oo. has not sufficed
10 Keep pace with the rapid congestion OF
reserves. A notable feature of the ash
increase Is the overwhelming preponder-
snce or specie in the receipts. The weeks
increase OF NO5l. 400 brings the specie hold.
ings of the New York banks UP to sls1 no.
AV, "nicn compares we'll with the :caxi-
mum record of S206. SIT. 500 on Nav q. 1899
Inc sub-treasury payments are now being
made almost wholly in gold including the
large current redemptions OF national bank
express
from the interior by the banks incIude a
large number OF gold certificates of large
denomination. The banks also have re-
ceiNed payment from the sub-treasury on
aeeSun' OF million dollars receipt of gold
IN san Francisco. Fridays steamer from
australia brought another $662 600 In gold
10 san francisco, which will figure in
New YORK bank reserves eventually 1t is
worthy OF notice that ali of the $1,000, go
. gold exported this week also came from the
government assay office. The speculative
contingent In the stock market eyfdenti l.,
looks 10 this redundancy of loanabIe re-
sources 10 stimulate speculative buying of
stocks 1t Is also certain 10 Stimulate the
soid export movement With a further
rise, saturday. In the quoted rates for
sterilns exchange in the nominal Saturday
naIAet' Win an advance in the call money
rate IN London, and with sterling harden.
Ing al faris. IL is not unlikely that the
coming week viii see gold go to london
sns'eau Oh farls. The remittances abroad
IN payment or returning securities con-
slnue on large scale ana keep mn the -
change rate. ~ 'e
The action OF the market this week has
Deen an aecolo Win what might be ex-
pected from the adjustment OF accounts
AFTER long period of active specrlation
In the early part OF the week the Inward
rebound was aggravated by the fact that
combination OF the more alerf nroras :
sional opera eors turned adroitlv fror, sh
Dear 10 the bull side of the marker and
commenced by buying stocks and bidding
up prices while at the same time putting
out various intimations and rumors to ar,
count for the advance. some OF them with
enough show OF probability 10 attract an
outside demand. But the subsequent action
OF the market made IL pretty clear that
the principal demand or the early part OF
the week came from the over-extended
short interest. This was particularly true
OF Missouri Pacific. The demand for this
stock was urgent when rumors were circu-
lated that II was TO be the central figure
In vast scheme OF consolidation OF South
western railroad properties The premium
paid for the use OF the stock for delivery