The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-22
RUMORS ARE RIFE
WALL STREET HAS A PRBDISPC-
SITION TOWARD PANIC.
Prospect of an Issue of Clearing House
Clearing House Oncials Reassure the
Financial Public-London is Not Ep-
eoara<ed to Brighter View of Ameri-
can Stocks Even Though Gold In Nov
ing This Way-Share Values End In De-
clInes In the Active List.

distressing character, tOSclncF Will
some legitimate depressing influences.
Rumors were current at he outset
that a meeting of the clearing house
committee had been called 10 consider
the advisability of an immediate issue
of certificates. Upon inquiry, officials
at the clearing house, and leading bank
ers, declared that such a step had been
considered some time since and de-
cision reached that no issue would be
made The condition OF financial and
commercial affairs was not believed to
call for an issue OF certificates, al
though it was conceded that in some
cases over-extended business concerns
were having trouble in securing finan-
cial accommodation. The market was
erratic, though dull, and after slight
advance in actual and posted figures
reacted on a stiffening in call money
rates TO an extreme per cent. It was
reported that the total gold af1oat des-
tined for this city amounted to $780,
000 and a purchase of 81 600, 900 in
eagles for shipment to this side was
noted in London. Bullion dealers de-
MED reports that gold was being bought
at a stiff premium and the metal was
offered to arrive, at a premium Off per
cent without takers. The money mar
ket was unchanged as regards time
funds, aside from an alleged slightly
easier tone and the bulk Of the trans
actions on call were made at an average
of 4G5 per cent. The bears made capt.
tai out OF estimates of a proba ole de-
crease of s.. 500. 900 to $1,000, 900 in the re-
serves Of the associated banks in to-
morrowS statement of averages but on
the other hand it was rumored that the
banks would pool their resources so as
to avoid the issue of clearing house GER
tificates. Predictions had been freely
made of demonstration against
Western Union and were confirmed by
a vigorous raid resulting in sales regu-
lar way at 1875 per cent, as against 1875
per cent, yesterdays final figures. The
stock was sold in seller SO days options
at 73 per cent and the uncovering of
stop loss orders accelerated the loss.
The bears were favored in their efforts
against the market by successive re-
ports of further rate cutting by the
railroads. AS a result of the foregoing
developments and a reported unfavora-
bic impression in London regarding the
monetary outlook here, the market on
decreased dealings trended toward
lower level generally. An early drive
was followed by an irregular rally and
subsequently by a sagging movement.
with most stocks closing a shade above
the lowest. The final prices generally
showed sharp fractional net declines
in the active list. Louisville and New
Albany preferred was conspicuous by
a renewal Of liquidation and yielded 23s
per cent, to 81 per cent The general
fives We're also remarkably low, falling
5 per cent, with a later rally to As per
cent. The chief dealings are: Louis
vile and New Albany general skies Z
per cent and Atchison tours 21a per cent
and Atchison adjustment fours ~ per
cent. The sales were 100000.
Total sales Of stocks today were: 1885,.
9l2 shares, including the following:
American Tobacco 4, 200; American Su
gar $4,000; Burlington and Quincy 10000;
Chicago Gas $500; Louisville and Nash
VILE $500; Manhattan $500; Northwest
5000; st. Paul 22.300; Western Union
%, 300: Wheeling and Lake Erie 5,40O.
Government bonds were weak on sales
of $4,000.
Silver certificates were strong and
sales of $4,000.
FOREIGN STOCK MARKETS.
New York, Aug. 21.-Evening Posts
London financial cablegram:
Except for mines, which were firm,
the stock markets here were stagnant
today. A good feature, however, was a
material improvement in Turkish
stocks. Americans were fiat but closed
a fraction above the lowest. The gold
shipments to New York, instead of en-
= . han 10
cause they see no profits in the ship
ments as an exchange operation and
Jump to the conclusion that the gold Is
required Immediately TO meet bankers
necessities in view of a possible panic.
The London Daily News alone declares
that the dearness OF money in New
York offers an inducement TO firms 10
remit gold there for employment at
higher rates of interest than are obtain
able here. / should best explain the
feeling here on American finance a. one
of great ignorance condition often
conducive to exaggerated fears. The
bull account in Americans here is now
practically nothing.
The Paris bourse was firm, the semi
monthly settlement being over.
The Berlin market was also firm.
REVIEW OF THE WEEK.
New York, Aug. e1.-Bradstreet's re-
view OF the New York stock market
tomorrow viii say:
Speculation this week has not been OF
a very important kind. Liquidation is
at an end for the present but the pub
lie is out Of the market, apparently.
to stay till the political situation clez "a
up. and London, In spite OF favorable
developments here in connection with
foreign exchange and the beginning
OF a gold import movement. is more in
clsned to sell our stocks than 10 buy
them The market IS accordingly left
in the hands OF the professional opera
tors. SO narrow. indeed, has II been
that the leading representatives of
this class have encountered no difficult
" in manipulating II according TO their
views and the fluctuations have little
other significance. The condition OF
the money market has been, OF course.
adverse TO bullish speculation and
buying by commission housesh- Tine
| leans are not being made ami the de-
pendence Of the street Is upon cali mon
ey. The supply OF the latter IS large
and the rates on the stock exchange
| though touching s per cent, have been
| sn the main. between and ; Per cent
The unsettled feeling and the continued
calls for money from the west and
south. together with the fact thai many
hanks are below their reserve. create
a situation IN which thu p.Jssihiis1y CO
a money squeeze Is not let out % the
account by the professional operators
In addition TO this the tendency OF raj
road earnings 20 decrease the symp-
toms OF rate cutting On a large scale
cents track: No. hard 81 cents hSd
August SCI. cents bid; September ssh
G5sk cents.