The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-26
CLOSED AT TOP FIGURES
SHARE LIST HELD THE GAINS DUR
ING THE WEEK ON 'CHANGE.
New York Bank Reserves Show In
crease of S3,O49, OOO-LocaI Markets
Laid Up TIL After Election.

At New York Saturday money on call
was easier at 3G5s per cent, last loan,
per cent; closed, offered at per cent.
Prime mercantile paper nominally 7q9
per cent
Sterling exchange was steady. with ac-
tual business in bankers bills at s4.Si12@
4siA for demand, and s4s11294Sl& for
sixty days; posted rates, $4.S244.S2la and
4S5d4 S51s; commercial bills $s.79l2.
Bar silver, 65lsc; Mexican dollars, 5OAc;
silver certificates, 65ssM655sc At London
bar silver closed at 80 Lied per ounce.
The exports of specie from the port of
New York for the week amounted to $751;
900 in gold and $S47.Ss6 in silver. The i'm
ports were: Gold, $5,799043; silver, 21,59s;
dry goods, s1,551, 746; general merchandise
S6.646,272.
The New York weekly bank statement
shows the following changes:
Reserve increase ...................$3,049 , 500
Loans, decrease o 000
Legal tenders, increase 6o0 sly
deposits, decrease ................... o,ziz 49o
Circulation, decrease ......-...-... lU,oOo
The banks Row hold S14960,i 100 in excess
OF the requirements of the rs per cent. rule.
The New York Financier says:
The increase in the reserve OF the asso-
ciated banks of New York city for the
week ending Oct. "a was a favorable feat
ure of the current bank statement. re-
vealing, as it did, element of strength
I'm the local institutions which was inter-
preted as a reassuring sign The gam IN
the net cash holding of the banks. largely
in specie came as a pleasant surprise. as it
had been thought that the greater part
OF the gold received from EUROPE during
the past seven days would not be reflected
in the statement, owing 10 the fact that
IT had been for option account. the IN
sarded as an evidence that boarding had
not played an important part in the week
tranSa ction, or. at least, that some OF the
gold is flowing into the banks. The in
crease in loans does not, as might appear
at first sight indicate any sharp CONNER 1h.
ports are being liauidated and that there
has been little II any call on ordinary DOR
rowers for funds.
BANK CIRCULATION DECREASED.
THE banks lost to the interior and
through the treasury during the week
something like S., 000,0 900, or about as much
as was received from Europe. The s1,30O0Oo
withdrawn Oct. % for the purpose OF OBJ
tanning gold from the treasury does not ap-
pear in the current statement. An item OF
some interest is the decrease in the circu-
lation of the national banks. Since July
last the circulation of the banks had ex-
banded steadily the total increase being no
less than Sc OOO, 600. The circulation was
natural outgrowth of the peculiar condi-
tons prevailing and II Is 10 De inlerreo now Tps
notes will be retired as they come back TO
their center"
including the following: American Tobac-
co, $500; American Sugar. 400: Burling-
I i"a & Nashville, 100; Manhattan,
5000 Reading, 5000; Rock Island, 1900, St.
Louis, 13oOo; Western Union, 1000; silver
The New York stock market displayed
about the, average Saturday volume Of
trading ard was irregular of movement,
some exceptionally wide fluctuations being
recorded ii. .he specialties Predictions of
an unfavor9pie bank statement, which sub
uQfOuQd6d.
and sympathy with further reaction in
the wheat maket eonsltuded the ws
and fractionaly lower on account of a re-
action in the prices of American securities
ders and others. The declines were
checked. however and the entire list raj
1b per cent. Toward the end of the first
hour the bears attacked the market and
effected a reaction, in which os Sugar the
the most prominent. The aforementioned
stock bore the brunt of the selling and
yielded rs per cent. The statement of av-
erages of the associated banks were much
more favorable than had been anticipated,
showi Ing an INCREASE In legal reserve of
ton to the best figures of the day. The
Rubber shares Were active in the late deal
spectively for the common and preferred.
The closing was strong at fractional net
tive and generally firm. Louisville & New
Albany consul fives We're conspicuous by a
Pae Df stp gained M a me
otherwise were slight. The sales were
$4,000 lacked os g lecture but
$4,000.
STOCKS LAST WEEK.
The boom in the wheat and tributary
markets. and incidental reports of crop
damage abroad inducing an enormous
movement OF cereals for export to the sea-
board again constituted the chief motive
power in the stock market last week. The
buliish speculation as to the far-reaching
beneficial effects of the foreign demand for
our breadstuffs and other food products,
the reported utterly inadequate transporta-
ton facilities for so great tonnage and
conviction of decided Improvement in rail-
road earnings and in the general business
and financial situation to result together
with the. steady inflow of gold, overshad-
owed all other considerations, including
continued stringency in money a higher
market for foreign exchange and an ad-
discount OF the Bank OF England to 1 per
cent. The early course of exchange had
been downward previous to the last men
toned development owing to the pressure,
of commercial bills. Buliish sentiment was
stimulated additionally by the treasury
tional trade balance in our favor. and in
addition TO other receipts of gold from
rapport on SINCE day. The financial insfi
tutions held the speculation in check so far
as ny imposing eXCeHfiOnaI
terms on time loans. and accommodations
for shor1-time period touched Is per cent
Commercial paper was practically unsaIa
bic, there being but limited inquiry for
prime paper. The dealings In
stocks were active. and were. as a
rule, much better distributed than here
tofore recently The. grangers took the
Initiative in the upward movement and for
obvious reasons rose to per cent win
burlington leading. The industriais Were
also prominent, especially Chicago Gas
which rose 9ss per cent, TO 60, on a variety
OF gossip including predictions of early
favorable action on the dividend question
Sugar was adroitly manipulated by the
insiders, and despite numerous setbacks in
common with the general market advanced
per cent Profit-takinE was evident on d
large scale. at the top levels, but the mar
ket soon rallied under increased COVERING
OF shorts and commission house buying
Strength In Reading was feature the ad-
vance being attributed to operations
against the shorts and rumors of impend-
Ing deals for control of a leading comneti-
tor. The market yielded in sympathy Win
the reaction In wheat. but recovered In the
late trading. an unexpected heavy with
dr.twal Of gold exerting only a temporary
depressing influence. The closing was ~
tho best heures Of tho week, with COM