The herald., 1896-09-27

the legal reserve and OF s., ,392 800 IN deposits
being noted. Experts on bank ngures loox
exception, However, TO the contraction OF
81. 3iS, z00 III Ioans. The opening was strong
ana higher under heavy purchases TO
cover shorts and moderate inquiry for
long account. The improvements were the
more important In the Industrial and inter-
national shares. Toward noon the bears
made a determined drive at sugar on re-
ports OF falling off In the demand for the
product and expectation of reduction in
the price of refined grades early next week.
me raid, together with long offerings,
depressed the price two per cent and the
general list lost fractions in sympathy, a
lew of the industrials making more note
worthy declineH The tendency was err
ratlc, but showed general slight gains. The
market of the week was influenced by a
marked expression of awakening conf
dence in the financial and general business
outlook. arge arrivals of gold and sub
stantlal new engagements of the metal, an
ADVANCE OF three per cent in the Bank of
England's minimum rate of discount, re-
ports of Starting up of Suspended indus
trial and manufacturing activity in var
ious sections of the country, and decided
relaxation of the recent stringency in
time money and mercantile paper money
markets, all contributed toward cheerful
s%ty II be Steel The revival Of
trades facilitated efforts by specialists to
advance prices, but the broadening tend
ency of the stock and bond markets also
ref1ected increasing commission business,
both speculative and investment. For the
first time in several months they are quot
ing call money as low as four per cent on
a parity with the street rate and time
funds are obtainable on good mixed col
lateral at six per cent fiat for all periods up
to one year. Prime mercantile paper is in
better request, both by local and out of
town banks, and is rapidly discounted at
to per cent as against to 10 per cent the
week previous. The engagements of gold
from the inception of the movement to
date aggregate S43,059,000 and the actual
arrivals in this week were 81, 100, 600, includ-
ing small amounts to Chicago, Boston and
San Francisco, bringing the grand total to
S34. 936,550. The full gain of the treasury
gold reserve will not appear in today's fig
ures but the actual reserve Is nearly $780,
OOO0O, and Is an encouraging showing. One
interesting development Of the week was
the arrival of 81 1,215,000 in San Francico
from Australia in payment for large con-
slgnmentS of wheat to the last named
country. Another significant item is an
advance In ocean freight rates from this
seaboard to the highest figures quoted in
a long time. The demand for high priced
investment bonds was fairly brisk. The
hgures but shows gains of 2 to per cent
in the active list. The aggregate sales were
81. Sa shares. Railway bonds displayed
marked strength on Investment and spec
ulative demand. The market broadened
considerably and heavy dealings occurred
in certain issues. The sales were ST. 1(l7 OOO
Government bonds were active and strong
with transactions in the new forrs at
ITO. The dealings aggregated s407, ,0n0 Sill
yer certificates were slightly easier on
sales; of 5000, 900