The Wichita daily eagle., 1897-12-17


Heart Out of the Speculation Tempor-
| ariIy Baking Circles Doobt IL Call
Money viii See the Under Side of Per
Cent Before the First of the New Year
ALL Stocks Weak Toward the Closes,
! Selling for London Aecount Helping
| the Reaction.
| New York, Dec 16-Hardening Of the
rate for money has taken the heart out Of
| the speculation in securities for the time
being The rate for call money held firm
| at per cent all day today, until the close
| of the stock market. when there were
| transactions at per cent. with offerings
at IL per cent The Union Pacific reorgani-
zation committee today paid into the sub
! treasury sS,50O000 in cash, the credit bal
ance Of that institution at the clearing
| house being s7,e77, 1889. 1t is the general be-
lef in banking circles that call money will
not yield below per cent before the end
of the year, and may rule higher. The
accumulation of funds in anticipation OF
January disbursements of dividend and in
terest will make a further demand on the
idea that there is any stringency of money
in prospect, in view OF the fact that the
government will redeem the currency skies
to the amount of over 100000 on Deem
Der "a. before the next installment is due
on the Union Pacific payment. Rates for
time money for the shorter periods were
marked up today. well as those for call
money, the quotations being slz@4 per cent
for sixty and ninety days. Although there
is still some movement OF currency 10
points in the south and west, the stiffening
of the money rate here was reflected In
rise on the rates for domestic exchange
on New York interior points. The rates
for sterling exchange also responded sharp
ly, posted rates falling y cent; and actual
rates Is cent. There was a very clear IN
dication of the resources at command,
both in the large credits abroad and in the
abundance of money in the interior, depos-
its being reported to be unprecedented in
volume and prices of gilt-edge securities
for investment at the highest level known.
Both deposits and loans of New oYrk clear
ing house banks are at h;gh-water mark
the former amounting on Saturday to $685.
169,900, and the latter to s607, 20 200. The
loans include a less amount of time loans
than usual, and New York banks also
have rather light holdings of commercial
paper. The proportion of money in call
loans is the largest on record. The call
ing of some of these loans has apparently
put some stock exchange operators to in
convenience, but there is NOT yet apparent
any very strenuous demand for money. II
is the opinion of Wall street that large
operators about completed the taking of
profits yesterday, and are ready for a de-
al;,
of liquidation today and little evidence of
support outside the coalers and one or
two of the special;ies. The agreement to
restrict the output of coal strengthened
this group. especially New Jersey Central,
in which the outstanding short interest was
large, and it was the scramble to cover
which caused the feverish fluctuations in
that stock over a range of nearly points
Its net gain was Ss4 points, and other men,
bers OF the group also show sharp gains.
Manhattan showed some recovery from yes
terday's weakness on rumors of Intended
extensions of the system. Prices of many
stocks rose at one time above yesterdays
closing level, but all weakened before the
close. The extreme declines in a great
many cases were point or over, and in
some cases net losses exceed point. Su-
gar was the principal center of depression
and closed 1as points lower. Selling for
London account helped on fhe reaction.
The total sales of stocks today were S32,-
GOO shares.
BONDS.
The bond market was fairly active and
was trif1e easier on the late dealings. The
total sales were s2.SJ0,000.
United States new fours are Il per cent
lower bid. New fours, registered. and cou-
pon 1895: fours, registered. 113; coupon, IA
twos, 99l4 fives, registered. and coupon,
114l2; Pacific skies of '9S, 1O2%.
FOREIGN STOCKS
New York, Dec. 1.-THE Evening Posts |
London financial cablegram says:
Yesterdays optimism was slightly |
checked at the opening of the stock mar |
kets here today, and in the absence OF |
public support slight setback in prices |
notably in home rails. The dull |
ness was short-lived. however, and although |
the markets are still mainly professional, |
they have an excellent Indertone, especial |
ly considering the period OF the yeer.
Americans were irregular. but uf good |
tone generally. Norfolk and Western pre- |
ferred was specially bought by cliques
here. The close was at the best. The de- |
mand for bonds for New York continues. |
Grand Trunks were booming and the deal
Ings large. All Canadian stocks were gen.
orally good. Gold is in urgent demand at |
the continent.
The Indian council sold II lakhs of spe-
rial bills at rates ranging up TO 15-16d. |
Money rates n India are rising. Rates at /
oarks of Bombay and Bengal are up to
pe- cent.
Paris check exchange sold al ga The
recent rise. thus renewed today, appears
20 be Que to purchases OF wheat and stocks
~ London. also to the maturing of French
treasury bills held in London.
LOANS AND EXCHANGE.
New York, Dec. ls.-Money on call eas-
er. a; 1S+d2 per cent: last loan. per cent;
,losed offered Il. per cent: prime mercantile
PAPER, 3G4 per cent. Sterling exchange
weak. with actual business In bankers bills
L Si.SrzG4.S for demand, and at S&A
or sixty days; posted rates 81 s3G4s4 and
4.S6d4.s7; commercial bills. Asis. Silver
,ertifcates. 5554 d57zsc: bar silver. 55a.;
Mexican dollars, SIC.
TREASURY STATEMENT.
Washington. Dee. Is.-Today's treasury
shows: Available cash balance.
=. .lSi,5lI; gold reserve, sl5s. s.57s. .6s2-
LIVE STOCK Markets
1