The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-01-17


snces in the Money Market-GiIt-Edged
Security the Basis of Money Transsc-
tions-stock Market Quiet, Closing
Firm-Bonds Higher.
New York. Jan. 16.-The principal
| topic Of discussion in Wall street today
was the circular announcing a modifi-
cation Of the terms Of payment of the
| impending issue of government bonds.
The change admits of the payment OF
the SO per cent remaining after the 20
per cent required TO Dc deposited on
the acceptance OF the bid. in INSTALL
ments OF 10 per cent at intervals OF
| fifteen, instead of ten days. as pre-
viously called for. This spreads the
! entire payment over. a period Of 120
days instead of forty days and greatly
lessons the danger of a critical distur-
| bance of the money market Ever since
| the open call for subscriptions 10 the
| new loan was made considerable anx-
| iety has been manifested by conserva-
| tive financierS. As bearing upon this
| point some apprehension is beginning
| 10 be felt over the increasing number
| of assignments of commercial houses
| IN various sections Of the country. AL
| though money on call and time is quo
| ted in Wall street at or below the legal
! rate, transactions are based upon what
] is termed guiltedged. that is, uneXcep-
| tionab BILE. stock exchange collateral.
| On the other hand there is practically
| no market for commercial paper eN-
| cept Of the very choicest character.
This condition has obtained ever since
| the semi-panic occasiOned by the tenn
| porary wholesale throwing over of our
! arilway securities by London, incident
| al to the war scare. Subsequent to
that, uncertainty in regard 10 the gen
| eral financial outlook in this country
has prevented Improvement.
| Today's stock market was quiet
| throughout and the movement of pTi-
ces uninteresttng, aside from the va
| carries of some of the industrial shares.
| The opening, Though dull, was at gen
eral advances, partly inspired by inn
| prOvement in prices OF the so-called
| international American shares. In the
| early dealings advances Of about
! point We're scored by Sugar, Chicago
Gas and Leather preferred. mainly on
| covering of shorts. The market soon
| developed a sagging tendency, partly
| on apprehension of extensive shipments
of gold by Saturdays steamers and
| partly on moderate selling, traced 10
representative foreign banking houses.
] The failure OF an old established and
| highly reputed sugar concern had some
unfavorable effect. Sugar stock slump
| ed rs per cent and Tobacco broke 2lS
| per cent, TO 772s per cent. The latter
| depression was variously ascribed 10
a reported important failure in the
| trade in this city and TO the news of a
| combination of southern tobacco manu-
/ facturerS. The last development was
considered TO foreshadow trouble for
! the American Tobacco company. Later
| in the day the declining tendency OF
| the market was checked by a sharp
advance Of 3%4 per cent for Leather
| preferred, carrying the price up 10 64i4
| per cent. The common gained 1 per
| cent. The movement was on heavy
| buying for both accounts on reponts
| alluded to last evening in these dis
/ patches. The general list took on
strength in sympathy. Tobacco recov-
| cred Tx per cent OF the early decline
and Manhattan rose 2 per cent. The
| upward movement in Metropolitan
Trac ton, recently noted. received a
| check today, the stock reacting IL per
| cent, TO 103i5 per cent. The loss was
recovered within a slight fraction lat
| er, on reports that the annual state
ment of earnings. to be issued shortly
would be favorable. The market closed
| firm on an Increased volume of bus
| mess.
| Bonds ruled higher on moderate deal
| ingS The sales were 81 800, 900.
Governments We're slightly lower on
| transactions of 81 200.
FOREIGN STOCK MARKETS.
New York. Jan. 1.-THE Eevening
| Posts London financial cablegram
says:
The stock markets continue buoyant,
| closing nearly at the best. The abun-
| dance of money and the absence of
| political bad news were the main fac
4 c-l,a
| ing on the dividend announcement.
Americans were higher with other
markets and on bears covering. Low
prices from New York caused a reac-
| ton here at the close. A good sign
is the renewed purchases OF first-class
| railway bonds.
The South African markett was quiet
Iy steady. West Australians are rising
rapidly.
The Paris and Berlin markets were
firm ContangOes in the Paris mid
monthly settlement were light
The Bank Of Englands weekly return
chiefly shows THE withdrawal OF cash
from the provinces and the open mar
ket and its placement to the public d.
positS. This shows that the govern
ment taxes are coming IN quicker than
usual. Thus the coin and bullion in
creased pounds. although 2S2. 900 pounds
in gold was exported for the week, the
details being $4,000 pounds IN bars
bought, $4,000 imported from Holland
and 600, 900 exported 20 the cape ana
2S5. 900 20 South America. The demand
here fog gold for America is very slight
at present
London, Jan. 1.-the amount OF bul- \
lion gone into the Bank OF England on
balance today 10000 pounds.
FOREIGN BANK STATEMENTS.
London, Jan. 1.-the weekly state
rlsnt OF the Bank OF England issued
today shows the following changes a.
compared with the previous account:
Total reserve, increase ~. 900 pounds. |
circulation. decrease 200 90: bullion. in !
crease 1000; other securities. increase |
IS. 900: other deposits. decrease 53s. GO: |
public deposits, Increase !. 2S3. 900. notes |
reserve. increase So. 90: government !
securities unchanged. The proportion |
OF the Bank OF England's reserve 70 !
liability. which last was 50. 81 Per cent, !
IS sos per cent
Paris. Jan. 1.-THE weekly state !
rneut OF the Bank Of France Issued 10 |
day shows the following changes a. 4
compared with T1le previous account; |
Notes n ctrculztDl. increase q. 375. 90 /
francs; treasury accounts current. de- !
crease $4,000; gold n hand. decrease |
l SO. go: bills discounted. decrease - !
o5o 900; silver 81 hand. Increase 81. 90. |