The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-23
BEST CONES LAST
SHARE MARKET CLOSES STRONG Al
FRACTIONAL GAINS.

Speculation Waits for the Bank Statement,
Which Shows . Surprisingly Small De-
crease In Reserves, But . Loss In De
posits and Contraction in Loans Large
fnenee on shares-Sugar. st. Paul and
Western Union Prominent - Clearing
House OBSERVATION-DISCLOSURES OF the Week
New York, Aug. 22--The stock mar
ket today was dull for half holiday.
The total dealings amounted TO only 5s.-
600 shares. Three stocks, Sugar West
third OF the transactions. The trading
was entirely professional and tie move
ment was governed by several import
ant influences. the chief one being the
bank statement. London operations
were trifiing. Western Union was prom
inent and after an initial gain OF nearly
per cent on rumors OF the absorption
OF the Bell Telephone company. lost near
Ivy all of the improvement OF the off,
cial denial OF the story. The stock sub
sequentiy rose TO nearly the high figure,
75s4 Per cent, shading off slightly at the
close. The specllat alton hung inactive
until the publication OF the statement OF
the averages OF the associated banks
The exhibit was decided surprise 10
the street generally, as ii showed only
an Insignificant loss in reserves. in the
face OF expectations of decrease OF
5000. coo 10 5000. 600. A loss OF SO. 0S5. 100
in deposits and a contraction OF s., Ssf. 100
il loans were the unfavora BILE features
of the statement, while the small de-
crease in reserves was partly attributed
20 gains by the banks through sub
treasury operations. This gain Offset
the shipments of currency in the inter
Tor. In some circles the opinion was
expressed that the resources OF the
banks had been sweIled from an unex-
pected source. Themarket stiffened TO
the extent Of sharp fractions in the fast
half hour. Sugar and Burlington excep-
tionally rising rs per cent The clos
ing was strong at fractional gains
The total sales OF stocks today were
$500 shares. including the following:
American Sugar 800: Burlington and
Quincy 400: ST. Pau $500; Western
Union 10000.
Speculation during the week was
marked by decided irregularity and was
dominated by the professional dealers
TO considerable extent
The bulls were encouraged at the out
set by a favorable International trade
balance and by the annual report OF the
Northwestern, which was even more
favorable than had been anticipated. to-
gether with rapid successive declines in
the exchange market, to a point permit
ting the engagement Of 81, $50 900 OF gold
abroad for import to this country. The
extreme decline was about 2H per cent.
10 a basis Of SASS for demand. SsSarp
reductions also occurred IN posted quo
tations. The developments referred to
occasioned improvements in prices all
around, but later the speculation was
clouded by various depressing factors.
These included distressing reports as 10
The cndidon Of affairs in mercantile CIR
cles- an advance in call money rates TO
an extreme per cent. rurnors Of an i'm
pending Issue Of clearing house certi-
ficates. finally. an applica ton for certl-
ficates by a leading bank, presumably
to make matters easy for less 3nhu-
entail institution. A number of off,
Gals expressed a strong disinclination
to issue certificates but such action will
be debated seriously on Monday.
The bears improved the opportunities
afforded and caused a semi-hysterical
condition of public sentiment Rumors
OF acute financial embarrassment in
various quarters were circulated and
predictions were made that the surplus
reserve Of the city banks would be cut IN
half by the end of the week. The fla;
reception OF the New York city foam
was an unfavorable incident and Lon
don was a fair seller of Americans
throughout. In the latter dealings
sterling exchange stiffened slightly and
again receded a small fraction. Consid-
cradle interest was displayed all the
week IN the rate troubles, which have
appeared TO be growig in severity, and
heavy losses in the earnings Of the
southern and southwestern roads were
significant illustration. The net
changes in prices show losses generally
in the more important shares. with
few exceptions, notably n Sugar, which
lost 2k per cent
The features Of the bond market were
tuations in the inactive issues. The ten
dency OF prices was toward a lower ba-
sis with some pronounced net declines
in speculative bonds.
Government bonds were shaded slight
y on sales OF $123. 90.
Silver certificates displayed acute
weakness In the early dealings. The
transactions were SIP 900
NEW YORK BANK STATEMENT
New York. Aug 22-The weekly bank
statement shows the following changes:
Reserve decrea 50. s127.525 loans de-
crease, s5.es4.7S0 specie decrease. sss.-
400; legal tender decrease. S,.234.soo: de-
posts decrease, s.. os5. 100: circulation
increase. s57e. 900. The banks now hold
Ss,T2l559 IN excess OF the requirements
OF the % Per cent rule.
New York. Aug. 22-The New York
Ffnanci>r says this week:
The statement OF the clearing hous>
banks OF New York for The week ending
August =. came as en- agreeable sur
prise AFTER the gloomy forecasts which
had been made as TO the decrease OF re-
eerve. Tie actual decrease IN reserve
was only f1c756 The hesvf~~. change
was in deposits. which was the logical
effect 81 the contraction n soans and
the withdrawal OF funds 90 the west
and south. the movement toward these
two points continuing IN und.minf.hed
volume The continued demand for
money rom taeee centcrS, OK course,
naices f. necessary for the banks TO cali
IN outstanding toens AMI che state
n1eot shows that this was what prevent
ed a much beaver lose IN reserves. In
fact. Ire position OF the banks Is a.
strong as 3. was one week ago, as they
have taken full measures to protect
themselves. but an money II badly need
e. the issue q Clearing house cereif-
czte~ II decided uon at q meeting 20
be bed Monday. VIII come as a relief 20
~ commercial NrnrAd TYne haria hol.z