The Wichita daily eagle., 1896-12-13
The aa1eha 1aY Eaele sunday orniug 1896

ed an official denial of the reports by the
president of the company. Chicago Gas
weakened on reported activity by the op-
position interests and Sugar was de-
pressed by the duilness In the trade and
alleged forecasts OF adverse legislation.
Steadiness ruled in the final dealings. due
almost entirely TO the covering Of shorts.
The net changes were declines OF 1G2 per
cent. in the principal snares. The as-
gregate sales were 80 80 shares.
The bond market during the week dis
played considerable firmness and a
broader inquiry. Investment orders ffr
foreign and local account resulted il
material gains in number Ct issues, but
sharp losses also occurred in some in
stances. The sales were $S,c!?.G00.
Government bonds we're strong en-
moderate purchases, chiefly by invest
ment interests The sales were $211 GOO.
Silver certificates were neglected. but
ruled slightly higher on sales Of $4,000.
FOREIGN STOCK MARKETS.
New York, Dec. 12.-The Evening
Posts London financial cablegram says:
THE stock markets today, except for
Americans, show further distinct i'm
provement- Consols were 112 for the ac-
count. The recovery in mines was main
ly due to covering by bears, but the rise
in other stocks represents genuine buy
ing. Well informed people are still DIS
inclined to look for gold shipments from
the United States just yet. A mass Of
American bills here will mature this
month. Indeed, good banking quarters
estimate that about 100000 pounds of
American money is in this market at
present"
BANK STATEMENT.
New York, Dec 1.-THE weekly bank
statement shows the following condition:
Reserve. decrease $S5S, $50; loans. IN
crease 1911 200; legal tenders, increase
sll l,o61 200; specie, increase s971 200; legal
tenders, Increase 1,S10,000; deposits, in
crease Sl4,559.000; circulation. decrease
s156.5o The banks now hold $31 SOC. $50
in excess of the required % per cent rule.
New York, Dec. 12.-The Financier
says:
The surplus reserve of the New York
clearing house banks. after having in
creased rom ss.2ss, $50 on Sept. 5, last,
to s32.464, 400. Dec. 5, show signs of halt
ing, the decrease for the week ending
Dec. Il, being s12S, S,050. This contraction
was brought about mainly through the
enormous expansion in loans. The in.
crease in loans is the largest reported
since the election, and is in itself strik-
ing evidence of the present workings OF
the low money market. On Nov. z, the
total loans of the New York banks were
$4io. .179, 200. The total for the week Just
ended was S3,503, 800, showing an ex-
pansion of S41 ,223, 500 in about one month.
The growth for the past week, therefore,
was almost 30 per cent of the whole. But
1t is probably true that part of this un-
paralieled Increase comes from sources
other than those arising from commercial
demands. The sterling exchange opera |
tions, by which local capital is being
used abroad, figures heavily in the loan
column, although it would be late to dis
pute the fact that the needs of trade have |
aided In bringing about the unprecedent- |
ed upward movement, which seemingly |
has not yet eliminated. The peculiar |
position which the New York banks oc- |
cupy today toward foreign commercial |
centers is illustrated in this statement. |
The crop movement having virtually |
closed, money is flowing into the New |
York banks faster than it can be used, |
and the result is remarkably busy |
market. How much money We receive |
from abroad during the late season of /
;trlngency cannot be estimated with ac-
curacy, but our enormous exports have /
made foreign nations debtor to the Unit /
I'd States, and instead of getting their
money back in the form of balances,
hey are compelled to borrow on this
side to relieve stringent conditions there,
This has never hapDened before"