The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-01-03
MOVING BOTH WAYS
ANOMALOUS STATE OF AFFAIRS
WITH REGARD TO GOLD.

Abroad and the Bond Issue Bringing it
Back Asain-stock Values Advance
Early But Sag Later or Della, in the
Bond Issue-DeaIings Light and the
Market Dull.
New York. Jan 1.-The first business
day Of the new year on the New York
stock exchange was not especially con-
spicuous in any particular, dizziness ex-
cepted- In common with all other f.
nancial markets the stock speculation
was contracted by expectation Of the
new government bond issue and by a
monetary condition that allows Of the
importation and exploration OF gold a
the same time and at profit in either
transaction. OF course the import OF
gold and the premium now reported to
De ruling on the yellow metal are pro-
fitable only on account OF the forth
coming bond issue. The bonds, accord
ing 10 the general impression, Will be
sold at so low rate as 10 abundantly~
justify the payment OF a stin premium
for the gold 10 be turned into the treas
ury in exchange therefor. The export
of gold. though profitable at ruling fig
ures, would be less remunerative.
Hence, instead Of the metal being sent
out on exchange operations. ii is i'm
ported as a commodity. This is an
anomlouS condition OF affairs.
In the early dealings the market
proved superior 10 the receipt of dis
turbjng news from London denoting a
moderate scare on the part Of investors
at that center owing 10 the fiilibuster
ing raid into the Transvaal and anxiety
as 10 possible complications 10 arise in
n -
securities were also reported half 10 lls
per cent lower. In the local market,
however, prices at the outset improved
1d2k per cent in Tobacco. Northwest,
Lake Shore, Louisville and Nashville,
Chicago Gas and New Jersey Central
and fractions in the other shares trad
ed in. The dealings were light, how
ever, and after the first half hour dis
satisfaction over the delay in launch
ing the government bond issue was re-
fiected in a sagging tendency Of values.
causing the loss of the early improve
ment. The volume OF business was ex-
tremely light and but little or no news
bearing upon values came TO hand, eX-
cept gossip regarding the estimated
amount OF gold on the way from Europe
and the course OF the money market. 1t
was reported that from 100000 to So
O0O, 600 had been consigned in the aggre-
would neither confirm nor deny the
statements made. 1t is understood that
a fairly active business was done in
gold at premiums of 1G1H per cent.
Money on call was active at TO 10 per
cent. The greater part OF the business
was done at to per cent and the
closing figure was at the lowest of the
day The pressure to sell late in the
day forced many stocks below Tues
days final figures. especially in the
granger group. Louisville and Nash
Vile and Western Union were particu-
larly heavy, receding per cent and Il
per cent respectively. The closing was
weak with concessions IN prices gener-
ally on the day.
The same lack of animation as that
noted in the stocks characterized me
railway bond market, but prices were
generally well held. The sales were 81
105, coo.
BANK OF ENGLAND.
London, Jan. 1.-The weekly state
ment of the Bank of England issued to-
compared with the previous account:
Total reserve, decrease 1,133, 900 pounds;
increase 81. 900 pounds; bull
lion. increase 1,327.736 pounds; other
increase 100000 pounds;
other deposits, increase SOS, 900 pounds;
public deposits, decrease 1884, coo pounds;
notes reserve increase l ,207. 900; govern
ment securities unchanged.
The proportion OF the bank OF Eng
lands reserve to liability, which. last
week was 5SS2 per cent. is now 1898
per cent.
London, Jan. Mooney Y per cent.
The rate of discount in the open mark
ct for both short and three months
bills is 1915 per cent.