The daily morning journal and courier., 1896-09-14
Einanc1al.
Very Favorable Political Outlook Helps
 the Stock Market.

the Stock Market.
 New York, Sept 12.--But for the very favorable outlook in the political cam paign, there would have been sufficient reason to expect to-day a decidedly lower market. The London market for American securities closed before the New York market opened, and it was very weak The decline in consols and other high grade issues, which began with the rise in London money rates generally, and was emphasized by the Bank of England's action Thursday, had as a further stimulating cause to-day the diplomatic rumors The movement of the fleets towards the Dardanelles, the persistent rumors of action by the powers against the sul- tan, and the report atioat this morn ing of a cabinet meeting suddenly call ed in London, gave very natural ground for some uneasiness. Foreign dis patches, nevertheless, when read be- tween the lines, were not alarming. The feeling of the London financial community unquestionably is that &C., ton was in any case inevitable and that it very possibly involves harmoni- ous understanding between Russia and Great Britain. However this may be,
 there was no misgiving reflected on the New York market. Early arbitrage sales for the London account caused re-
 action in the first half hour, reaching in Louisville especially to one full point.
 But from the lower level thus estab- lished there was quick recovery, in the course of which the active stocks
 returned pretty generally to yester- days closing level. During; the last half hour the weekly bank statement appeared. The slight gain in reserve reported by this document was very disappointing, and it's publication there fore was followed by renewed decline in prices. Closing was heavy at a slightly lower level
 According to the bank statement average cash holdings of the New York banks have increased net this week only $1S4,900 The somewhat pug zlng feature of the statement was the comparative small amount of specie
 
 crease. It should, however, be remem- bered that the system of bank returns
 by daily averages always sure to pro- duce inaccurate results, is likely to pervert the whole return when such extensive changes as this weeks are going on. But more than this, the weeks wholesale transfer of curren- cy to the west and south largely ac- complished through deposit of gold with | the sub treasury, in return for which exchange was furnished payable by
 government offices at interior points, | has served to confuse the statement. | This phenomenon is not a novelty. | There were times in August, 1893, when, as the record shows, as much as $8,000,- | 900 foreign gold was received at New | York within a week, and when, never theless, cash holdings in the New York bank statement on Saturday showed gain of barely half that sum. The present situation, at Chicago, and par- | ticularly at New Orleans, adds to the probability of such operations. It should, however, be recalled that these ! interior remittances are in a measure | temporary. Most Of the exchange or currency shipped to New Orleans this | week, for instance, is reimbursed by cotton export bills forwarded to New | York. With sterling at its present fig ures, and with cotton selling so largely | to the English markets, this simply ! means further import gold engage ments on the London market. In other | ol ,Ie fo l New Orleans, and draws on London's gold supply to make the advances good
 Eventually, even the specie holdings of the New York banks will show the proper increase.
 Following are the closing prices re-
 ported by Prince 6 Whitely, bankers
 and brokers, 46 Broadway, New York l and 15 Center street, New Haven: