The Indianapolis journal., 1896-01-13


commercial bills, s4.sGss
Bar silver. 6sz4c: Mexican dollars. 52Ec.
At London bar silver was 80 9-1sd per ounce.
The exports of specie from the port OF
New York for last week amounted to A,034,-
$40 in gold and $s9s.346 in silver. The i'm
ports were: Gold, $50, 944 silver, 1880; dry
goods, g. .ls3, SIC; general merchandise. $685..
800.
The weekly bank statemrnt shows the
following chan~es:
Reserve increase ~, fV5,3zf
Loans, decrease ..................-.... i,5tz,5W
Specie increase .................... 391 500
Deposits, decrease ........-.........-. 5fo, lW
Circulation, increase ...........-...... 4y,iU
Banks now hold s27.1ss.1oo in excess of the
requirements of the 25 per cent. rule.
The New York Financier says: THE
statement Of the New York clearinghouse
banks for the week ending Jan. IL is a log
ical reflection of the present trend OF
events brought about by reason Of the call
for a popular loan. although as an ex-
hibit OF the weeks business 1t is not so
satisfactory. The priacipal feature, con-
sidering the circumstances, is an Increase o.
81 ,403. .i25 in the reserve. In view Of the fact
that the New York banks may be drawn
on heavily within the next thirty days by
matter of some Importance. 1t was brought
about apparently by the flow of money to
New York. the banks having gain&d large
sums during the week. The increase in
legal-tenders, despite the withdrawal of
large sums incident TO gold shipments, vas
In round numbers five million dollars. The
total specie holdings, for the first time since
last June. are In excess of seventy million
dollars. IN fact they are higher than they
have been since Feb. 2. This does not liz
dicate much of itself, since the cash now
IN New York bank vaults is $50 0O0. 900, as
against Slso,642.yO0 one year ago. The liqui-
item since last september has been fully
sixty-six million dollars. Deposits also are
falling OF, and the week closes with the
smallest total known for over a year. The
loss for the week was small. as the week
operations counterbalanced almost exactly.
II Is plain to be seen why large bids for the
by New York banks. If interior banks
draw down their balances, the average
New York institution will have no money to
buy bonds. unless 1t calls in its loans, and
that Is al arrangement that would not be
profitable. For the reason that the banks
they will stand in this respect, there is lit
Tie probability that Individual bids for
bonds Will be made by New York banks be-
the. new bonds will find their way into
banks, here, but whether through a syndi-
cate or by direct bid cannot be foretold."
Total sales OF stocks were 73.Ul9 shares
including the following: American Sugar
$500; American Tobacco. 500: Burlington
M; M chicas9 Lea Gas zoo; L.onisyilIe & Nash
1850; United States Leather preferred, 400.
SPECULATION DULL.
Stock speculation Saturday was dull and
without special feature. The market opened
at slight concessions in prices, but soon
rallied above Fridays closing figures. To-
bacco was marked up rs per cent and
Sugar rose nc over the initial price. To-
ward the expiration of the first hour heavi-
ness developed in Leather preferred, caus-
ing a recession of iss per cent. The general
list also sagged. but the losses were con-
fined to fractions, except for Tobacco,
which lost per cent. Speculation left off
heavy in tone with the net changes in
prices unimportant in most instances. Deal
tngs were inaugurated in Reading stock,
first assessment paid and some strength
closed has been an eventful one. The pre-
ceding week had expired with the public
and Wall street as much in the dark as
ever regarding the probaOIe intentions of
the administration on the question of a
government loan. There had been, however,
confident statements that a tacit under
standing had been reached between the
treasury officials and the leader of the bond
syndicate, providing for the sale of the
impending issue TO its members. The formal
announcement early on Monday morning of
a t. call for public subscriptions to
a s100,0O0000 issue of thirty-year per cent.
Il
sation The interval allowed for the sub
scriptions caused at first decided apprehen-
sion owing 10 disbelief in the street as to
the praticabiiity or popular loan In the
understood sense. The point was raised that
n considerable amount OF the gold to pay
for subscriptions to the bonds by outsiders
would be taken from the treasury reserve
and that thus the very object OF the loan
would be defeated Another unfavorable
criticism made by conservatives was that
too short period Is allowed to intervene
between the closing OF the subscription
date and the time OF payment Ii was urged
that the withdrawal from circulation of
such large sum will be required for the
purpose might cause serious disturbance
In the money market. A much more cheer
ful tone now prevails, however, as IL is
generally assumed that either with or with
out the syndicate the loan will be success
ful. X is intimated also that in the event
OF threatened serious developments in the
money market a large block of the bonds
would be Immediately disposed OF for gold
and the public subscriptions would be all
lowed 10 go on. The point about the syndi-
cate on which stress is laid by professional
fnancier3 Is that the gold TO be provided. as
in the former loan, would be Immediately
available and from sources outside of the
treasury Ii is argued by this class tf,at
the loss TO the general business community
in the thirty days is incomparably- more
worthy of consideration than the alleged
profits OF purchasers of rhe bonds IL is de-
MED by members that there is any prospect
az dissolution OF the syndicate. The stock
market displayed decided strength at the
outset, and prices OF the leading shares i'm
proved fGs per cent. The buying movement
soon subsiced. however, and period OF de-
preston set in which lasted until Tuesdays
close.
SOME, HEAVY LOSSES.
In the meantime heavy losses had occurred
throughout the list Sugar dropped 5ik; st.
Paul. SIS; Rock Island. 5; Tobacco. AS;
Burlington. 4ss. and New Jersey Central 4
per cent. In the less active stocks Mime
sofa Iron fell 10; Metropolitan Traction s:
Pullman. 4; Cleveland. Lorain & Wheel
ing preferred. 5is: Minneapolis & St. Louis
seconds. preferred. .. and Lake Shore, per
cent. The Generalization was the outcome
OF the uncertainty regarding the govern
ment loan previously noted Fear OF tight
money was a coincident influence. Other
vital considerations were the Withdrawals
or gold for shipment abroad and the acute
Foreign War scare. During the last half
o. the week n better feeling was evident
Moderate purchases we're made for London
account. with st. Paul the favorite. Lighter
exports OF gold than had been anticipated
easy rates for call money and reports OF a
free movement OF grain - the seaboard all
contributed TO reassure Wall street IL Is
understood that at the legal rate for money
fairly large sterling loans were made. which
served 10 decrease the gold exports As A
result OF the condition described. many
week. with the shorts heavy purchasers.
The anthracite coalers We're stimulated by
the declaration OF the full seYen-per-cen;
dividend for this year by the Delaware q
Hudson Canal Company and by unconfirmed
reports OF advances In anthracite prices
6pecia. Influences governed Leather pre-
ferred and Manhattan. The first-mentioned