The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-08
WEEK IN STOCKS
AGGRESSIVE STRENGTH SATURDAY
On INCREASED BUSINESS.
mpI Aba tenaent of Monetary
Stringency Following ElectiOn-LO-
cnI Market More Promising.

At New York Saturday money on CAL
was easy at AS per cent; last loan, D;
closed. 4GJ.
Prime mercantile paper, 6u7 per cent.
Sterling exchange strong and higher. with
actual business in bankers bills at A.S5AQ
Si.s51s for demand and s4.S2a4.S214 for sixty
days; posted rates, S4.S2a4.S3 and $4.S5l1Q
$E.S6: commercial bills, S4.SO12.
Bar suver. 65isc; Mexican dollars, 5Gsc;
silver certificates. s5Aa651kc. AT London
bar silver closed at % 15-i6d per ounce.
The exports of specie from the port of
New York for the week amounted to $500
in gold and 5000. 500 in silver. The imports:
Gold. 81, .OS2: silver. s49. 80; dry goods,
81. 542, 773: general merchandise. s6,274,477-
The New York weekly bank statement
shows the following changes:
Reserve. decrease 2.652.S2
Loans, decrease f'OaV' IVY
Specie. increase 3zd'S00
Legal tenders, decreaSe.............. 9,9i9,fOV
Deposits. decrease .....-."......". S,OOS, 5OO..
Circulation, increase ...........-...-. zU,OUO
The banks now hold s14, $40, 600 in excess Of
the requirements of the % per cent. rule.
The New York Financier says this week:
'The statement of the Clearinghouse banks
for the week ending Nov. Z, covering but
live business days, is chiefly valuable as a
record of furry Immediately preceding
election. The statement is supposed to
iIcluue the business of the week only up TO
Thursday, and as a holiday INTERVIEWED, IL
l. very evident that the recovery when mas
taken place since the election Is not shown
in the totals. For instance, 1t is known that
several nations in specie have been re-
deposited with the banks and the gold Is
how in the clearing house vaults, alInouSh
the statement shows a slight expansion IN
specie. 1t does not seem reasonable, either,
IA the face OF u rapidly rising and active
stock market. such as marked last week, 10
look for a shrinkase in loans amounting 10
5000. 7OG, which the statement shows. The
rapid fall in call money and the competl-
ton between banks for commercial OFFER
ings since Tuesday is another evidence that
banks are not decreasing loans, ana IL Is
still a little early to look for voluntary
payments OF obligations due banks. the
condition OF the banks at the actual close
Of business Saturday was, of course, better
than the statement indicated. ana begin
ming with next week the expansion which
set in after Nov. 2 Will be full reflected.
The hoarded goid now pouring into the
banks ~ bringing the clearing house vault
balances toward the S4O.OOO,OW marx; ana
there seems 10 be no doubt that the banks
will soon resume the settlement OF bal
ances- i'm gold coin. The banks, in fact,
will probably show large gains in gold be-
fore the treasury reserve, since specie will
lind its way into bank vaults and thence
into the treasury. Next weeks statements
in all items. and the clearing house institu-
lions for the first time in months Will prob
ably be able to maintain their reserves uni
fOrmly above the . per cent. limit"
Total sales of stock We're 336,6O0 shares,
Including the following: American Tobac-
co. $3.50: American Sugar. $500; burlington
* Quincy. 1900: Chicago Gas, $500: Hook
ing Valley x Toledo. S,iO0; Louisville &
Nashville. 5000; Manhattan. $500: New
York, Susquenanna * Western preferred,
$3.50; Northern Pacific preferred. 800; On
tario x Western, 5000: Reading. $500; Rock
Coal and Iron. 9.2U0; Union Pacific. $500:
Western Union, 10, 800: Southern railroad,
1850; Southern railroad preferred, $500.
HEAVY VOLUME SATURDAY.
The volume OF business Saturday on New
York Change was on an extraordinary
scale for a half holiday, reaching $4,000
shares. a record that has not been APP
preached on any Saturday since the Vene-
zuelan episode. Aggressive strength was
displayed all along the line with the broad
enins~ tendency of the market and the ease
with which all offerings were absorbed, ex-
citing general interest and comment. The
buying was largely by commission houses
and the low-priced shares were unusually
prominent. The upward movement halted
around n:3 O'Clock on the appearance OF
the bank statement showing a decrease in
legal reserve OF S2,652.S25. Operators who
had overlooked the fact of the heavy with
drawal from the banks In the early part of
the week were disappointed at the exhibit
and sold a few stocks, but the offerings
were taken without a ripple and the aG-
vance resumed with renewed vigor. In a
number OF instances the best ngures re-
corded in the present rise were reached.
Characteristicaily wide fluctuations &C.
CURED IN the specialties. Metropolitan
traction exceptionally jumped ~ per cent,
reaeting a point later. Consolidated Gas
gained 3 per cent. and other substantial
improvements were recorded DESPITE a
further advance In sterling exchange. The
trading was well distributed. with Sugar.
Reading, 81. Paul and burlington record
Ing the heaviest dealings. The advances on
the active shares extended TO "a per cent
IN sugar. Manhattan in the early opera
ions rose z per cent, Tut later developed
cent. net higher. The market left or strong
at about the best prices.
Ihe stock speculation OF the week was
snlmaeed and many stirring phases were
presented, aggressive strength and extreme
ACTIVITY marking the dealings The pivotal