The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-28
Exports.

Provisions .............. 12s4o,45s 11,2s4 464
cotton .....-........-... 5o49,SI6 - . ot0
Since Sept. Since Sept. 1.
Cotton to Sept. H.. $6741. 924 $l,l4S,502
Wheat to Sept 12 954 S12 11S0, 1888
Flour to Sept. r.. 1526,649 964 956
Corn to Sept 12...... 1197,054 SS4. 439
Petroleum ............ $500, 900 2,100.0 900
Total since Aug. l.. .s49. 7S3, 43S s34, O54. 55s
Here is an increase in only the Leading
exports for the last seven weeks of $15-
the imports at New York for the same
seven weeks are ST. 600 less than in 1895,
these combined items making the trade bal
ance S32, 000 more in our favor than it
was for the same weeks of year ago or
at the rate of $245000,00o a year More
striking evidence of a broad and funda-
mental change in our commercial and
financial relations with the outside world
could hardly be conceived possible: Under
ordinary circumstances the drain upon
European stocks of gold which this move
ment is producing would have caused our
securities to be sent home in partial settle
ment of such an important balance. But.
on the contrary, London is now clinging to
our securities, whlie consols ana other nome
investments are falling in price quite Sc
verely. What more could we ask for. the
restoration of confidence? And yet so little
are these facts appreciated that the bears
find it easy to hold an upward tendency
of prices in continuous check. slight de-
crease in the earnings of two or three rail-
roads any secondary affair is allowed to
outweigh factors of this fundamental and
far-reaching significance. 1t seems impos-
maintained much longer.
As was generally expected. the Bank of
England on Thursday made further adj
vance in its rate of discount to per cent.
This action is evidence that the bank be-
leves in its ability to divert the gold drain
more or less to some other center. and its
view is confirmed by the fact that the Paris
rate of sight exchange on London immedi-
ately advanced. To New York however,
it is immaterial where the gold comes from.
1t is sufficient that situation exists in
our trade balance which legitimately calls
81 IS lr,-r
gold and that it therefore must come.
less foreign holders of our securities can
be induced to send stocks or bonds instead
of specie. which. with the present growing
confidence in them shown in London, seems
beyond probability.
During the Barring panic in 1890 We
shipped, during seven months, S18,000,000
gold to England. because the conditions
called for it. and it finally gave financial
relief to London and aided Immensely in
stopping the panic. Now we want gold on
this side. and it would not be surprising
from Europe before the current turns again
in favor of an export of the precious metal.
and is likely to be for some time to come,
largely in our favor, which makes the cur
rent of gold this way genuine one. This
has been produced by forced economy,
which has lessened our imports. while our
exports for some time past have been in
creasing. Freight room of every descrip-
ton has been taken up to next December
Last week alone the exports of flour and
wheat were equal to S500.o00 bushels. Corn
cotton are also going forward very rapidly
AS showing the ability of Europe to spare
the gold which is coming this way. it may
be cited that Great Britain. France, Aus
tria and Russia added TO their gold hold
ings during the year 1895 SIS. 000. 900.
The money market is gradually working
into an easier condition. The westward
movement of currency appears to have
reached it's elimination and the shipments
in that direction for the past week show
the beginning of a reduction. Meanwhile.
the influx OF gold continues, winch. whether
treasury for greenbacks. helps to strength
en- the legal reserves. Between the future
of gold and the return of
comparative plethora of money at this cen
ter later in the fall The banks. preceiving
this tendency, are beginning not only TO
augment their discounts to their customers
but also to buy the better class of paper
more freely which is very helpful relief
to the mercantile community.
Under all the circumstances, l can only
regard the situation being much more
hopeful than might be inferred from the
present temper of the market. and look
for an early end to the supine liberation
situation affords an opportunity to invest
orS which they may not see again for years
TO come, and buyers for shorter periods are
not likely TO find reason for repenting judi
ciouS purchases of sound stocks
Saturdays Bank CIearings.
Al Chicago clearings. So Money
steady: call. 6@7 per cent: time. :. New
eign exchange unchanged; demand S4.s33s; sixty
II Philadelnhia Clearings s.. ss5. 2ss: bal
At New York-Clearings. So, SIS. 29l: balances,
At Boston Clearings. SIS, 2ss. 635 balances.
ST. 635, S52.
"a AZ e,5 Sc. Louis-ciearnss' GSSS'S'' balances
At Baltimore-Clearinss si.ss2ss2; balances,