The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-11-19


Traders Little ame of Playing Stock
Market to Catch the Eye of the Outside
Operaror-some Good Buying of Very
Bigh Grade Bonds is Noted-Money
Easy-small Aggregate of Sales.
New York, Nov. 1S.-The volume of
Transactions on the stock exchange today
was even smaller and changes in prices
even less than yesterday. Prise of secu-
rites have apparently come to a condition
of equilibrium, and speculation Is, for the
time being, dead. Even the small change
in prices which occurred today and which
were nearly all gains, were due 10 the ma
nipulative operations with which the room
traders amused themselves. AS these op-
eTations involve the matching OF the buy
ing order with q corresponding selling or
der for the purpose Of attracting outside
buying or selling, the net result, in the
absence { the Outside operations, Is very
close to nothing. Sugar displayed some
speculative strength on account Of buying
attributed to Washington account and Con
solfdated Gas flashed up and down in its
customary meteoric style, jumping at one
time points and reacting IL points. The
coaiers were weak on rumors 10 restrict
the output Although speculative buying
was so restricted there continued to be
evident some good buying of the very high
grade bonds whose society is OF the best,
thought with a low return of interest This
class Of buying Ia a natural outcome of
the easy condition OF the money market
and the doubtful outlook of speculation.
Bond houses report that there are quite
large offerings of these bonds for foreign
account, the foreign houses being tempted
by the high range Of prices for them ex-
listing in this market. II is quite possible
that this class of selling for foreign ac-
count has much TO do with keeping the
rate of exchange in face Of conditions that
would tend to weaken II in spite Of the
tendency towards easing the rates for mon
ey in London. The trade balance In our
favor for three months. including October
is nearly s1s5, 100000. London has been a
buyer In this market of low-proed spec
ulative securities during the last few
weeks. as it was today. Foreign capital
is known to have quite a large interest
in the Union Pacific reorganization syndI-
cate, and payments from abroad In proper
ton are due in this market The operation
which tends to keep up the rate OF ex-
change, has apparently ceased. The con-
tiued maintenance OF the rate OF exchange
above the gold import point under these
circumstances is not easy to understand,
but sales for foreign account Of high grade
investment bonds would aid in explaining
1t. A report from Chicago that there is
talk there Of a reduction In interest rates
on back balances to IL per cent shows
that the abundance Of money extends to
the interior. The imminence of the first
payment OF nearly $4,000 900 by the Union
Pacific committee to the government has
made no impression whatever on the local
money market, The days returns Of rail-
road earnings an continued markedly ia
vorable, notably In tho case of southwest
ern and far wastern railroads and Of the |
soft coal roads. Reports from the west |
indicat that the large earnings are due in |
no small part to the west-bound movement |
Of merchandise, showing the activity of |
general business. With sales of Sugar de- /
Quoted, the total of all stocks for today |
barely reached 10000 shares
Bonds were more active In proportion |
than stocks. Improvement was show In the |
high-grade issues. Total sales were 81, 2O0,- |
700.
United States ives, registered, declined /
4 per cont bid. New tours, registered and |
coupon, 1AA; fours. 112s4; coupon, 11Ssl; |
seconds. ssie: fives. registered and coupon |
ia; Pacific skies of '9S. 102A
FOREIGN STOCK MARKETS.
London, Nov. 1S.-The market for Ameri- |
can securities was weak at the beginning, |
but steadieri at the odose Bears were early |
sellers. but covered later on. The tone was
steady and the demand generally light
New York. Nov. 1S-The Evening Posts
London financial cablegrsm says:
The markets remain stAgnant and fea-
-ureless Americans were better after a
period Of dullness. but there was no trad
Ing.
Details of the gold movement for the
week show the receipts Of 5000 pounds in
-oin for the. Cape and the sale of 1000
pounds in eagles for the continent
The Paris bourse was quiet"
London, Nov. lS-FInancial circles are
,gitated today over stateutents that either
10000 or 5000, 600 pounds in gold coin has
been purchased in the open market for
chilli. The discount market is very sensi-
i've. There have been fresh inquiries for
gold on American accounts
Bombay Nov. 18th Bank Of Bombay
has reduced its rate OF discount from
per cent 20 per cent.
LOANS AND ECHANGE.
New York, Nov. B.-Money on call nom
nally at 1902 per cent Prime mercantile
7aper, S12a4l5. Sterling exchange, steady,
With actual business in bankers bills, at
!. S9l4 d4.S5I5 for demand and at s4s27. for
lxty days. Posted rates ASIsd4 sFz
commercial bills, sLs2. Silver certificates
Si<q@S1s. Bar silver. 577.; Mexican dollars.
5Is.
TREASURY STATEMENT.
Washington, Nov. 1S-Today's statement
# the condition of the treasury shows:
Available cash balance. sos los, $50; gold re-
erve. s15615S,s25
GRAIN AND PRODUCE MARKETS.
CHICAGO.
The following OFFICIAL range OF nrices On