The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-13
NOT AS EXPECTED
BANK STATEMENT PROVES TO BE
A DISAPPOINTMENT.

Lower Opening Occurs, Based on thu
Anticipated showing-Copsolatory Ex.
| plantations for the Unfavorable Exhibit
Stocks Close Weak at Net Losses
Foreign Finances and the Turkish Stu
ation-Review of an Important Week.
New York, Sept. 12.-Speculation IN
stocks today was dull and the move
ment of prices irregular, but mainly
| trending lower. There was not even a
suggestion Of other than professional
excitement abroad regarding the prob
able immediate developments in the Lee
want, and Of depression IN the London
market, was supplemented by a de-
cline in the prices of American securi-
ties at that center, and the local mar
extending to 1 per cent. The down.
ward movement was checked after the
first half-hour and recoveries occurred
In most instances. A number of stocks
made up their entire early loss. The
Improvement was based upon expecta-
ton Of an exceptionally favorably bank
statement as result Of the heavy gold
imports. The exhibit proved diSap-
pointing, a gain of only s539, 275 in legal
reserve being shown, while deposits fell
off $1,A7,5O0. The explanation given
was that the shipments Of currency to
the interior had been considerably
above the estimates and that the gold
imports only figured for five days in
the statement. Shipments brought to
the sub-treasury during the week aver
aged 100000 day, and the banks ship
ped fully as much Today the sub
treasury transfers to New Orleans
amounted to $3.50, 900, and there was de-
posted S1O0,00 in gold in exchange for
greenbacks. In the last ilah-hour,
prices again receded and the closing
was weak at sharp fractional net losses.
The total sales of stocks today were
66,745 shares, including: American SUI
gar 10000; Burlington and Quincy $500;
Chicago Gas 2, 900; Louisville and Nash
vile 100; Reading 300; st. Paul Is, 200.
The week just closed was an import
ant one in financial circles although the
market changes were, for the most
part made by a few leading operators.
The heavy gold engagements and ar
rivals, aggregating S23,474,050, were, or
course a topic of cardinal interest but
other important events were also re
corded. Shipments Of currency to the
interior were the heaviest OF any week
thus far, footing up nearly sI,OoO,Ooo, a
considerable sum being shipped to New
Orleans to alleviate the financial strain
at that center. Action was taken on
the dividends Of several important
properties regarding which some con-
r.
report of the St Paul for the year show
ed a surplus of s2,173,65O, after liberal
allowances for maintenance Of way and
eoufpment. The declaration of only the
regular 2 per cent was well considered
in conservative circles. The market re-
ceived the Sugar and Western Union
dividends without marked expression
but moved widely in sympathy with
other developments affecting values.
London was mainly conpicous as SELL
er being unfavorably influenced by an
advance of one-haif per cent, to 21s per
cent, in the minimum rate OF discount
of the Bank of England, and by the po-
litfcl complexities in the east and tine
heavy influx of gold to this country and
the continent. Frequent reaiiZatlonS
DIV local dealers also impaired frregu-
larity to the shane movement. The
southern rate war, the financial str1n-
gency at New Orleans and the unfavor-
able government corn report helped the
bear faction. The estimated increase 10
about Sill ,oOo, 900 IN the treasury gold re-
serve at the close Of the week was also
hailed with satisfaction The actual inn
ports of gold since the movement be-
gan, aggregate about S24 900 and pre-
dictions have been made that the $4O,-
L at,@ hA a
fetal effects of the inflow of the metal
is obvious, relieving the strain upon the
local banks incidental TO the crop move
ment and the urgent needs of the mer
camille community. The comparative
net changes in prices were in most
cases mimportant. The aggregate
sales were sec, 7S9 shares.
The bond market of the week moved
in sympathy with the share speculation,
and the net changes are about evenly
divided between gains and losses. The
sales were s., 231, 900.
Governments displayed pronounced
strength during the greater part of che
week but eased off slightly toward the
close. The sales were sl7S.500
THE BANK STATEMENT.
New York, Sept 1.-THE weekly bank
statement shows the following changes:
Reserve, increase, s539,275; loans, de-
crease, s371, 200; specie, increase, 81, 1884,
900: legal tender, decrease. 81, $4,000; de-
possts, decrease 81, All 800; circulation, in
crease s732, 30. The banks now hold
1876, SIS In excess OF the requirements
of the % per cent rule.
New York. Sept. 1.-THE New York
Financier says this week:
For the first time since July IL last.
the clearing house banks OF New York
city show an increase IN their reserve.
The statement for the week ending Sep
TENDER Il does not however. reflect the
fun effect of the heavy operations Incl
dent to the imports of over S23. 900. 900 Of
foreign gold TO this side. That the
banks at the close Of bushes Saturday
held more cash than the statement cred
its them with. is almost certain but,
as is usually the case, the gain viii be
slow IN showing. That the gold imports
are relieving the strained situation OF
the past few weeks Is plainly apparent
Instead OF the heavy collection of sew
eral millions in ioans which has marx |
ed the statement for weeks past the de- |
crease last week was light DEPOSITS |
are still several millions less than loans
but this IS feature that probably Will |
TOT DC lI<1-4-ldllRcl lOE s-4ls 4ellS u OF /
time. The heavy forward crop move |
ment. FASTENED IN the south by the con
ditJon now prevailing there and 81 other |
sections by favorable rates. are bound /
10 continue the gold imports. and thus |
enable the New York banks to ship |
funds to the inte1+or with greater ease !
than would have been the case had the \
crops been slow in moving. L will be a |
Sio-n Of greater activity over the country
therefore. = the reserves of the New 1
York banks are slow In increasing this 1
fall. The banks are still e1larging Their