The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-11-24

Weeks Shipments Close to the Largest on
Record-Exceptions Taken to Carlisle's
Theory to Account for the Gold Reserve
Dihfcnity-To an Unfavorabie Balance
of Trade Is Ascribed the BIame-Stock
Market Dull and Irregular with Unim-
portant Changes in Priesthood Trad
ing Light and Declining.
New York, Nov. 23-The stock mar
ket today opened dull and irregular
with changes In prices unimportant- A
raid on the industrials by the traders
cept Tobacco and Leather preferred
which lost III per cent and 1 per cent
respectively The railway shares were
unaffected by the heaviness in the fore
going stocks and ruled slightly above
last NIGHTS final prices. In the late
dealings the movement OF psices was
cratic and the closing was irregular.
There was no special news bearing up
on prices. hut the firmness Of the ex-
| change market was considered indica-
tive Of further heavy exports Of gold
n
bills IS still very light
The total sales Of stocks today were
! 50 343 shares, including: American SUI
gar 1890; American Tobacco 1920;
burlington $500: Chicago Gas 5000:
United States Leather preferred $500;
Western Union 300.
Speculation during the week was r.
regular with a downward trend. Fav-
orahle news, such for instance as the
| ratification Of the trunk line presidents
agreement and the announcement Of
heavy increases in the earnings If the
northwestern railroads, with moderate
brit satisfactory gains on other lines,
failed to stimulate an advance in Sc
curities. On the other hand unfavor-
able news, as. for example, the decis-
ion Of the United States supreme court
adverse to the Western Union Tele-
graph company and the hostile attitude
Of 't11e attorney general Of this state to-
ward the American Tobacco company
after causing sharp declines left the
market exceedingly dull.
The salient feature Of the week has
been fhe heavy outward movement OF
gold. 81 593. 2s9 being close to the heav-
lest shipments of any single week on
record. This was all drawn from the
treasury reserve. It IS obvious that the
dam built by the great syndicate bank
ers to protect the gold reserve has given
away, because of the intense pressure
for remittances and consequently
flood Of gold pours forth.
Secretary Carlisle's after dinner
speech at the banquet Of the chamber
Of commerce, advocating the retire
ment Of the greenbacks. has redirected
attention to that question. In the Judg-
ment OF many experienced financiers,
the real underlying cause Of the per-
sistent export movement of gold was
ignored. 1t was a simple proposition,
that the American people owe the mon
ey TO Europe and can only pay Il by
sending gold. Our imports Of merchan-
disc are very large, while our exports
are relatively quite small. Every year
at least 100000 American citizens visit
Europe, spending there an aggregate Of
at least s100 600, 600. When to these
drafts upon the products Of the farm,
the mine and factory are added the
sums necessary to pay interest and
dividends on our securities held abroad
and at times to take back such part Of
the securities themselves al the foreign
holders wish to resell to us. as for in
stance recently on account OF the Kaff1r
slump, II Is not strange that we are
losing gold to Europe. To reiterate. at
this time the United States owes more
money to Europeans than the value
of our exported merchandise will suf-
fee ito pay.
The net results Of the weeks opera
tons were losses generally. the more
noteworthy of which are: Tobacco 5
per cent, preferred So per cent: Leath-
err 2h per cent, preferred per cent;
and Western Union per cent. La
Clede Gas preferred was conspicuous
by raise Of per cent. The aggregate
sales were 1.o12.So shares.
Trading in bonds today were light
and upon declining tendency of pri-
ces. The net losses are headed by
Western Union collateral trust fives, IL
per cent, and Lehigh Valley Terminal
firsts and Oregon Short Line consols
ives. trust receipts l per cent. The
dealings amounted to s5S4,000.
The movement of bond prices during
the week was dominated by the course
OF the stock speculation. The Oregon
Short Line issues were prominent in
the trading and advanced sharply with
a subsequent partial reaction. The ag-
gregate sales were 81, 956, 900. Declines
were general. The more important loss
es were: International and Great |
Northern thirds per cent; Peoria and |
Eastern incomes and Union Pacific !
collateral trusts skies 81 per cent and |
and Pacific guaranteed fours |
and Chesapeake and Ohio, r and A d. |
vision seconds consols =.
There was an increase in the trading I
in governments at the expense Of val |
ues The new tours made a sharp frac- |
tional decline. The sales were sl46 900. |
State bonds were dormant with sales |
OF only $4,000
LOANS AND CLEARINGS.
New York, Nov 23.-The New York |
Financier says this week: AS is usual |
" the case when heavy gold exports /
are being made, the staetment OF the )
New York clearing banks does not re
feet existing conditions.
As shipments of gold during the six
days covered by the report aggregated !
over $1,000. 600. the banks, despite the
fact that they received more currency
from the interior than they shipped. /
must have lost largely in legal tenders.
which were withdrawn for the exchange
Of gold at the subtreasury. For six
weeks past the specie item in the state
ment has been showing a steady gain.
The gain reported by the combined
banks for the week was S5Ie-70 bring
ing the total specie item 20 SOS. 2s4. 500
Dr. an increase OF nearly s.. 50o, 900 since
Oct. 1e, last. This regular increase
has given rise 20 ruu1or that the New
York banks were preparing for another
bond issue but as The banks have been
osing gold since Jan /. until recently. |
and now hold less than was reported
Immediately after they had absorbed
|, bond issue. the small increase does
rot seem 20 possess much Importance |
L is doubtful. too. whether the recent