The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-19

AS; commercial bills, $4791h.
Bar silver. 650651c; Mexican dollars,
5oAc. Al London bar silver closed at 30sd
per ounce.
The exports of specie from the port of
New York for last week amounted to $50
GO0 in gold and 81, 1876. 455 in silver. The i'm
ports were: Gold, 81, 735 Oil; silver, s109. S17;
dry goods. s1,477,473; general merchandise,
$4.671, 262.
The weekly bank statement shows the
following changes:
Reserve, decrease s., 6SS. 100
Loans, decrease ......--......... $4,000
Ipecie' INCREASE 659'o =
Deposits, decrease .................. 4, 7S9, 800
Circulation, increase .................. 225, 300
The banks now hold $11, 81, 100 in excess
of the requirements of the % per cent.
rule.
The New York Financier says of the
bank statement: 1T is complicated by
conditions which do not appear on the sur
face. The banks lost to the interior some
thing like SO, 900. 600. and the only offset was
the increase of specie, as shown in that
item. But all the gold received during the
week did not figure in the statement, and
this fact, together with the assurance that
imports are. bound to continue in heavy
volume. rather faVorS the idea that the
money market will not Exhibit that degree
cf stringency which a superficial study of
tllt lilCdtt L III ulScEeI-
ancy between the total loss of cash and the
amount which went into the interior is
is on the superstition that large loans were
made for gold importing purposes. The
open premium ruling on gold indicates that
there must be a demand for it, and there
is doubtless some boarding, but the cur
rent statement does not reflect this in a
general way. As compared with Aug. 20
last. the deposits of New York banks have
increased only $1,000, 900, although the i'm
ports Of gold since that time rave been in
The "npjohhnrhnn1 of GSl nhl 0NO Trhtc mil -,
dictate the volume of the interior move
ment. In the same time loans have ex-
banded only $l.250.0oo and the reserve is
only $3,000,00 heavier"
TOTAL STOCK SALES.
The New York total sales of stocks were
Is, 322 shares, including the following:
American Tobacco. $4,000; Burlington &
Quincy, $500; Manhattan, 400; St. Paul,
10. 400; Reading, $500; silver certificates,
5000.
Tobacco practically constituted Satur-
days stock market in point of activity and
made a sensational extreme break of IL
per cent. to 69A, after an early improve
ment Of a point. While the long continued
rise in the stock has been accompanied by
a number of vague rumors of a bullish
character, including suggestions of future
favorable action in regard to dividends. and
more recently by reports of an impending
absorption of the plants of the more i'm
portant concerns opposed to the American
Tobacco Company, the decline caused only
languid interest on the part of the fnan-
cial community at large. Experienced on
orators are well aware that the closeness
with which Tobacco stock is held permits
the insiders. who are chiefly interested in
1T, to make practically their own prices
The successive conflicting reports that the
alleged pending deals are on or ''off'
portunities TO the clique. The slump in the
mercurial speciality referred to failed to
played decided strength during the first
hour despite the unfavorable statement of
the st: Paul for the second week of Octo-
her. showing a decrease of $50. 600. The
grangers and some of the industrials were
In moderate request. Cotton Oil preferred
dated Gas | per cent. The publication OF
the statement of averages of the associated
banks, however. gave the entire market y
chill. although the selling that ensIIed was
considered to be more largely for short ac-
count. The loss shown in legal reserve of
$3.6ss, 100, and other upfayorable items, re-
fected the activity of money in the crop
movement. and TO a less extent. timidity
financial outlook. The early improvements
were lost and the market closed weak at
unimportant changes.
MARKET DURING THE WEEK.
The market during the week displayed
considerable irregularity, chiefly on profess
SIGNAL operations. The course of prices re-
flected successive alternate counter-plavs
by the bull and bear leaders. with the ma
lipalation most evident in the industrial
group. The cratic movements in the spe-
- lily yltpdlietttIllN affected
the general list, but the volume of business
was only moderate. Trade conditions
Termed the text of the bull efforts i'm the
class of stocks referred to, while a favor
able general influence was exerted by the
leports Of further advances in grain and
otner 1000 products, and of an enlarged
export scope. and by the failure of the
I5ank OF England TO advance the minimum
rate OF discount above the ruling 3 per cent.
figure. as had been anticipated. This fact
ana continued comparative stringency in
money rates. caused further learge engage
ments of gold for import to this country
The arrivals of the metal were also consid-
eventual disposition of part OF the incom7
ing specie Is nov, however. something of
a factor In the situation and detracts from
.,c putllsh siSnlticance of the movement at
the moment. The activity in wheat and
other staples and the final movement of the
OF funds TO various parts of the country.
and there is a more limited. though fairly
innate purposes. These conditions were re-
fiected in the bank statement and the fu1i
Inuslration thereof at the close of the
nent- The banks are continuing their offer
lngs OF time fund to their own customers
ana are redneing their purchases of even
ire came tinie there is ro press
e + esp ssqlff i p'pe he and d,I a mer-
districts are in good shape. and are antiei.
paeiis me maturity of their paper and pay
sales OF actual stock was the publication Of
me foreign trade statement for September
80, :" ,tilhed bdlance III favor of this
.ouiitff. money on call touched 10 uer
cent, with the bulk of the loans bosDaypar.
shghtiy above the legal 6 per cent. rate In
some instances short-timem money lon ned az
~ per cent. An upward movement in he
stock market was eventually checked Nv |
me monetary strtngency and by reports Of
tne saspension or several financial ~institu-
ions at the interior. An incident thai ew-
cited considerable interest and contribufed
someWfiat 10 unsettie the market ternno-
rarily was the withdrawal of n hmm spo
OF s0o0,ooo IN gold from the subtreasirv by
a leading Foreign representative house The
explanation was simply the execution If . !
contract. Tobacco was tho star rerfarrnar
and on a variety OF rumors advanced sf
per cent, 10 t6aa. All but ! per cent. Of the !
gain was subsequently lost In the las. day,s /
irading on LIQUIDATION by the CLIQUE. Com |
pafalave ngures show slight gains generals
" The aggregate sales We're SIS. GAG shares.
Business in bonds was without special