The Wichita daily eagle., 1897-12-18


Liquidation Not HcavJ, aud the
Markets Ssggius Due Rather to Alb
sence Of Dem msnd-Iu,erestiuS Develop
| meuts in Local street Kaiiwsys-Cail
Loan Rates Esster-Bonds Less Active.
| New York. Dec. I.-Today's market was
| more or less oppressed ali day. though
| final prices are considerably better than
| the low point OF the Gsy; LIQUIDATION was
not heavy outside OF few speci~l stocks
ard the tendency of prices seemed TO nc
due rather to an acsence OF active demand.
Some of the recent p:onl.nent bulls bolsa:
stocks on downward scale OF prices. but
wrthou; any a:.e-1pt 10 sustain valu-s
Manhattan and New Jersey Central con-
;inueI TO be the principal objects OF ma
n:pulation, as was the case yesterday, ana
Sugar continued &c show weakness, its
decline from yesterday reaching al one
time 9 per cent but with final rally.
Leaving its ret loss only fractional. Man
haitian was traded IN ex-div.dend and was
cute fcve-ish up to the time of the an
nouucement az the decision Of the appellate
court on the underground rapid transit
rlan. This news, which had been discred-
ited, caused the sorts TO cover, the pT1ce
advancing over points with only
fractional reaction afterwards, leaving a
small net gain. Short covering. due 10 The
same cause, helped Metropolitan Street
Railway and there was in addition re-
port Of business agreement with the CON-
pating company. The variations IN New
jersey Central were dictated by sthe needs
OF the shorts. here was some continued
apprehension regarding the immediate fu-
ture of the money market and the time
money market was quoted at per cent for
thirty days, and 31z per cent for sixt; TO
nilety days. For call loans per cent
continued to be paid, but the rate eased
off to . per cent in the final hour. New
York banks rave gained on balance during
the week from the currency movement,
bat have lest heavily to the sub-treasury
and the condition of the surplus reserve
ID b sEcwn by tomorrow's bank state
ment viii depend IRON the amount of loans
which have teer called here was no .ur
ther fall in sterling exchange today, but
yesterdays sharp decline here was reflect
ed in a stiffening of the London discount
rate 10 34 per cent, which is quarter per
cent above the Bank of England's minimum
fate. Confidence was expressed that the
redemption by the government of the cur
rency skies beginn:g next Friday would
serve as a safeguard against stringency
in the money market. But there is much
room for uncertainty as TO what amount
of these bonds VIII be presented for re-
demption before January l. when they ma
ture. The next payment OF Union Pa
cific purchase money into the treasury is
tn ha av11h Iain
about sS.5oo,0cO the final payment of an
equal amount falling due on aJnuary s. In
addition the usual heavy accumulation of
funds preliminary TO the January d.sburse-
ments OF dividends and interest is TO be
reckoned with. AS result of a rally be-
fore the close OF today's market, net
losses are in most important Instances re-
duced 10 fractions, the notable exceptions
on the side of gains having been already
indicated Some inactive stocks show loss
es from 1 to per cent
The sales of stocks today were s6s, 800
shares.
BONDS.
There was a marked feeling of inactivity
in the bond market and some issues show
losses. Union Pacific 41ss declining per
cent. Total shares s1,750.00O.
Government bonds were steady and un-
changed.
FOREIGN STOCKS.
New York. Dec. 1.-THE Evening Posts
London financial cablegram says:
The stock market here was quiet and
easier today. on realizations prior to the
approaching holidays. There was a firm
undertone. Rails were better. Americans
closed dull on New York selling, but the
belief here in a continuous rise In those
in the new year is unshaken. as
it is also in Argentines, which are dull for
the moment.
Mines were booming for much of the
day, but the close was under the best
Grand Trunk was largely dealt IN. and
there was talk of higher prices. oGld was
In stronger demand. 7 am informed that
German orders for 10000 pounds OF gold
are in this market, to be shipped within
ten days. Some OF IT may have to go from
the Bank OF England. I have reason to
suspect the accuracy OF the quotation OF
for cheques on Berlin and know of
business that has taken place at 3OSs; this
the proposed gold ship
nents. Vienna exchange stands at q OeIz |
Further sales Of Indian drafts were
made today, up 70 Is 3z.d per rupee.
''he Paris and Berlin markets were firm. |
Some months ago Berlin raised large loans
on bills in London. A large amount will |
mature next week, but they probably will |
be renewed"
LOANS AND EXCHANGE.
New York, Dec. 17.-Money on call easier |
II 3Gi3 per cent; last loan per cent; closed /
,q2i2 per cent; prime mercantile paper 3I.a |
Hz per cent. Sterling exchange steady with /
actual business in bankers' bills az slsI7. l
AS for demand. and s4s27s for sixty days: /
posted rates A-s3G4. .s3iz and 81 ssf94 ssik; |
commercial bills. A.s1is. Silver certificates |
~ g5s7sc; bar silver. 5s1.c; Mevican dol |
ars, 45c.
BRADSREET 5 REVIEW.
New York. Dec. H.-Bradstreet's fnan-
,ial review tomorr, viii say:
Strength. accompanied by considerable
regularity. was shown IN this weeks
'Peculative movement There has been 20
III appearances more public interest and
'Cts-de buying II the market. but 4 has
'een IN the main under the control OF -le
'uI Leaders and bull cIiques- London |
'ought 70 a Emitted extent. but the in
Tezsed favor IN which Americans are said
o be held here Is largely because OF the
Northern Pacific divite1d. IS apparently
.onfne6 70 professional interests and does
lot extend 70 the public Bonds have been
trorS but somewhat Jess active. sn5 the
novement in them as well as n stocks re-
eiVec check from the hardening OF rates
Or money, which began early n the week,
nc because somewhat decided OF Wsonss-
ay' when cal Iosas were quoted at 3a4
'sr cent This was the result Of the fact
hat TIE banks do not consider Il us4stul !
0 90 70 the trouble ard expense of de-
os.t-nS Cni;sd States bonds with tie
TeaSN-y to secure g deposft Of tae Unsor /
'acsfic non=y as Il is paid II and 1hsu