FlNANViAL : OF 1895. 



- 



MMUMSji were nail a cem mgner i w 

 in Janiwry. when gM was being *hi 

 of the OMUl was wot abroad. |mr. ly 

 the no*ftainty regarding the qual 



on the t&d $1,470.000 gold arriv. 



the fir* imp* l; "'" 1 



iroontn*' t unh r 



'.. market opened at 



' i-, . . : *s - ' MJW ' - '. 



. hancitii; to $4.W* f.-r the former. 

 3 mnaiiiinff nnoCengwl unt.l th. 



.,-Mrd for l.-iig mid $4.90* for ihOft 

 The nrfenl demand for remittance was m.-t al- 



, lull* drawn by the Bond 



lijoa.ll until toward the close, when some bills 

 were drawn for the purpose of loaning the pro- 

 .<money market.* I... i. a- th 



.ge was Mm HIT at the 



rod of ti, month, but thoufh rates for actual 

 half a cent higher than they were 

 pad, none 

 MUM of 



the quality of the 

 would be supplied by the Sub- 

 Treasury, tat mainly f..r the reason that the 

 i<tUe were willing to meet the reijuin- 

 :.:'. r- uith bills. In April nominal 

 -.-. , , ; w. r. pr tfoaJlj unalt.-red at 



188* to $!' .-y-day and $4.90 to 



$4.904 for sight until the end, when the lower 

 rate for long-standing was advanced to $4.80, 

 ami the market closed firm. The Bond Syndi- 

 cate had "Land they continued to 

 upply bills to UK-' ? the demand for remittance, 

 drawing against rniti-| States bonds and other 

 securities which they placed abroad. The suc- 

 cess of the Bond Syndicate, which was pretty 

 fully demonstrated by the end of April, seemed 

 to restore confidence abroad in the Am 



M. and large amounts of securi- 

 ties were sold to Kur|eans during May, not 

 only by the HVI,,II, ate. but by other bankers, and 

 ly the exchange market was liberally 

 ssjpplled with bills. The market opened easy at 

 $4.881 to $4.89 f I $4.90 to $4.00* 



for sight, and by the ilth there was a fall to 

 $464 to $4JJ?4 for the former and $4.87* to 

 $188* itt<r. At these rates the Bond 



ate began to rebuy the bills which they 

 had Hold at high figures, thun absorl>ing all offer- 

 ing*, and the market gradually grew firmer, rates 

 advancing by the 28d to $4JJ8 for sixty-day ami 

 $449 for sight, and 'inn at $4.88 to 



$4J#< :.s to $4.89* for 



thchi't r. The market was strong in June, in* 

 inenceil by a demand to remit for stocks sold 



iropean account, which selling WHS en- 

 coaragiHl by the comparatively high pri 

 ing far tome of the pr>jKTties, but though the 

 bond contra* t wait fulfilled by the end <>f the 

 udicjite retained control of the 

 ng all demands for remittance 

 their bills. The nominal rates ope i, 

 $4J8| for sixtTHlay and $4.89* for sight, 

 promptly adramtd to $4.89 to $489* for the 

 former and $4.90 to $4.90* for the latter, and 



. mnained to the close. In July th. mar 



Uy and $4^0 to $4.90* for sight, an 

 ig to $4.00 for the former and $4.01 for 

 the bv :, ngures were unprecedented Iv 



high, and these rates called for comspondinsHf 



The Bond Syndicate 1 .:-.! to IIP-, t with 



bills all demands for n-inittain . and n..n, 

 bankers made the lea-t attempt t.. >\\\\ 

 but on the i:ith $*J(MMNM) (.f the metii 

 shipped liy a bullion h..u-e !! pr.-lii. and this 

 ua-. followed by $1,000,(NN) b\ a coinii 

 . and by the r|o>e of the Illollt I 



d. luit the Bnd S\ ndicat' 

 bursexl th. . . .i.-p.-itin 



' 



short, and 



for ]one - **' w *> ^0* for 

 } to $4.iiOJ for cable transfers, 



on the -Jlth. The' market wn- generally linn 



durin |>< ning at $4.!" 



and % i .'it.aii'l rat.-- l..ra.-lnal I". 



$4.89* for l..i. 



$4.90| fr sli.. r t.aiid $4JK)f to $4.'.' 

 tran-l.-rs. On the 'JUd otl 

 against gold exports caused a decline m n 

 rates to $4.89* for sixty-day and si;." 

 the first reduction since July v.'i>. and th 

 grew easier. - to * 1 '.'" ' 



tonner and $4.1M) to $4.1 for the latter. 

 ex|x>rts for tin- month weiv s !">. t I'.'.HIMI. and fr 

 the purpose of reimlui-in:r the Treasury tin; 



syndicate depo>ited $8,500,000 L'"ld. h 



t."-ml.er the market opened at $4.N!lo $!. 

 sixty-day and $4.90 to $4.!>1 f-r n-l.t. and tin- 

 tone became easier after the middle ..t the month, 

 influenced liy olTeriii^ of bills against ^- 

 |M,rt^. and also b\ pome drafts against < 

 Hi' market closeifat $4.88 to $1 

 and $4.89 to $4,89* for the latter. Sliipm> 

 -ol.l amounted to $16,OCO,000, of which ^^H 

 000 were sent to Germany on order, and $4^^H 

 000 gold was sent by one of the regular banking 

 houses in consequence of their inability 

 cure bills, the syndicate having ceased t- 

 but during the month they de|M>sitc<: 

 with the Treasury, making'with dejo>it- not pub- 

 licly announced $10.1 

 market opened steady at $4.87 to $4> 

 day and $488 to $4.89 for sight, but by 

 there was a fall to $4.87 to $4.87* for t li. 

 and$4.88to$4.88*forthelattcr.cau-e,| b, 

 liberal offerings of cotton bills and drafts ;. 

 Anaconda mining stock placed abroad, bu; 

 were promptly absorbed, gradually the r 

 inner, and it closed at $4.88* for ! : 

 $4.89^ for short. No gold wa- shipped duniij; 

 the month. The market was strong dun: 

 vember. Rates at the oprnini: were ^4.*- 

 Hxty-dayand $4.89^ for sight, but by 

 the latter advanced to $4.90 in c,,n-, .',u 

 higher discounts in London, and 

 ruled to the end of the month. On tl. 

 $1,000,000 gold was shipped to Km 

 export- for the month amounted to 

 and t! i L'.-ld bars to ship) 



the close at ^ f l l l<>r ''"' I"'- "" 

 I!MT niti-s i.jM-ned at *4>"- for Ir.i 

 $4.90 for sight. T! ay rate v 



vanced on the 5th to $4 



: di-4-ouni-, in London, and .". 

 wassent to Bu i. n the 4th it 



more .,n the 7th. and $2,600,000 was 

 Kurope on the 7th. Th- 

 the second week and only $1,000,000 v. 

 ported to Kurope. In tl, k thr 



market was strong and >- 

 Germany on Tuesday. Toward the end .r the 

 week the market was somewhat d.-r.: 

 tivity in money, and $8,100,000 gold 

 to Efurope and $300,000 t 



