The Wichita daily eagle., 1897-11-28
STOCKS AND BONDS
Sack STATEMENT AND TIE UNION
PACIFIC PAYMENT.

These Are Discussed In the Financial Dis
patches Exhaustfve,y, the Former ss
Exhibiting Some Extraordinary Feat
ures aud the Latter For Its Influence,
or, Rather, Lack of Influence, Upon the
Money Market-Atchison's StronE Oc-
tober Statement-Stock List shows
General Gains
New York, Nov. N.-The strong state
ment OF the Atchison company for Octo-
Der, showing an increase in net earnings
of s1S5, ,799, has been a weeks feature No
small part of the strength in the railroad
list was due to the anticipation that the
supreme court upon re-assenbi.ng on Mon
day, after its autumn recess, will hand
down decision in the Nebraska maximum
freight rate case favorable TO the rail-
roads. This decision has long been looked
forward to giving an upward impetus to
prices, and prices have il fact been sew
eral times advanced on the assumption
that it would be favorable. and have sub
sequently reacted. Sugar was strong and
easily led the list with an advance Of Is
points on reports that decision from the
treasury department would soon be forth
coming. applying the counterva:ling duty
clause to Dutch refined sugars.
The bank statement was about what was
expected. Although there was an actual
increase in cash reserve of 3,33S, ,700 the
legal reserve was raised by more than that
amount, owing TO the tremendous increase
OF S16,0l0, 900 in the deposits. The surplus
reserve IN consequence has fallen off by
sS47 255. The excess Of the increase in de-
posits over that in loans reflects the move
ments of currency from the interior to
this center. The large proportions Of the
increase in loans and deposits are, of
course, reflections OF the Union Pacific
payment on Monday. The condition of the
money market, present and prospective,
has been of greater interest ali week than
the stock market. The heavy Union Pa
cific payments were not the slightest inn
preston on the money market. OF course,
the fact that the government left the whole
amount on deposit, after It's payment, OBJ
waited its actual withdrawal from the mar
ket, but the fact remains that the raising
of an enormous amount of cash was ef-
fected and an extensive shifting of loans
and credits accomplished that would in
rate for money somewhat had the market
not been in a plethoric condition. Even
the resumption of business activity in the
south, without the removal of yellow fe-
yer Quarantines, has failed to result in
any notable demand for money from that
quarter. The west is sending money 10
New York bank vaults. that region be
ing plentfully supplied as the result Of
paying off of long standing obligations
Chicago banks are reported to have several
million dollars loaned in Germany as the
result of grain bills purchased in that cen
ter which have not yet been drawn again
by exchange bills. This operation involves
the purchase of long exchange to hold un-
til maturity and New York banks have
loaned money abroad by a similar opera
ton. This doubtless accounts in part for
the ffrmness of the foreign exchange rates
in face OF heavy exports Of food stuffs.
There has also been some buying of long
sterling for investment during the week,
based on the suppos!tion that the balance
Of trade may have shifted by the time it
returns and so have raised the rates of
exchange. 1t is worthy Of special notice
In that connection that the imports of dry
goods and general merchandise for the
week at New York, show an increase Of
s2o573,4 or nearly 46 per cent over those
of last week, and they exceed those of the
corresponding period of last year by over
100000. If this indicates settled tend
ency of foreign trade it will not only
mark the beginning of a settlement Of the
heavy trade balance in our favor. which
is potential factor in the case of do
mestic money market, but il marks an
increase in the government revenues on
imports and consequent decrease in the
deficit which is constantly runnig from
the treasury into the channels OF the
money market. The foreign exchange mar
ket has probably felt the effect Of the
weeks sales of money securities for Lon
don account In this market. London has
sold quite steadily of stocks which make up
the bulk of ordinary arb.trage But there
have also been large sales of high-grade
investment bonds by that center, owing 10
the high range of prices prevailing here.
Remittances to pay for these have helped
to keep the exchange market firm. The
stock market has offered almost no feat
ure Of interest during the week
AS result of tady's strength-tmb
AS result of today's strength. the list
generally shows small net gains Stocks OF
New York corporations were notably ac-
tive and strong. Metropolitan Street Rail-
way and Manhattan nave risen Az points
each. Consolidated Gas has huctuatei
more than Y points and closed over points
lower.
The Northern Pacific stocks have been
strong on talk of a dividend for the pre-
ferred and the preferred is S55 points high
er. Sugar is up points on the week.
The feature Of the bond market has been
the large demand and meagre offerings
in hlgh-grade bonds. The market has not
been notably active. but prices are gen.
orally slightly higher. Total sales were
Sc, ,3co,eoA.
United States old fours registered were
at 1s per cent higher bid: the old fours
coupon and the new fours !. per cent high
er bid. and the fives 4 per cent lower bid.
FOREIGN STOCK MARKETS.
New York. Nov. 1.-THE Evening Posts
London financial cablegram says:
THE stock markets here were Hfeless
today. Americans were steady 70 firm
The weak spot at the moment IS GIas
Geo r Barse. Pres. II Waite. sec-Treas.
DAD CE Live Stock