The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-05
STOCK MARKET STEADY
LOWER PRICES SATURDAY OVER.
COME BY THE BANK STATEMENT.
During the Week There Was an Ir-
N and SagginG Tendency
Local Business Quiet.

-N ~
At New York Saturday money on call
was firm at 5 per cent.
Prime mercantile paper, per cent.
Sterling exchange was firm, with actual
business in bankers bills at sAS5AM4.S5l2
for demand and s4.SS@4. s31lz for sixty days;
posted rates, s4.S3@4.S4 and $~.S51za4.S612;
commercial bills, $4sz@4sGh.
Bar silver, 65Ac; Mexican dollars, 50lac.
AT London bar silver closed at 80 5-16d per
ounce.
The exports of specie from the port of
New York last week announced to SO, 500 in
gold and 1907. 1863 in silver. The imports
were: Gold. 7.102, 727; silver, $12. go; dry
goods. sf,3s3, 1879: general merchandise,
St. 721, 061.
The New York weekly bank statement
shows the following changes:
Reserve, Increase .............S2 s., 100000
Loans, increase .........s.--....-. z,ozf9 wv
Specie. increase J 20 100 ~
Deposits, increase ...-..-........-.- 6,364,4o0
Circulation. increase .....-.......... 25l, 300
The banks now hold S16,5 26, OPS in excess
OF the requirements of the % per cent. rule.
The New York Financier says: The
statement of the clearing house banks of
New York for the week ending Oct. 3 is the
most favorable issued in weeks. For the
AiASt biiiS INV "a oS' 40 VIZ p&PVNh'% 49,
banks exceed the loans. and the latter
item shows an expansion of 81, 624, 900. which
comes after a ten weeks steady contrac-
ton, during which the total shrinkage was
about S26, 500, 900. The banks total cash re-
serves at the eEd of the current week stood
at $3.50. 10000, showing q gain in one month
of $40, ia, 000. The surplus reserve is 81, $50
COO higher than for the corresponding week
in 1895. which shows that the standing of
the associated banks at present is quite
arYrn ~ WIFI Uyn nr hTab mi r MT
exceptions the reserve of all the clearing
house banks is now appreciably above the
81 per cent. requirement.
Total sales of stocks were 81, 4S1 shares,
including the following: American Tobac-
co. 800; American sugar gar e. 100; Hur ] 5o6.
Louisville, 1900; silver certificates, 5000.
The dealings in stocks Saturday on New
York Change were on a moderate scale
and in most instances the fluctuations were
narrow. The distribution of business was
lower on a renewal of bear pressure, espe-
cially against the grangers and high-priced
industrials and some realizations. Sugar
yielded an extreme "a per cent. on reports
of further reductions in the prices of the
refined product and predictions of impend.
the foreign product still appear to be
towards a lower level. There appears
to be no uppor TO the stock by the pow
erful inside interests. Tobacco was a no
table exception to the general tendency
and was marked up on the shorts. After
an initial gain of "a per cent. the stock
scored a further gain of 2 per cent. in late
operations and retained ali but a fraction
OF the Improvement. The market soon
Suieted down. but a recovery took place in
the last hour which was, to an extent,
stimulated by, the pubIcation of a more
favorable bank statement than had been
expected. The closing was steady at triv-
iai net changes. The bond market ruled
The sales were $415.o 600. Government bonds
were weak and lower for the new fours on
sales sales Of s $4,000, cert the esh we're is slightly we're ire
regular. but closed unchanged on transac-
tions of $1,000.
SUBJECT TO BEAR
The market of the week displayed irregu-
larity and a sagging tendency on bear ag-
gression and efforts by sold-out bulls to
create a reaction. The main unfavorable
influence was a irmer market for foreign
exchange. The market was also affected by
the specific developn. ents bearing on GER
tain properties. In spite of the reaction
airy tendency of prices the emper in finan-
cfal circles was more cheerful, confidence
being stimulated by advances in prices in
various lines of general trade and in bread
stuffs and other food products. Despite
the considerable appreciation in wheat and
corn that has taken place it is reported
that a continued. though perhaps more
moderate, foreign demand exists. The i'm
ports OF gold from Europe have reached so
large an aggregate that a temporary cessa-
comparative indifference and the relaxation
of the recently prevailing financial strin-
gency facilitates and inspires the resump-
ton of commercial activity. Accordingly,
IL slight stiffening in call-money rates
toward the close of the week, succeeded
by the heavy shipments of funds to the
interior for purposes, has
failed to create uneasineSs. The successive
advances in exchange rates brought actual
figures for long and short bills to $4.S31a
and s4.S51a. while posted rates rose to an
extreme S.S4 and $.S64. The dealings We're
less professional than heretofore, and the
market for both stocks and bonds at this
exhibited a decided broadening tendency.
Some unfavorable effect was caused by UNI
favorable traffic returns, commission-houSe
buying of the low-priced shares was some
thing of Il feature. Coverings of extensive
lines Of shorts was }oted, but at the top
levels the market Displayed some nervous
ness. partly as a result of professional OPP
erations. The tone of the market at the
close was fairly steady. but with most
stocks showing declines. The bond market
during the week moved in sympathy with
the fluctuations in stocks. but toward the
close displayed stubbornness of tone under
attacks. The reading issues were the fea-
lures.
Government bonds were moderately ac-
tive andf held fairly steady on Investment
inquiry. The sales were S152. 900.
Silver certificates were quiet and without
special change. The sales were SIG, 600.
The following table, prepared by L. w. Louis.
Room - Board of Trade. shows the range of
quotations:
A~@~ MI