The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-27
MONEY RATES EASIER
NEW YORK BANKS IN BETTER
SHAPE THAN FOR MONTHS PAST.
Moderately Active Stock Market Sat-
urday and Higher Prices-LOcal
Trade More Encouraging.

At New York Saturday money on call
was steady at per cent.
Prime mercantile paper nominally 7GSc.
Sterling exchange was steady, with actual
business in bankers bills at S4.S4 for de-
mand and s4.S11a for sixty days; posted
rates, $4S264.S3 and $4.S415G4S51a; CONNER
ciaI bills, $4.S015.
Bar silver, 655sc; Mexican dollars, 5oHc.
At London bar silver closed at so 5-16d per
ounce.
The exports of specie from the port of
New York for the week amounted to SLIPS,
$50. in silver. The imports were: Gold,
$7479 81; silver, $73520; dry goods, ST. S25, 9S4;
general merchandise, 50, 1864
The weekly bank statement shows the fol-
lowing changes:
Reserve, increase. ..................$3 761, $50
Loans decrease co9
specie increase. ....t........'...-...... o9o'ooJ
Deposits increase .................-... z55z GUY
Circulation, increase ................... 4SS,OOO
The banks now hold $14 .216, ops in excess of
the requirements of the % per cent. rule.
The New York Financier says: The cas-
ing in money. rates, which was marked
feature OF the situation last week, is sutfi-
GENTLY explained by the statement of the
clearing house banks for the week ending
Sept. IS. The banks are at last beginning
to reflect the influence of heavy gold ship
ments and this too, in the face of an I'M
usually heavy crop movement which, with
out the imports of specie, would long ago
have wiped out the surplus reserve.
AS the interior movement is lessening
domestic exchange at important centerS
has fallen materially last week, the only
inference is that surplus reserve of the
New York banks will continue to show
large gains from now on, The government
will in a. few days diSburSe a large amount
of interest due it's bonds. Nearly ten
millions OF gold is still in ira nsit. and in
addition there will soon be return flow of
money to New York from interior cities.
This indicates lower money market and
it is important as foreshadowing an inter
hand, the loaps Of the New York banks are
now s6S000,000 lower than for the CORE
spending week of last year, and the loans
of all other banks have been contracted.
A revival of business after election there
fore would require large amount of these
otherwise idle funds and strengthen the
market materially.
Since July last the New York banks have
taken out over five millions of new circuIa-
ton which is doing much good service
throughout the interior, but a contraction
will probably follow before the first OF the
year.
INCREASE IN BANK SURPLUS.
The present surplus is the highest re-
ported since Aug. s. 1t is also higher than
reported in March, 1895. following bond
loan. when money rates were very much
lower.
Total sales of stocks were 124,5os shares.
including the following. AlcHlSon, ., ioV,
Louisville & Nashville, $500; Manhattan,
$500; Rock Island, 1900; St Paul $500;
Tennessee Coal and Iron. $780, Southern
preferred, $500; silver certificates, SCI, 000.
The New York stock market was moder-
ately active Saturday and strong in
tone although the movement of prices
showed some irregularity. This condition
was due to realization of profits and TO
elimination of a large amount OF the snort
interest during the past few days. For the
fourth time in succession forecasts of IA
vorable bank statement were utilized TO
advance prices. and for the first time the
statement of averages came up to expec-
tations an increase of s3,671 $50 in the legal
reserve and of 81. 1872 600 in deposits being
noted. Experts on bank figures took ex-
ception, however, to the contraction of
81 :,4S 200 in loans. The opening was strong
and higher under heavy purchases to cover
shorts and a moderate inquiry for long ac-
count. The improvements were the more
important in the industrials and interna-
tional shares. the upward movement con-
tinued during the first hour. buying by the
arbitratge houses advancing 1895. The gains
in the general list We're also important
with the exception of Manhattan, which
Welded / per cent. Towards noon the bears
made a determined drive at Sugar on re-
ports of falling off in the demand for the
product and expectation of a reduction In
the price of the refined grades early next
week The raid together with long Offer
general list lost fractions in sympathy q
few Of the industrials making more note
worthy declines. The closing was cratic
but showed general slight net gains. The
marked expression of awakening confidence
in the financial and general business out
look Larger further arrivals of gold and
substantial new engagements of the metal,
Of England minimum rate OF discount. re-