The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-25

Money Mercantile Paper f:ates Ad-
vance-Act,on of the Bankers Regard
ing the Treasury Still Comforts the
street-Bosds Depressed With Stocks
Treasury Statement.
New York, July 24.-The volume OF
business in stocks today was only half
as large as on Thursday and the course
Of prices was appointing TO the bull.
London selling, an increased demand
for money by out-of-toCn banks, and
a sharp advance in mercantile paper
rates to 6G7 per cent offset temporarily
the influence Of the rehabilitation Of the
treasury gold reserve to the tradition
al mark, and the undoubtedly effective
combination of the gold shipping hous-
es to retain the gold in the treasury.
The most important factor in the mar
ket was politics and the streets appear
ed to be mixed as to the probable ef-
feet of the appearance of third presi-
Dental nominee Lower London prices
exerted depressing influence at the OPP
ening, and local liquidation and bear
a number Of instances, extending TO Us
per cent in Burlington. Sugar and
Manhattan lost ia per cent, Leather
preferred IL per cent and Kansas and
Texas preferred, Rock Island, New Jer-
sey Central, General Electric and st.
Paul per cent. At the low range
supporting orders appeared and, altho'
business contracted sharply in volume,
substantial recoverieS occurred in q
number OF instances. At the rally,th
market displayed a degree of feverish-
ness. Until just before noon the mar
ket continued dull and without special
feature. At 11:45 however, an effective
bear raid was made, in which the gran
gers scored the most important losses
and Sugar, Manhattan and Chicago
Gas also made sharp concessions. Pric-
es steadied soon after midday and few
advances occurred on covering. In the
last hour moderate purchases for both
accounts caused further fractional inn
provements. especially in Manhattan,
the Changers and Sugar. The last
named, after an extreme decline Of 2h
per cent, rallied * per cent. The mar
ket closed steady at sharp losses, main
ly fractional.
The total sales of stocks today were
LII, 800 shares including: American Su-
gar $500; Burlington and Quincy 1880
Chicago Gas II 300; Louisville and Nash
vile 1O, 800; Manhattan IL. 500; Northwest
800; Rock Island 800; st. Paul 1880;
Western Union 400.
The bond market was sympatheticai-
ly affected by the depression in stocks
and a decided falling off in business was
noted The losses were of most conse-
uuence in the usually inactive issues.
Des Moines and FIT. Dodge 212's excep-
tionaliy broke IL per cent. Other no
table declines were: ST. Paul and
Sioux City firsts per cent; Atchison
adjustment tours II. per cent; West
ern Union ca9lateral trust f1ves, Oregon
Improvement consol f1ves, Oregon Short
Line consol fives and San Antonio and
Arkansas Pass tours per cent. The
sales were $40, 900.
Government bonds were pressed for
sale and lost sharp fractions on dealings
of $274, 900.
Silver certificates were weak and low
er on sales of $4,000.
FOREIGN STOCKS AND MONEY
New York, July 24.-Evening Posts
London financial cable: The stock mar
kets were idle again today. The only
feature was the enormous success of
the Burmah railway loan, the 1900 900
pounds Of which was covered twenty
times over. Americans were iifeless
and dull They opened under the pari-
ty, rallied feebly and closed dullish.
THE settlement next week is some
what dreaded. The opinion prevails
in exceptionally well informed quarters
here that, in view of the present con-
dition of the American money market
the continental governments which hith-
erto have been looking to America for
further supplies of gold may take steps
to obtain their requirements elsewhere.
So far as possible this viii be done.
Paris and Berlin markets dull.
London, July Pa p. m--Gold is quo
ted at Buenos Ayres today at 1880;
Madrid 1925; Lisbon 2S1a; Rome 7.12lz
NEW YORK LOAN MARKET.
New York, July 24-Money on call
easy at 11aG22 per cent; last loan ?
per cent; closed per cent Prime mer-
camille paper 6G7 per cent. Sterling
exchange steady with actual business
in bankers bills $4.ssk9A for demand
end s4.s7s4 for sixty days. Posted rate
81. SS1z q4S9ha. Commercial bills s4.S7
Silver certificates $50 per cent.
GUARDING THE GOLD.
New York, July 24.-Bradstreet's re-
view of the New York stock market
tomorrow viii say: The action Of the
New York banks in agreeing TO replen-
ish the diminishing treasury reserve by
surrendering part OF their own gold hoi-
dings in exchange for legal tenders. fol-
lowed up by the actual deposit of $751;
900, 600 of such gold, has checked the
growth of a panicky feeling in the Sc
curities market. This has 10 a very
large extent checked the tendency to
hoard gold that was apparent in many
Equally important was the
step taken TO secure concerted action
by foreign exchange houses for the re-
striction of gold exports These devei-
opments came at an opPortune moment,
with quotations still crumbling and liq-
and bear selling in full progress
London was indeed, a very heavy buyer
at the severe decline early in the week.
though the action seemed TO have no ef-
feet as far as encouraging outside inter
est and participation is concerned. In
fact the market, but for the presence
OF few bargain hunters" and purch-
asers for cash. was almost bare of de-
nand. and the operators on the short
side of the account met no resistance il
their efforts 10 hammer down prices.
The bond market has suffered in SYM
pathy with the stock list and dealers
report that municipal bonds are virtu-
ally unstable. corporations and tndivid
ual capitalists being unwilling 10 make
purchases. On Friday the market was
more reactionary n tone and prices suf-
fered under the ebSence of short cover
Ing and London purchasing.
New York, July 24.-The total dspos-
IT'S OF gold at the sub-tres sury by the
banks up TO $50 today were $500. coo.
making grand total since Wednesday
OF SIS. s55. ec0.