The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-14
MONEY MOVING WEST
NEARLY s7,OOO,OoO SHIPPED FROM
NEW YORK LAST WEEK.
Features of the Trading in Stocks
The Bank tement-Condition
of Local Markets.

of Local Markets.
At New York Saturday money on call
was nominally BOA per cent
Prime mercantile paper was nominally "a
8 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at 81. S3a4@4S4
for demand and $481%94.s2 for sixty days;
posted rates, s4s21a04.S31a and $4.S41zQ4.S51z;
commercial bills, $4.81.
Bar silver, 65c; Mexican dollars, 501ac.
At London bar silver closed at 80 3-16d per
ounce.
The exports of specie from the port Of
New York for the week amounted to $500
in gold and 81, O96,95O in silver The imports
were: Gold $9,501.4S9; silver, $1S,945; dry
goods, s1,SS1 ,140; general merchandise, $6,-
l69O 67.
The New York weekly bank statement
shows the following changes:
Reserve, increase ..................,. s539, 2a5
Loans, decrease OBSERVATION-DISCLOSURES. 81 800
Specie. increase ACKNOWLEDGEMENTS. 2,764 900
Legal tenders decrease ............ 2,os0 wy
deposits decrease 20 '9 90o
The banks now hold SIS, z67, S25 in excess of
the requirements of the 25-per-cent. rule.
The total sales of stocks at New York
Saturday were 66,745 shares, including the
following: American Sugar, 10000; Burling
ton, 6100; Chicago Gas, 1000; Louisville,
400; Reading, 300; st. Paul, 1920. Spec
ulation was dull, and the movement of
prices irregular, but mainly tending lower.
There was not even suggestion of other
than professional interest. News of in
creased political excitement abroad regard
ing the probable immediate developments
in the Levant and of depression in the
London market was supplemented by de-
clines in prices of American securities at
that center, and the local market opened
weak and lower, at declines extending to
] per cent. The downward movement was
checked after the first half hour, and re-
coveries occurred in most instances. A
number of stocks made up the entire early
loss. The Improvement was based upon ex-
pectation of exceptionally favorable
bank statement a result or the heavy
gold imports. The exhibits proved disap-
pointing, gain of only $539,275 in the legal
reserve being shown, while deposits fell off
SLIT, 500. The explanation given was that
the shipments of currency to the interior
had been considerably above the estimates,
and that the gold imports only figured for
five days in the statement. shipments
through the subtreasury during the, week
banks shipped fully as much. To-day the
subtreasury transfers to New Orleans
amounted to $S5o.O00. and there was de-
greenbacIs. In the last half hour prices
again receded, and the closing was weak at
sharp fractional net losses generally
REVIEW OF THE WEEK.
The week just closed was important
one in financial circles although the mar
ket fluctuations were for the most part
made by a few leading operators. The
heavy gold engagements and arrivals, ag-
gregating to date $23. 4740 $50. were, of course,
a topic of cardinal interest, but other i'm
portant events were also recorded Ship
ments of currency to the interior were the
heaviest of any week thus far. footing up
nearly $7,OOO,0OO, as against. estimates of
IS, 600 900, considerable sum being shipped
to New Orleans to alleviate the financial
strain at that quarter, caused by the
recent bank failures. Action was taken on
the dividends of several important proper
ties regarding which some conflicting fore
casts had been made. A reduction In the
quarterly disbursement on Manhattan had
been looked for, but the bears We're caught
in flank by the declaration of the regular
IL per cent. The action of the directors
expenses and reduced interest charges. The
stock rallied per cent, chieIy on cover
year showed surplus of 81 1850. after
liberal allowance for maintenance of way
ally favorable position of the company IN
duced theories of an increased dividend on
view was chiefly held by the foreign hold
ers. The declaration of on!g the regular
per cent; was well considered IN con eonsServa-
and Western Union dividends with marked
expression, but moved widely. in sym
pathy with other developments affecting
values. London was mainly conspicuous as
a seller being unfavoraoly influenced by
an advance of II per cent. to 21a per
cent in the minimum rate of discount of
the Bank of England the political com
flux of gold to this country and the con-
tinent. Frequent realizations by local
dealers also impaired irregularIty to the
and financial stringency at New Orleans
and the unfavorable cotton crop report
helped the bear faction. The report men
toned. showing a decrease of 1873 pounds
and placing the total percentage of yield
at 64.2, depressed the Southern and South
western shares, The mandatory order of
the court prohibiting the rate war be-
tween the Southern railway Seaboard Air
line and connections created "a very favor
able impression, and the estimated increase
to about Sill COCO, 5000 in the treasury gold
reserve at the close of the week was also
ports of gold since the movement began
aggregate about s24,oo0.ooo. and predictions
have been made that the $40,0 600 mark
will be reached The beneficial effect of the
inflow of the metal is obvious, relieving
to the crop movement and the urgent
needs of the mercantile community. The
comparative net changes in prices Were
sales were 60,797 shares.
The bond market for the week moved in
sympathy with the share speculation. and
net changes are about evenly divided be-
tween gains and losses. Some OF the fiuc-
tuations in the inactive issues were quite
marked. The sales were IS. 90, O0O
Governments displayed pronounced
strength during the greater part of the |
week, but eased off slightly toward the |
close. Sales, $17S.500.
The following table, prepared by l.. W Iouis
Room 10 Board of Trade. shows the range of |
quotations: "
Open High Low Clos |
ing. est. est ing
Alton & Terre Haute....... -. 49,. 49,. So
American Tobacco pref o. - |