The Indianapolis journal., 1896-09-20


The banks now hold s1O,454375 in excess
OF the requirements Of the % per cent.
rule.
The Financier says this week: The re-
serves of the New York banks now stand
at the highest figure reported since Aug.
last The interior movement has been very
strong during this period, and even IL the
banks do not hold the cash which has come
from abroad in their vaults, 1T has gone
to other sections, and is there performing
. an important work. The movement OF
crops has been much earlier that 1t mas
created a legitimate demand for money,
and as the future holds out a certainty OF
gold imports, the banks can use portions
of the present surplus in satisfying d
local demand The imports have opened a
new source of supply, permanent for this
season. at least, and there is no reason to
anticipate a long Stringency. Ihe banks
are still taking out new clrculatlon eo Ior
temporary use, and the total now Is $i9,-
221 l00 figure higher than ever reported.
The stock market Saturday was a per-
functory affair, dealings being on an ao-
normally light scale and the nuctuatlonS,
generally speaking, fractional traders
were responsible for the limited opera
tions and during the great part OF the
session worked upon the bull side in an
ticipation of decidedly favorable paiih
stademgn1 o1d iTports owiH The " exhibit While not as
disappointing as upon the two previous
occasions. failed to come up to eXpecta-
tions although the shipments of currency
by the banks to the interior were lighter
than had been prefigured. The statement
showed a gain in legal reserve OF only 81
6S6 $50 and of 81, ,473,5 500 in specie. Deposits
Increased only 1921 800. A prominent bank
er estimates that of the $27S36,550 in gold
which has arrived to date. about $llO00, 900
has been absorbed by the Treasury Depart
ment and the banks have probably gained
about $4,000 600. In addition, SIS 600 was
ton Saturday. The balance is said to be
accounted for in other deposits at the sub
treasury and assay office for examination
In the early dealings covering advanced
Western Union and Manhattan over point
and Leather preferred and Chicago Gas
were strong features. After the publication
of the bank statement recessions occurred
all around The market closed firm at slight
week dragged tediously at intervals and the
course of prices was irregular, the closing
recording slight gains, generally. The
manipulation of the few leading operators
accounted for a large part of the transac-
tions and result of the tactics employed
was the practical elimina ton of the short
interest In a number of specialties.
The publication of the statement of our
foreign trade for August terd.d to make
clear the cause of the inflow of gold to the
United States. 1t showed an excess of ex-
ports of merchandise over imports of $19,-
exports in the same month of last year of
SIS, 900. 000 The amounts OF our staple prod
ucts that are being forwarded to the sea-
ocean freights, and it is reported that all
the room available has been engaged up to
the end of the year. A feature of the in
ternal movement was the shifting of the
burden of supplying the demand for gold
from London to Paris. Early depression
I'm the general list was succeeded by extern
sive covering of shorts, resulting in rallies
in most shares. and the movement was
given impetus by the active bull leaders
The announcement of heavy additional en-
gagements of gold impaired buoyancy to
the late dealings. and carried many stocks
above the closing figures of the previous
week.
The bond market Of the week was dull
and without essential feature. with the ex-
ception of decided changes in some of the
inactive issues. The principal advances in
cluded: Kentucky Central fours, per
cent: Cincinnati. Dayton & Ironton. Az
Northwest Southern extension fiveS, 3Ia
Other gains extended to per cent.
Governments sagged in the early trading
in sympathy with the depression in other
securities, but the losses were subsequent
iy amply recovered.
The following table. prepared by l.. w Louis
Room 49, Board of Trade, shows the range of
quotations: