The daily morning journal and courier., 1896-09-07

look favorably on prices partly offset by speculative caution, So many strik- ing incidents occur now almost daily in the field of politics that many opera tors who had purchased stocks before or during this weeks rise were dispos- ed to-day to take their profits rather than keep their holdings over the dou- ble holiday. This was natural tend ency It was more natural, from the fact that the free coinage party ex- poets to have it's innings Monday, in Chicago's Bryan demonstration and in the Arkansas state election. Even London sold stocks in moderate quan- tity to-day. The really significant fact upon the market was it's undoubted strength in the face of such stimulus to caution.
 Today's movement of securities was not regular, and in some stocks-such as Sugar certifcates-therew were pro- nounced reactions. But on the whole, the weeks much higher recent level was extremely we'll maintained, with not a few additional advances, and the last transactions were at higher prices. Enough was said on the stock exchange regarding the rather numer- ous business failures-334 in the United States this week, against 1S6 for the similar week a year ago. But the in- stinct of experienced brokers teaches them that improvement in the stock market always comes first, and that unless such @ recovery is wholly artifi- cial, it is a sure forerunner of improve ment elsewhere.
 As the bank returns recently pub lished proved clearly enough, nearly S300O,000 currency was shipped this week from New York to the interior. Up to Friday, when the official weekly bank statement is complied about S4,- 000000 gold had been received on inn port, while something less than $1,000,- 900 legal tenders had been paid on reg ular dues to the sub-treasury. If all the imported gold, therefore, had gone at once into city bank reserves, to- days official statement ought to have shown an increase, or at the most nc change, in actual cash reserves. But the figures submitted to-day make Q different showing, the weeks net de- crease in specie and legal tender hold- ings being $1.s23, 400. This discrepancy which was not unexpected by the banks-arises partly from the fact that not all of the earlier gold importations have even yet gone freely into banks.
 Subsequent statements probably will straighten out such apparent contra dictions. Loans, it will be observed. are still contracting, though the report ed $2,720 100 decrease presumably re- fleets the earlier operations of the week. Since the September settlements even tke open money market has eased per- ceptibly. As for the heavy decrease in deposits ($4S 4S63,00o}, this is attributable partly to the loan contraction and part ly also to recall of deposits by interior institutions. That such deposit de- crease is not abnormal, with interior demand for currency so heavy, may be inferred from a comparison with 1895. Tn the opening week of last October
 $5 300, 900 currency was shipped to the interior, and local payments to the treasury were heavy. There was cer- tainly no money-hoarding then, yet the deposits, in the bank statement of Oc- tober 5, showed decrease for the week
 of s9,037 900.
 Following are the closing prices re- ported by Prince & Whitely, bankers and brokers, 46 Broadway. New York,
 and 15 Center street. New Haven: