The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-14

uilIlidn IdlaCe ----s-...--. IT,
E s: P5 5:llaa = 4; y y
Sugar A Refnery lie 1iai5 ilisa
T WsR..5 coz s aand Igon... s@ s
Wells-Fargo Express -. -; a.: 50
" ;: Fours. reg......-.-..-. -. 116
T. s. Fours, coup 1880. -. 1917 11A
THE INFLOW OF GOLD.
Henry Clews, the New York banker, says:
1.-THE various interests centering at Wall
+ -eet continue to show the symptoms of
recovery of confidence, which have become
steadily more apparent for two or three
weeks past. On the one hand, the convic-
ton has gained ground that an unnecessary
intensity of alarm has been encouraged by
taking the gravest possibilities of the situa-
ton at their worst and making insufficient
allowance for the counteractions and pre-
ventions which a great public danger al
ways begets: and, on the other hand the
shaping and drift of political forces are
construed as so directly in favor of the
ascendancy of a sound-money policy that
the election is looked to as ending the dam
gers of the silver mania and introducing
new era of confidence and of national pros
perity. Concurrently with these assuring
tendencies has come influx of gold from
Europe. which has enabled the banks to
ury, and, at the same time, has warded off
a threatened Stringency in money from
which serious results We're, two or three
weeks ago, apprehended The amount OF
gold already imported and on the way is
about $27, 100000 and, although large and
sudden movements of this kind always
attended with temporary checks and reac-
TONS those best situated to judge antlcl-
pate that the gold imports will reach S4o,-
000, 900 to $50, 600 900 before they cease. AS
this amounts to AN important augmentation
of the reserves of the banks, the apprehen-
sions of stringency are virtually removed,
and the loan market is working steadily
toward a condition of ease.
THE banks consequently are showing
more disposition to lend, and the dlslfess
caused in commercial circles through tne
difficulty in procuring discounts IS steadily
abating. One gratifying feature in the dis
count market is the comparative absence
of any distruSt among the banks ABOUT the
commercial situation. The fact Ihat 1Iler
chants have well withstood the strain
upon credit for so long period is regarded
as evidence of the general soundness OF the
mercantile situation. and Where any cur
tailment of discounts is apparent IT is more
due to the banks not having YET peen aple
to restore their reduced reserves than to
any misgivings about the safety OF DOT
roWers. AS the gold imports increase, this
cause of restriction of credit must now
ever, disappear. = A.
situation. They imply a real change IN
the public estimate of the chances OF an
extinction of the silver danger. dhey STOW h,,s
that judgment and calm discretion nave
gained the ascendancy over an undlScriih-
mating public fright. They are EVIDENCES
people understand that while free coinage.
if it were enacted. would be a catastrophe
beyond all estimate, yet the thing IS an i'm
nossibilttv to the practical common sense,
the honor and the native conservatism o. d
majority of the American people. mus
ness interests at large stand upon as
tinctly higher and more trustworthy pasla
than a few weeks ago, ana ln .ad cn aa
has been taken with a deliberatlon ana Z. q
strictness of caution which VIII save II
against any relapse. 1t is under these CIR
cumstances that the market for securltles
has shown such marked recovery IN
values and that Europe also eAhlpils d
material recovery of confidence IN our IN
:arnert is however. a limit to the extent
to which this Improvement may be saIely
trusted to go within the next rev WSeSs.
There is naturally dlsposltlo9n 10 70. oerea
large buying operations until the oGtcotl4i;E
of the elections is ascertalned ana un 1ba
the money market has settied mtg 'le
easier condition that attends the reHuA VI
currency sent to the interior during the
fan months. Allowance must also be mace
for the ups and downs of political move
ments for the sensational efects OF the
agitation, and for the ERECT OF state el &c
lions and of State notifications OF the
Chicago platform and nominations Also
we may expect some European counte-ace
lions to our current large importatlons OF
gold Notwithstanding the extraordinary
iateness of the past steady accommodations
of gold on the other side OF the "A MIL
the banks there are unwilling TO part with
any considerable amount or the metal. Al
though thee Bank of England mas to-day
about s., 600, 600 more gold than at the same
date of 1895 and SIS, 600, 600 more than IN
1894 vet on Thursday 1t advances us rate
of discount to 2h per cent, s i1les d rs Ho
upon to compensate us for our wlthdTaWals
from other centers and partly also 10 the
demands from Austria and Russia Tor the
nurnose of advancing their currency re-
forms; but it nevertheless has a tendency
for tne sfaes The h demand from our side
has the advantage that 1T rests purely up
ON a bona fide condition of the comfnerclal
exchanges and therefore must be SatlShed,
while the wants of Austria ard RUSSIA are
extraneous to the trade movement an6
therefore may encounter the obstacle OF
higher rates than the Vienna and st. Pc
tersburg banks are wiling 10 pay. II
therefore may result that those purchases
will have to moderate their TRANSACTIONS
until a turn in our exchanges sends back
some of the gold we are now importing
So far we see abatement of the large eXc
mort movement in our chief staples nor OF
the curtailment in imports OF merc9ahoise.
and the prospect sun remains 1 So 91 orlal
tinued until they reach forty 10 Hity NIL
lions. ~ ,rosnocts
from now until the November election
NAV in view of the foregoing 1actorS De
reasonably construed as warranting Judi
stocks for investment. SO far as respects
transient purchases for proht on Iuctu-
have the advantage over selling; but mar
gins should be ample and good pronts
we may not hope for complete recon
struction of financial conditions as may
seem desirable--for much must depend on
The composition of the House and more on
the attitude of a refractory Senate)-yet
a great revival of confidence may be fea-
sonable looked for; so that investments
made between now and the day of election
will be most sure to yield a high rate of
remuneration. 80, ;. .
..P Sat the close Of this writing, it IS
understood that foreign bankers are adc
vised by their London correspondents that
a out &c 600 900 more gold is expected to be
shipped to the United States before the
eliminates, and limitations are
given out that arrangements may possibly
be consummated for shipping 94OOO,OoO
forthwith.
Saturdays Bank Clearings.
At St Louis-Clearings, s.. Us. oso; balances,
S273. $50. , ..
At Chicago-clearings $l2951, us Money firm
on call. 6GI7 per cent: on time, per cent. New
York exchange 81 discount. Foreign exchange |
unchanged; demand. s4.SSsi; sixty days, S4s2-
At Memphis-Clearngs, S26SSS9; balances