The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-07


merchandise, s4,943,794
The New York weekly bank statement
shows the following changes:
Reserve decrease ..................... sou boz
Loans decrease = ~ 900
Legal tenders decrease. ............. 3, 674 600
Deposits, decrease .............-..- 4'oo5o Wy
Circulation, increase .................- 9z4ooo
The banks now hold sS,22s.55o in excess OF
the requirements of the % per cent. RUE.
The New York financier says
Although over seven and one-half mil
lions arrived this week from Europe, over
$4,000, 600 of this gold arrived too late to be
included in the current statement. From
this time out the banks should begin to
reflect the full effect of the heavy ship
ments. The statement otherwise is a repe-
tition of those for three weeks previous
The banks are losing heavily to the interior
and are making up for the Withdrawals
of cash by contracting their loans and are
taking out as much new circulation as
possible to tide over the present stringency
Just how long this policy of contraction
could be continued without serious results
is a question: but fortunately the supply
of gold received or now in transit will rem
der further action of the kind unnecessary.
BANKS SHORT ON CASH
The bank statement does not show it, but
the imports of gold already easing the
situation to a considerable extent. The
trouble is that the surplus is unevenly dis
tributed, twelve of the national banks still
being below the % per cent. reserve, one of
them, the National Citizens, showing only
1876 per cent. AS for actual operations the
banks gained 81, S51 zoe in gold. The loss in
cash. considering the interior shipments, is
rather small. The one favorable feature
heh 1ne fee DO no gr eha5
any extent. The decrease in deposits was
caused by loan contractions and the move
ment above stated. That the loss in cash
at this season is not abnormal is shown
by the fact that the interior demands last
deposits p s4s 90 900. 7 The Fourth Nationai
Bank, Third National and Western Nation
81 e. made large increases in circulation a; on
have taken out S3.179500 new circulation.
Whether, as in 1893, the notes Will be re-
further expansion in view of the heavy
gold imports would seem unnecessary, as
Total saies of - stocks ons were "a 500 shares
including the following: American Tobacco,
$500; Ame 1de; Sugar - 800 Bur cna
vile & Nashville, $500: Reading, 400; Rock
Island. $500; st, Paul, 1880; Tennessee
The New York stock market Saturday
was moderately active, with Sugar and St
list in extent of trading. The speculation
displayed an undertone of strength through
out, although realization sales and offerings
for short account caused occasional con-
sessions, especially after the publication of
the bank statement. That exhibit, as is
frequently the case, failed to a considera-
BILE extent to indicate the actual condition
of the banks, and of course did not include
the proportion of the 900 in gold or
Whereabouts, which arrived too late to be
reported Friday, but was deposited in the
not being on the manifest of the steamer
was not reported until late in the day. The
gold. with the two other lots of equal
amount was deposited at the subtreasury
The arrivals for the week made about the
largest aggregate imports in any single
week. The grand total was $40 104, 46S. The
initial prices were a shade below Friday 5
closing figures owing to realizations and
the offerings Influenced chiefly by lower
London prices. After a brief reactionary
movement prices took an upward trend and
was dull but steady, at slight gains on the
MORE CONFIDENT TONE.
The week developed a confident tone in
financial circles, partly on the gold move
ment and BELIEF that the monetary outlook
was satisfactory. The outcome spir-
tied speculative movement, attended by
lateral Improvement in prices, despite al
most persistent foreign selling, both for
stocks and bonds. In the aforementioned
department investment had proved SUI
perior to aggravated cutting of rates and
mercantile disasters, in some instances on
a heavy scale. The volume of business was
larger ana business was unusually we'll
distributed. The advancing tendency was
checked from time to time by realfzations
and offerings by the bears, and there was
superficial evidence of adroit manipulation
by the professionals. A fair amount of
commission buying was also noted which
it is believed, would have assumed consid:
cradle proportions but for the continued
steadiness of the money market. The COW
ering purchases were more notable in the
stocks that had sustained the more acute
losses in the recent break. The money
pecially for time funds and In mercantile
discounts. ,Gte-ling exchange quotations
cover gold imports, and induced the can
collation. of some orders that had been
given for the metal. Apprehension in Lon
don over the Levantine complications OF
firmer rates for money at that
center disposed foreign operators to sell
American securities and this condition was
sought to be improved by the bears. A sig
nificant development was pronounced
strength a in government bonds WHICH
ket closed at about the highest points.
high-priced industrials and the grangers
but some of the inactive specialties also
Sales we're pi1soe Shares The more are note
worthy gains included: Minneapolis & ST.
New Jersey Central, 6l2; Lackawanna. 6h:
Chicago Gas. 5ls; Cotton Oil preferred, 5as:
Susquehanna & Western preferred So
Consolidated Gas, Leather preferred and
Burlington, Sc: Lead preferred, 81: Pitts
burg. CINCINNATI, Chicago & St Louis pre-
ferred. Lake Shore. Minnesota Iron and
Metropolitan Traction, 5; Rock Island, Ak;
ST. Paul. 37s, and st. Paul preferred 6 per
cent Louisville & Nashville. exceptionally
recorded loss of e per cent
The bond market displayed aggressive
strength on investment purchases for local
and foreign account. The volume of trad
ing increased considerably over recent
averages. and the net changes were gem
orally material improvements. The more
important gains We're in Peoria & Eastern
firsts, TO- Western New York & Pennsyl-
vania generals and Northern Pacific thirds
6la; Oregon Short-ine skies, 6; Missouri
Kansas & Eastern firsts and Burlington
debenture fives. 8. and Texas & Pacific
frsts. AZ per cent. The sales were S5.71 900
Government bonds We're quiet but strong
In sympathy with the advance in other Sc
curities. The demand was largely of an in
vestment character, and caused an advance
of 3$s in the new fours, TO 1885, on pur-
chases of SITS 600
Silver certificates were dull and without
change, on transactions OF ST. 600.
The following table, prepared by l.. W. Louis
Room 10. BOARD OF Trade shows the range of
quotations:
Open High Low Clos
ing. est. est. ing.