The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-28
MONEY RATES EASIER
NEW YORK BANKS IN BETTER
SHAPE THAN FOR MONTHS PAST.
Moderately Active stock Market Sat
urday and Higher Prices-Locn1
Trade More Encouraging.
AT New York saturday money on call


Sterling exchange steady, with actual
business in bankers bills s4.S for de-
mand and $4.s11a for sixty days; posted
rates, $4.s2a4.s3 and s4S414@4.S5l2; CONNER
cial bills, si.s012.
Bar silver 655sc: Mexican dollars. 501ac.
AT London bar silver closed at 80 5-16d per
ounce.
The exports of specie from the port of
New York for the week amounted TO s132S,
536 in silver. The imports Gold
$l.479S41; silver S73.520 dry goods 81, S25, 1854 ;
general merchandise, $5,496694.
The weekly bank statement shows the fol-
lowing changes:
Reserve increase observation-disclosures 761 $50
Loans, decrease. ACKNOWLEDGEMENTS. 1,34S,2 200
specie, increase. .........-............ S95, 800
Legal tenders, ), 464 zoo
deposits, increase .......'..-.''...... z,59z o0V
Circulation. increase ACKNOWLEDGEMENTS. 48S. 600
The banks now hold $l4 PIG, OPS in excess of
the requirements of the rs per cent rule.
The New York Financier says: The cas-
ing in money rates, which was marked
feature of the situation last week, is suffi-
GENTLY explained by the statement of the
clearing house banks for the week ending
Sept. e. The banks are at last beginning
to reflect the influence of heavy god ship
ments and this, too, In the lace OF an IN
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 large amount
of interest due on it's bonds. Nearly ten
millions of gold is still in transit. and in
addition there will soon be a return flow of
money to New York from interior cities.
This indicates a lower money market and
1t is important as foreshadowing an inter-
the OF g1a Of e New YORK bnke
now $66,000000 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 a 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 circula-
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. 8. 1t is also higher than
reported in March, 1885, following a bond
loan when money rates were very much
lower.
Total sales of stocks were l24, 500 shares,
innludng the ga fole g s6o 100
Louisville & Nashville. $500; Manhattan,
$500: Rock Island, 1890; St. Paul, 2e,3oo,
preferred, $500; silver certificates, S3l 900.
The New York stock market was moder
atelY dcliNe SATURDAY anu WAS SlTOHS 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 short
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 $3,671 $50 in the legal
noted. Experts on bank figures took ex-
ception, however to the contraction of
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-
tionaI shares. The upward movement con-
tinued during the first hour. buying by the
in the general list were also important
with the exception of Manhattan. which
yielded / per cent. Towards noon the bears
made determined drive at Sugar on re-
ports of falling off in the demand for the
product and expectation of q reduction in
week The raid. together with long offer
ings. depressed the price per cent and the
general list lost fractions in sympathy a
few of the industrials making more note
worthy declines. The closing was cratic
but showed general slight net gains. The
market of the week was influenced by a
marked expression of awakening confidence
in the financial and general business out
look. Larger further arrivals of gold and
substantial new enga gements of the metal
despite an advance of per cent in Bank
OF England minimum rate of discount.
ports of the starting up afresh of suspend
ed industrials, of manufacturing activity in
various sections of the country and de-
cided relaxation of the recent stringency in
the time money and mercantile paper
money markets. all contributed towards
cheerful speculative temper. The revival of
activity in the iron, steel leather and other
trades facilitated efforts by specialists to
advance prices. but the broadening tend
ency of the stock and bond markets also
reflected increasing commission business.
both speculative and investments
CALL MONEY AT PER CENT.
For the first time in several months the
banks quoting call money as low
per cent, on a parity with the street rate,
and time funds are obtainable on good
mixed collateral at per cent Nat for all
periods up to one year. Prime mercantile
paper is in better request both by local
ans. out-of-town banks and is readily dis
counted at 1QS per cent, as against S@10
per cent. the week previous. The engage
ments OF gold from the inception of the
movement to date aggregate Si3 059 600 and
the actual arrivals in the week We're 81
1o0 900 dncludng small amounts to Chicago
Boston and San FranciSco), bringing the
grand total to $Si.9S6, $50. The full gain to
the treasury gold reserve win not appear
iii Saturdays figures. but the actual re-
serve of nearly SI2o,000. 900 is an encourag-
ing showing. Am interesting DEVELOPMENT
of the week was the arrival of 81 125.o00 in
gold at San Francisco from Australia in
payment for large conSignmentS of wheat
TO the last-named country. Another sig
niticant item is an advance in ocean freight
rates from the New York seaboard to the
highest figures quoted in long time.
The demand for high priced investment
bonds was fairly brisk. The street be-
lfeves that the short interest has been very
largely reduced on the advance of the past
lthFee days and some OF the bull leaders
Hho initiated the upward movement are
understood TO have realized and stocks
nave TO an extent, passed from strong TO
comparatively weak hands. The favorable
general conditions may, however, cause
new accessions 10 the bun side and carry
the market away from the professionals
The market closed slightly below the top
figures, bat show gains of . TO per cent
In the active list. Aggregate sales, 1876, sS4
shares.
Railway bonds displayed marked strength
on investment and speculative demand.
The market broadened considerably and
heavy dealings occurred in certain issues
The 50 les Were $i.l0I 900.
Government bonds were active and
strong, with transactions in the new tours
at III The dealings aggregated s405.0
Silver certificates were active and slightly
easier on sales OF sos. 600.
Tie following table prepared by l.. W. Louis
Room 49, Board OF Trade. shows the range OF
quotations;
Open High Low Clos
ing est. est ing,