The Wichita daily eagle., 1897-12-19


ment, Points Being Raised In Certain
Cases, Over q Point In Leading Active
stocks and Seat Fractions All Through
GOOD News For Local Street Railways
and Gas stocks-SuEar Buoyaut on
! shorts Covering-The Interesting Loan
and Exeh.ns Situation
New York, Dec. is.-The rise OF prices
was practically uninterrupted during the
short session Of the stock exchange today.
Some very sharp net gains are the re-
suit, exceeding per cent in some OF the
specialties, over a point in large num-
Der of leading active stocks and a sharp
fraction all through the list.
The specialties showed strength, Manhat-
tan becoming buoyant on belief that con-
ditions imposed upon the underground
rapid transit project by the appellate court
fould be. in effect. prohibitory. Local gas
stocks enjoyed the benefi; Of a rumor tnat
differences had been adjusted between Inc
interests seeking an amalgamation OF the
gas companies New Jersey led further
advance in the coalers, on the prevalent
belief that an effective agreement nao
been arrived ar for restriction of produc-
ton and maintenance OF prices OF pro-
ducts. Sugar was also quite buoyant on
covering OF shorts. This combination OF
strength in individual stocks, due 10 spe-
cal causes, would have been powerful
sustaining factor in itself. But the Incl
dent that determined the tone of the gen.
eral speculation and awakened a generai
buying movement all through the list was
the report from London, afterward shown
to be erroneous, that over half m-lIon
dollars in gold had been withdrawn from
the Bank of England for shipment to the
United States. Taken in connection with
the easing of the call loan rate yesterday
10 per cent and the quantity OF funds
Offering az that rate, this report had the
effect Of dissipatinS some of the fears OF
traders in securities as TO the future OF
the money market, and aggressive buying
continued. The weekly bank statement.
with the large decrease shown in surplus
reserve, gave only a momentary pause TO
the upward movement. which was then
renewed and continued with buoyant tone
to the close of the market
The total sales OF stocks today were 49,
200 shares.
Up TO Friday Of this week II looked very
much as though the expected reaction In
the stock market had set in, which IS as
much expected in the natural course or
things as the December rise" But to-
days developments leave the future course
of the market very much OF problem.
1t is certain that there was large profit
taking during the week in expectation OF
a decline and realizing TO close out spec
ula tive lines on account OF the stiffening
in the rates OF money. Owing to the con-
dition of the money market Il was not ex-
pected that there would be much ease in
rates again before the first OF the year.
Besides the usual accumulation OF funds
preparatory TO the disbursement of January
interest, there has been withdrawn from
the market this week over s. 100000 which
was paid into the United States treasury on
account of the Union Pacific sale. An
other similar payment is TO be made on
December q. and the last on January s.
The reason given that these later payments
are being paid into the treasury instead
of being left on deposit in New York banks.
as was done with the earlier payments,
is that the price of United States bonds
has risen to so high a point that a high
premium would have TO be paid TO secure
a sufficient number to secure these de-
posits.
Much stress has been laid upon the gov
ernment's announcement that it would be-
gin the redemption OF the currency skies.
which mature on January !, on December
"a, as promising an offset 10 the with
drawals from the money market on ac-
count of Union Pacific payments. 1t Is.
however. pointed out that a considerable
portion of these currency skies are now
h. fraa hos for rir 1a@ F1r7
and a security for government deposits in
banks. 1t is not likely that these would be
offered for redemption before maturity and
If they were they would not relieve the
situation. There has been in addition an
outflow of currency from New York 10
the south in the last three weeks. which
Is unusual at this time of the year. and
which promises TO accentuate the tempo
rary scarcity of money here.
Foreign exchange bankers express some
sceptcism regarding the gold engagement,
IN view Of the prices of exchange still rul-
ing. The governments trade statement
for November, issued this week, shows
this balance increased still further in our
favor from the beginnig of the fiscal year
to December l. s2S9. As 900. The ruling price
OF exchange is known to be highly arti-
fetal, due 10 the leaving In England and
Germany at interest Of millions Of dollars
due on balance to this country. Under the
influence OF the higher rate for money,
exchange rates have declined during the
week and there has been a cessation of the
investment demand for long sterling. That
there are great sums Of money in Europe
available in case of need IN this country
constitutes one of the strongest factors in
the money situation. Net changes in
prices of stocks are widest in the coaler.,
the gains extending 10 over ten points in
New Jersey Central. Norfolk and Western
preferred is over four points higher. 9th
erwise net changes are mixed and general
ly within the limit OF points.
BONDS.
Bonds went up and then went down. Ike
stocks. but still show net gains remaining
in most issues. Total sales were s15.so.Oo5.
Government fives have declined \ per
cent bid, the new fours coupon u per cent
and the registered e per cent during the
week. while the Old fours coupon have ad-
vanced y per cent and registered = pe.
ceat during the week.
United States bonds today: New fours.
1875; coupon. Issss: fours. registered, IL:
coupon. 1a7.; twos. ssizi. avss. registered
and coupon, u5i5; Pacific skies O, 'ss.
loe..-
FOREIGN STOCKS.
New York. Dec. Is-The Evening Posts
London financial czblegram says:
The stock markets here were quietly
firm today. Americans were reflected a,
New York prices Today's sales OF eagles
DT the Bank OF England are for the co.,
tEnent and form part of the ss.oOo pounds