The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-12
LIVELY DAY ON CHANGE
SUGAR, AS USUAL, LED THE LIST IN
VOLUME OF TRANSACTIONS.
More of Imports of Gold Bring Total
Up to $4,000, OOO-Local Markets
Continue Firm and Steady.

was firm at per cent.
Prime mercantile paper, 71aG8l2 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4e3%4@4 "a
for demand and $4.S112@4s1& for sixty
days posted rates, $4.S244S512 ana $4.S4Q
ass; commercial bills, $4,000.
Bar silver 64Ac; Mexican dollars, 1870.
At London bar silver closed at 20 15-l6d
per ounce.
The exports of specie from the port of
New York for the week amounted to
81 200 in gold and $S73,740 in silver. The
imports were: Gold. $2,213.296; silver,
57,9O7; dry goods. ST. 1872; general mer-
chandse, $6.39S,4S6
The New York weekly bank statement
shows the following changes:
Reserve, decrease ................. SsIo' sao
Specie, increase .................. 6a9' So0
Legal tenders, decrease ..........-.. z. 90, 20O
Deposits, increase .............--.... 5.aol, t0o
Circulation, increase ......-..'.-..-..' ooo' 4oo
The banks now hold $15,599, 200 in excess
of the requirements Of the Is per cent.
rule.
The New York Financier says: 1.-THE
statement of the clearinghouse banks of
New York city for the week ending Oct.
10 reflects the operations Of an active week.
Despite the facts that the shipments of
currency to the interior for the past seven
days exceeded $4,0OO.0Oo the banks report
no loss of cash; in fact there was an actual
gain of SLIGO, the increase in specie coun-
teracting the loss of $2,63s20 in legal ten
ders. AS the imports of gold during the
period covered were about equal to interior
shipments, the small change in cash re-
serve does not appear at all illogical. Loans
showed an unusual expansion of 1927 300,
which is a favorable indication, although
the increase is probably due to further
preparations now pending for increased
gold imports. Aside from this. however.
11o.r hrny, 1Inr~ of nnoI
for loan expansion. The favorable feature
of the statement is an increase of $3751, 700
4s4,sOo, nearly $2,ooo,OOO in excess Of
INCREASE IN DEPOSITS.
1.-THE Increased deposits called for an ad-
ditionaI reserve liability and the banks re-
port 1926 S25 less surplus cash than at the
close of the previous week. The excess re-
serve is st.ll $15.599,200, which is larger than
for the corresponding week last year by
over $1,000000. The operations of the week
including, as they did, temporary rise in
the local money market, due as much as
anything else to a demand for cash from
the West and South. together with the
rapid fall in sterling exchange, which is
an incident closely connected with this de-
mand, presage continuance of gold i'm
ports from Europe. The trade balances are
largely in our favor and must continue so
under these conditions that the funds
drawn from New York should he replaced
py remlltances from abroad, and conserva-
tive bankers would not be surprised if this
second movement exceeded 1000 OOO and
unless UNFORESEEN circumstances prevent,
the total will probably be doubled soon. 81
course, an advance in foreign money CEN
Ter. ers might check continuance of these
imports,
The New York stock market Saturday
surpassed the recent Saturday average rec
ora ora IN some shares, and notably in Sugar
over 81. 600 shares or nearly one-third of the
aggregate transactions. The stock was
following its main movements The mar
ket displayed considerable feverishness. and
as usual for some time past reflected
chiefly professional operations Aside from
sugar, activity conferred in the railway
properties In the early dealings there was
show of strength, but anticipations of an
unfavorable bank statement and the state
ment of an advance of 1 per cent. to 5 per
cent in the rate of discount of the Imperial
Bank of Germany. were made the text
for raid on prices by the bears.
Ginning movement. The actual exhibit of
averages of the associated banks was more
favorable than the forecast. and its publi-
cation was the turning point in the specu-
lation. In the early trading Sugar was con-
spicuous for irregularity. 1t advanced 49,
the low level. Manhattan and Reading
dropped about per cent. EACH and the
rally. The recoveries in the final hour ex,
tended to about l per cent. in Reading and
burlington. Inc Closing was steady at
fractional net losses in most instances.
The railway bond market exhibited con-
siderable weakness with the Reading and
Atchison issues the chief sufferers. The
sales were $685.. 900. Government bonds were
active and ruled slightly lower on sales of
$4,000.
ONE WEEK ON CHANGE.
Stocks moved rregulary during the week
on a rather moderate aggregate of transac-
lions. The market followed pretty closely
the drift of the London quotations, and
foreign developments were an important
factor in shaping prices. The fluctuations
in the specialties attracted considerable at
tontion in view of the almost transparent
manipulation in them by inside interests
and leading professional operators. Uncer-
ta!nty regarding the monetary and gen
eral business outlook, together with a re-
newed contraction of the market for dis
counts. neutralized the effect of lower ex-
change rates and a revival of imports of
gold to this country from Europe and re-
stricted outside interest. The new orders
dor gold curing the week swelled the. ag-
sregate OF engagements, including arrivals
since the inflow began, to $53, 900 900 in round
numbers. The recent ease in call money
gave place to decided firmness the extreme
figure touched being II per cent The rate
mentioned ruled momentarily. and was only
TO an extent due to the calling in of loans
for purposes that had been only partially
explained up to the close of the week. The
average rate was ABOUT, the legal figure.
appreciable change in rates and the demand
for even the choicest mercantile paper
fattened out considerably and rates were
advanced slightly Exchange broke to
$4.S32 for actual demand. sterling and
long bills touched $i.Sl1a. Commercial bills
appeared in large volume. but owing to a
decreased inquiry from remitters the de-
mand was only nominal. The speciaIties
We're the features of the specula ton with
interest centering chiefly in Sugar. Manhat-
tan End Tobacco. Sugar touched I05 the
Lowest point recorded for some time. but
made a subsequent rally to lot. chiefly on
covering of shorts. Tobacco on the other
hand, received effective support. and gained
BIS 10 69M. Manhattan was erratic, on a
wide movement and a large volume OF bust
ness. The stock dropped TO 901s and closed
practically unchanged. One Of the most
important developments of the week. the
acquisition of the Seaboard a Roanoke,
which controls the Seaboard Airline. by
conservative interests, failed to exert more
than passing influence, although the deslra-
biify OF ending the savage rate cutting in
the South Is obvious. The general market
shows net concessions of from | to Der
cent. with the grangers most prominent
The bond market during the week was
duh. The leading stocks show net declines
OF TO 3 per cent. Government bonds
sagged slightly. In sympathy with the other