The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-06-20
WEATHER BULLETIN.
WEATHER BUREAU, }
DEPARTMENT OF AGRICULTURE 7
WICHITA. Kan, June IL, 1898.


WEATHER BUREAU,
DEPARTMENT OF AGRICULTURE,
WICHITA, Kan. June IL. 1898.
Forecast for Wichita and vicinity
Warmer and fair until Wednesday after
noon.
During the past twenty-four hours tn
highest temperature was 81, the loves
66. and the mean &c, with partly cloud,
weather and southeast wind.
The average temperature thus far thi
month has been 73.
For the past four years the average
temperature for the month OF June has
been 73, and for the 10Th day "A.
FRED L. JOHNSON. Observer.
WASHINGTON, June 10 9-Following is the
forecast up to 2. m. Tuesday:
For Kansas-Fair, except probable show
ers ia extreme east; cooler in central and
western portions; winds shifting to west.
AFor Missouri-Showers: warmer varia-
ale winds, shifting to south.
THE WEEK IN WALL STREET.
NEW YORK, June 19 Henry Clews, in
his weekly report of affairs in Wall
street, says:
Affairs in Wall street are in an oscil-
Eating condition. Although the improve
ment in tone and confidence that set in
last week is still maintained, yet a series
of small disturbances have one after an
other come to the surface, which have
prevented the realization of any fixed
and important advance in the value of
securities. Even the most favorable events
seem to have q dark side, which coun-
teracts their influence The active for
warding of western produce for export,
whilst it has stopped the export of gold,
has also had the effect of drawing very
large amounts of currency to the interior,
and the local money market has cOuse-
uuently become unsettled. This demand
tor currency, however, seems TO have
passed its climax, and the bank state
lnent shows ii decline from last week iD
the net loss of currency. The western
banks appear To have now money enough
10 handle the grain movement; ana rs
Two months must elapse before the move
ment from this city to the west sets in,
it is within probability that, in the course
of a week or two, we may witness some
return of the currency sent to the inter-
zor within the last two weeks; the more
30 as the west will now be enabled to
remit on account OF postponements
Gf payments TO the east that
lave occurred under the late
Xtreme strlngency Of credits. The
~ banks have found some compensation
Tor their shipments of currency westward
IA liberal receipts OF money from the south
and in gain of cash III settlements with
The sub treasury. The furry in the money
market is therefore likely to soon abate,
Rnd may possibly be followed by some
months of comparative ease. Even should
II turn out that the west wants still further
amounts of cash from this center the in--
arth ltrf ~
Jng. For such withdrawals mean the
marketing of "A vast sum of products,
which Will ease the loan markets, dimin-
lsb the tension in credits, quicken the
movements of trace, and relieve the foreign
exchanges by the transfer of said products
10 foreign countIieS.
The chief trouble in the situation is the
continued extreme stringency in commerce
tal discounts. This trouble has become
Very seriously urgent, and the natural |
tendency OF the arrangement is towards !
Its own aggravation. Each denial of "A |
discount creates an application for dis |
count elsewhere; lack OF discounts IN one |
section aggravateS the necessity for ac- |
rOmoda,Ion III other sections; ami thus |
ihe disease spreads with fatal rapidlty |
throughout the whole country. Such a /
State of things cannot be allowed TO ruu |
long without inviting widespread disaster |
Glost fortunate therefore is il that the |
lltdEllS- mousse mas decided To attack this
maiady at its chief center IN authorizing
The issuing OF clearing house certificates,
the banks have not aimed SO much at |
protecting their Own interests or reserves
Except so tar as those might be threatened !
Through the suffering of others-as at
making common cause for the purpose Of
extending accommodation to the CONNER
rial interests The trade discounting
banks are but a portion of the whole and
Set they are called upon to bear nearly the
whole pressure of this urgent demand for
commercial accommodation. Ia Il similar
way, the banks acting largely as cores
pondents FOR interior banks are subject TO
AN extraordinary demand for rediscounis
and for currency from their country Gus
TONERS. which greatly inteusifies the de.
1aDgement of credit in ali sections. The
issue of certificates makes all classes of
banks mutual supporters Of each other and
lrings IN the help of the powerful class
" nose accounts are with the large finan-
cal institutions and with the private
bankers aud the Stock exchange houses
The action of the clearing house thus
places the disordered credit situation un-
der immediate control. The Philadelphia
banks have taken like course; and,
should the clearing houses of the second
AIRY centers follow the precedent. the dal.-
gers attendant upon tie present strained ,
condition OF commercial credit can hardly
} dii ~ Si'ctNll1 hlSdpptaI, leaving DthInU
y general caution and some contraction of
business, but no longer any real danger
The past week scores two very import
ant gains towards a common recovery OF
confidence To one,-the action of the
clearing house,-we have already made
reference. The other is, in a broad sense,
still more vitality important. The canvass,
made ln different directions, as to the dis
position of members of congress towards |
he silver question leaves scarcely a doubt
IS 10 "A bil1 being passed at the coming
peclal session repeating the silver pur- !
chasing clause IN the Sherman act How
lnnch further congress may be disposed 10
20 IN the way OF amending our general I
currency system, so as TO make il more !
elastic IN the way or automatic expansion
ana contraction, remains TO be seen: but
30 far as respects this most dangerous
feature OF the silver element of our money / {
here Is hardly room for IA doubt about It's
being promptly eliminated. A larger ben :
ut To the country at large could hardly
he conceived. II Is the ucubL as TO the
euaIlty OF our tuture money that has had
an important influence IN causing the re-
turn OF our securities from abroad during I
lhe past year, thereby derangng the 8
course OF the foreign exchanges and Dro-
ducing the large loss of gold that has de- :
l,Ieted the reserves of both the treasury .
aud the banks. This doubt being removed |
there would be nothing to prevent a gen
erai recovery OF confidence in our securi-
Ties III Enrope. with the probable couse- ,
uence OF return OF much OF the gold we
Lave lost, and resulting restoration of
Inc monetary strength of the banks and a
general ease IN credits {
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