The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-30
Peculiar Combinations, Condolences and
SUGGESTIONS of Sunday, the First Day Of
the Month, Legal Holiday. Eank Gus
toms, Date of Interest and Dividend
Disbursement, and the Needs of Gus
TONERS, CoLspire to Run the Market Up
to SO high Notch-Closes at Eighty
Stock Market Closes Weak.


cash loans. The demand sent the rates
up until late in the day, when 400 per
cent was asked and so per cent BID.
This was the closing quotation.
The jump to 100 per cent began grad
ualiy and proceeded amid much excite
ment. The first loan was made at 10
per cent and the broker who wanted
money was compelled to bid the rate up
to SC per cent before he could secure the
required accommodation. The only
moderate, as offerings of funds were ex-
trenlely light. As the demand for money
increased the price asked increased by
| tens from so to 90, then 10 20, until the
maximum was reached.
The immediate cause of the stringency
was the calling of loans by some of the
banks that wished to prepare themselves
for possible large demands tomorrow.
Loans made on Friday 60 over until
Monday, according to the custom of the
street, although the banks legally have
! the right to call money on any day OF
/ the week The banks, as a rule, are re-
serving their surplus funds for the ac-
commodation OF their regular customers,
who are being supplied at per cent in
proportion 10 the business done by them.
! The stringency was not especially due
| 10 shipments of funds to the interior, as
! the volume of this business has not ex-
| ceeded the average of the last week
Bankers report sharp inquiry for funds
Tor their regular clients and a sympa-
| thetic hardening influence on the money
market was exerte1 by report of an in
crease in demand for cash gold Bullion
brokers advanced the commission prem
iunn on gold 3-l6 per cent. to 1-4Ga~s per
cent. Predictions are current in the
street Of materially higher figures in
money tomorrow, but some leading
bankers express the opinion that the
worst or the furry has been SEEM
Money has not been so high since the
baf7ng panic some years ago, when it
went syWard in the same way.
New York. Oct 29.-The course of the
stock market today was dominated by
extensive st-insency in the rates for call
money. the extreme high point touched
beng IA per cent per Gay plus per
cent interest, or almost equivalent to 100
per cent per annum. The lowest point
was 10 per cent early in the day, and
the closing was at so per cent. Even at
the high price the offerings of funds
were not large. the supply coming chief
~ from the lenders of foreign money and
the trust companies. The stringency
was due 10 the efforts of the bankers to
strengthen themselves as much as pos
slble in preparation for possible heavy
demands for accommodations in the next
few days. The November l interest and
dividend disbursements are fairly large
and that date falls on Saturday. The
banks cannot call loans made Saturday
and loans made on Friday go over to
Monday. Then, again, loans made On
Monday must carry over until Wednes-
day. The furry occasioned revived ru-
mors OF the probable issue of clearing
house certificates, but it is well known
that such step viii not be taken ex-
cept as last resource, and the present
stringeEcy is not expected to last more
than a Few days The stringency is con-
nned TO Wall street and It is stated that
the needs of the dry goods and other
merchants are being supplied at per
cent by their commission banks. Money
is being drawn out Of the banks to the
extent that legal tenders cannot be Sc
cured. A feature Of the day was the
calling and shifting of loans and some
OF the money disturbed was re-loaned in
the street at the high rates. An increas-
ed demand for cash gold and a slight
advance In the premium or commits
SION by bullion dealers was also noted.
Some apprehension is expressed that
further stringency in money rates may
occur tomorrow. There IS practically
no short-time money obtainab BILE. In one
instance so per cent was paid for a five
days loan expiring November 4, on a
loan OF $40, oo0
The stock market steadied slightly
from time to time on covering of shorts.
but the trend was downward and the
closing at the lowest OF the day. The
more extreme declines included 1-2 per .
cent in St Paul, Sugar and Rock Island;
Lake Shore 2 IA per cent: ST Paul Els
per cent; Kansas and Texas preferred 2
per cent; Burlington, Delaware and |
Hudson and Manhattan 81 per cent:
Denver preferred / 1-2 Per cent; Louis I
L Ia per cent in Reading and Western |
Union. In the specialties Laclede Gas |
broke l Ia per cent on liquidation. Aside |
from the activity in money the market |
was unfavoraoly affected by the I'm |
easiness in the foreign financial centers |
regarding the depression in Kaffir gold /
mining shares and apprehensions OF /
tight money. The Burlington Septem- /
Der statement, showing a decrease OF !
sloa.osi in net earnings, although less
unfavorable than had been expected. in |
creased the depression in the graugers. |
Chicago Gas rallied 1-2 per cent from /
the early loss on the reported judicial I
OF the long continued in
junction restraining the payments OF /
dividends on the Fidelity trust receipts
for the stock OF the company. SubSa-
quenily the stock reacted in sympathy
with the depression IN the general list.
The market left Of weak.
The total sales Of stocks today were
s3211 shares. including: American To-
bacco 100: American Sugar 4. 800: Bur-
ingtoa g. 0oe; Chicago Gas 14leo; Louis
vile and Nashville 1oio0; Manhattan
$500; Reading 1850: Rock
Island 1890: St. Paul 5000: Tennessee
Coal and Iron 5.1eo; Union Pacific 4.sos:
Southern railroad preferred 400; silver
certificates 24.eoo.
Railroad bonds reacted sharply IN !
sympathy with the depression in the
sock market, with the Reading and
Atchisou issues scoring extreme de-
Zines OF i9s per cent on increased deal
ngs The sales were 81 .oTs. ec0.
Government bonds declined sharp
FACTIONS on sales Of 81. 800.
Silver certificates were irregular but
,losed l.. per cent higher on dealing. OF
-. zoe.
FOREIGN MARKETS FIDGET.
New York. Oct. ss.-Evening Posts
-cnscn fiuansis. czoiegran:
The stock markets are stil dropping
lrier nervous si6-etS about the United
states election. Americans we-e dan to
lay Many brokers have large orders
n taes- books II buy lines % Louisville.
u Paul and So. 81, all are conditional
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