The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-25


oO0 in gold and $Si7.SS6 in silver. The i'm
! ports were Gold, s., 1908; silver, $2l. 59S;
dry goods $1,551, 746; general merchandise.
| s6e46.272.
The New York weekly bank statement
shows the following changes:
reserve increase ....-...........$3 ~, o4 49 S'J
snacs i GeGrease i' S9s 900
Legal tenders. increase ..H......... 650sco
Depo5lts decrease ................ III 4oo
Circulation, decrease ..........-..... 1p,5OO
The banks row hold $1496O 100 in excess
of the requirements of the % 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 1t did, element of strength
In the local institutions which was inter
preted as reassuring sign. The gain in
| the net cash holding of the banks. largely
| In specie, came as pleasant surprise, as 1t
had been thought that the greater. part
| the past seven days would not be reflected
| In the statement, owing 10 the fact that
crease in SPECIE Gle therefore,, was Justly re-
| garded as an evidence that boarding had
| not played an important part in the week s
| transaction, 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
ciaI transaction 1t seems to show. rather,
| that the temporary advance as to gold inn
ports are being liquidated and that there
]
| rowers for funds.
BANK CIRCULATION DECREASED.
| THE banks lost to the interior and
| through the treasury during the week
something like $5,000.000, or about as much
! as was received from Europe. The $1,30OO0o
| withdrawn Oct.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-
| Tr,Ixy
last the circulation of the banks had ex-
| panded steadily, the total increase being no
| less than $6,00O0oo. The circulation was a
| natural outgroWth of the peculiar condi-
lions prevailing, and it is to be inferred now
| that the situation is more normal. The
notes will be retired they come back to
Total sales of stocks were 1O2, S19 shares.
| including the following: American Tobac-
ton & Quincy, 5000; Chicago Gas. $500;
5000: Reading, 5000; Rock Island 400; ST
Louis, $4,000. Western Union, 1900; silver
The New York stock market displayed
about the average Saturday volume Of
| trading and was irregular of movement,
| some exceptionally wide fluctuations being
| recorded in the specialties. Predictions Of
an unfavorable bank statement, which sub
sequently proved to have been unfounded.
| and sympathy with a further reaction in
the wheat market, constituted the specu-
lative influences. The opening was weak
|
action in the prices of American securities
in London and realizing. by the room ira
| checked, however, and the entire list raj
| lied, led by Manhattan, which advanced
f hour ret the bears attacked the market and
effected a reaction, in which Sugar, the
g era Manhattan and Tobacco were re
| stock bore the brunt of the selling and
yielded 21s per cent. The statement of av
| erages of the associated banks were much
/ faVOra anticiDat60
| showing an increase in legal reserve Of
So, o4s,Soo, and. prices rallied on its publica
| ton to the best figures of the day. The
| Rubber shares were active in the late deal
ings, advancing "a and ~ per cent. re-
| The closing was strong at fractional net
| gains generally. Railroad bonds were ac-
Albany consul fives We're conspicuous by
| rise of IA per cent. to S04, and Texas &
Pacific firsts gained 21a to IS. The changes
| otherwise were slight. The sales We're
! S84o000 Governments lacked feature, but
were well held sales of 10000. Silver
! certificates were easier on transactions of
| $780, 900.
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
! bullsh speculation as to the far-reachinr
! beneficial effects of the foreign demand for
our breadstuffs and other food products
the reported utterly inadequate transporta-
| ton facilities for great a tonnage and a
| conviction of decided Improvement in rail-
road earnings and in the general business
| and financial situation to result together
/ with the steady inflow OF god, overshad
| owed all other considerat ions, including
! continued stringency in money. a higher
market for foreign exchange and an .ad-
! vance OF per cent. in the minimum rate of
discount OF the Bank OF England. 20 per
! cent. The early course of exchange had
| been downward previous to the last mem
/ toned development, owing to the pressure
! OF commercial bills Bulish sentiment was
/ stimulated additionally by the treasury
! statistics, showing an increased interna-
! tonal trade balance in our favor and in
! abroad, by the engagement OF $5.J0D0 G1 for
! import SINCE day. The financial insti-
as practicable by imposing exceptional
| terms time loans, and accommodations
for short;time period touched Is per cent.
I Commercial paper was practically EnsaIa-
! BILE, there being but Il limited inquiry for
even prime paper. The, dealings in
! stocks were active, and We're, as a
rule, much better distributed than here
/ tofore recently. The grangers took the
! initiative in the upward movement and for
! obvious reasons rose 3 70 d per cent with
/ Burlington leading. The industrials were
! also prominent. especially Chicago Gas
! which rose 92s per cent. 20 Co. on a variety
| of gossip, including predictions of early
| favorable action on the dividend question
| insiders, and despite numerous setbacks in
| common with the general market advanced
! per cent. Profit-takinS evident on n
| 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 a feature, the ad-
! vance being attributed TO operations
| against the shorts and runors OF impend-
! ing deals for control of leading competi-
| tor. The market yielded in sympathy with
| the reaction in wheat. but recovered in the
late trading, an unexpected heavy with
| drawal OF gold exerting only IL temporary
| depressing influence. The closing was at
| the best figures of the week, with COM
! parative figures showing general ma terial
| gains The aggregate sales were 1.055.9l5
| shares.
The railway and miscellaneous bond mar
ket exhibited pronounced strength through
out the week on a fairly large volume of