The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-04
STOCK MARKET STEADY
LOWER PRICES SATURDAY OVER
COME BY THE BANK STATEMENT.
During the Week There Was an Ir-
regular and SaGginE Tendency
Local Business Quiet.

At New York Saturday money on call
was firm at 3 per cent.
Prime mercantile paper, 612@7R per cent.
Sterling exchange was firm, with actual
business in bankers bills at s4.s5AQ4s5A
for demand and $4.s3a4.S31A for sixty days;
posted rates, $4.S3ff4.s4 and $4.s514Q4.S6A;
commercial bills, $4.s2@4S21a.
Bar silver, 65Ac; Mexican dollars, 51ac.
At London bar silver closed at 80 5-16d per
ounce.
The exports of specie from the port of
New York last week amounted to $500 in
gold and s., O21, 463 in silver. The imports
were, Gold, $7.1O2, 727; silver. s12, 26o; dry
goods, $1,3S3, 1897 general merchandise,
Sc, 721, 061.
The New York weekly bank statement
shows the following changes:
Reserve. increase 81, $40, 600
Loans, increase 2,624,90U
Snecia increase LAO, 200
Legal tenders, increase ............... 2,430,9 00
Deposits, increase NEUTRALITY-SUSPICIOUS.. o,oo4, 1o0
Circulation, increase ................ 2ol,300
The banks now hold SIG, 52e. O25 in excess
of the requirements of the 25 per cent. rule.
The New York Financier says: THE
statement of the clearing house banks of
New York for the week ending Oct. 3 is the
most favorable issued in weeks. For the
first time since Aug. Is the deposits of the
banks exceed the loans, and the latter
item shows an expansion OF $2,62f,90o, winch
comes after a ten weeks steady contrdc-
ton, during which the total shrinkage was
about $26, 500. 600. The banks total cash re-
serves at the end of the current week stood
at $f30. 200, 500, showing Il gain IN one month
of S10.124 900. The surplus reserve is 81, $780,
600 higher than for the corresponding week
in 1895. which shows that the standing of
the associated banks at present is quite
normal. With two or three unlmportant
exceptions the reserve OF all the clearing
house banks is now apprr,eciably above the
25 per cent. requirement
Total sales OF stocks were 9lsfsl shares,
including the following: American Tobac-
co, acc; American Sugar, 2, 100; Burli 4
Louisville, 1900: silver certificates. $15.f D.
The dealings in stocks Saturday or New
York Change were on a moderate scaIe
narrow. The distribution of business was
narrow. The market opened weak and
cially against the grangers ana nish-SIiceu
industrials and some reallzatlons. sugar
Of further reductions in the prices of the
refined product and predictions or lmpenG..
ing cuts; The nrd trend s Of ta ae,e grade fo b pe
towards a lower level. There appears
TO be no upport to the stock by the pow
erful inside interests, Tobacco was a no
table exception to the general tendency
and was marked I'D on the shorts After
an initial gain of q per cent. the stock
operations and retained all but a fraction
ouieted down, but a recovery took place in
the last hour which was, to an extent,
stimulated by, the publication OF a more more
exnected The closing was steady at triv-
iai net changes. The bond market ruled
The sales were $415, 600. Government bonds
were weak and lower for the new tours on
sfeadv' silver certificates were slightly ir-
regular, but closed unchanged On transac-
tons of 1900.
SUBJECT TO BEAR PRESSURE.
The market of the week displayed irregu-
larity and a sagging tendency on bear ag-
- ond efforts nv SOld-Out bulls TO
create a reaction. The main unfavorable
influence was a frmer market for foreign
exchange. The market was also affected by
the specific developments bearing on GER
tain properties. In spite of the reaction
airy tendency of prices the temper IN imam
cial circles was more cheerful, confidence
being stimulated by advances in prices In
various lines of general trade and in bread
stuffs and other food products. Despite
the considerable appreciation in wheat ana
corn that has taken place 1t is reported
that a continued, though perhaps more
moderate, foreign demand exists. The I'M
ports of gold from Europe have reached so
large an aggregate that a temporary cesSa-
ton of the movement is regarded with
comparative indifference and the relaxation
of the recently prevailing financial strin-
gency facilitates and inspires the resump-
tion of commercial activity. Accordingly,
a slight stiffening IN caIl aan oca rates
by the heavy shipments of funds to the
interior for -mo purposes, has
advances in exchange rates brought actuai
figures for long and short bills to $4.S3ls
and $4.S51a, while posted rates rose to an
extreme $4-s4 and $4.s61s. The dealings We're
less professional than heretofore. and the
market for both stocks and bonds at this
exhibited a decided broadening tendency.
Some unfavorable effect was caused by un-
favorable traffic returns. eomm~ission-house
buying of the low-priced shares was some
thing of a feature. Coverings of extensive
lines of shorts was noted. but at the top
levels the market displayed some nervous
ness, partly as a result of professional OPP
erations. The tone of the market at the
close was fairly steady, but with most
stocks showing declines. The bond market
during the week moved in sympathy with
the fluctuations in stocks. but toward the
close displayed stubbornness of tone under
attacks. The reading issues were the fea-
lures.
Government bonds were moderately ac-
tive and held fairly steady on investment
inquiry. The sales were 1852, 900.
Silver certificates were quiet and without
special change. The sales were $4,000
The following table. prepared by L. w. Louis.
Room IS. Board of Trade, shows the range OF
quotations:
Open High Low Clos
ing. est. est. ing.
Adams Express .....,... 80 80. . i5
Alton & 1Qrre f4aHfQ -. .... es Do