The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-05

!
ern Pacific Helped by Tariff Ruling Tall
Review of the Week-The Ease In
Money Rates Discussed-Fine Bank
Statement-Theory of the India Coun'
ell Drafts Matter.
New York, Sept. 4.-The market held re-
markably steady today. considering the
fact that a Sunday and a holiday are tc
intervene before the resumption of trad
ing and that realizing has been on quite
a large scale all week. There was lquida-
ton in progress today wisthout doubt but
not on a heavy scale, and offerings were
we'll absorbed by the large commission
house buying. London also bought quite
freely in this market of the international
shares and a buoyant tone was also re-
ported for Americans on the London ex-
change. Some of the large operators who
have been a recent dominant factor in the
market did not share in the dealings today
end no one stock was pushed TO SEN
sational point as a prop to the market, as
has been the case on each day this week.
The advance in Northern Pacific issues did,
however, give evidence of manipulation.
The stocks Jagged in the recent general
advance, owing to the poor showing OF
earnings The motive assigned for today s
advance was the benefit 10 result to the
read from the clause of the tariff law levy
ing discriminating duty on foreign goods
brought into the bountry through a con-
tiguous country.
The extreme rise In Northern Pacific pre-
ferred was rs per cent on sales of 5000
shares. leading the list, st. Paul moved
narrowly and below last nights close ali
day. Wabash common and preferred were
strong on the August statement showing
a gain Of sl54,549 in gross earnings. State
ments of railroad earnings published during
the day were uniformly favorable and the
excellent bank statement also sustained
the list. The closing showed net changes
mixed.
THE DAYS SALES
The total sales of stocks today were
$685. shares.
THE WEEK REVIEWED.
The week has witnessed the liquidation
OF some very heavy holdings Of stocks
10 realize profits on the rise, which COM
menced in the gransers on Monday. 1t has
progressed steadily since then and has kept
the price of recent faVorites in the specula-
ION more or less depressed. The market
has been saved from large reaction In face
of this heavy liquidation by the sustain
ing force of individual stocks the prices
of which have been rushed forward, one
after another in a sensational manner I'M
der manipulation.
These successive upward bounds OF diff
ferent stocks and the continuous Equida-
ton which attended them have made
sensational and extremely irregular market
all week. The greater part Of the advances
have been well maintained and the vol
ume OF dealings has shown a constantly
broadening demand. the sales on Friday
approaching the maximum for the year
and those of today the maximum for Satur-
day.
THE MONEY MARKET.
That this tremendous speculation has alb
sorbed q vast sum Of money is evident from
the clearing house statements and still
more evident from hardening of exchange
rates during the week, the purchase of Sc
cur.ties abroad having apparently offset
the heavy foreign purchases of our bread
stuffs. The absorption of funds has made
no appreciate effect on the rates for
money, which still remain unprecedentedly
cheap. The movement of currency 10 the
interior has been larger than last week
but IS Still small considering the large ex-
panson in business indicated by clearing
house statements Of interior points and
the heavy crop movement shown by the
tariff reports OF the railways The inte-
r.cr roads have thus far been largely sup
rule heretofore. The fact that exchange
remains above the gold import point is due
in part to the heavy purchases of securities
by Americans in London. But while those
large purchases are absorbed with any eff
1ect on the local market the rates for mon
ey in London continue to harden IN spite
or large sales of securities; the Bank of
England up TO last week, continued to con-
tract Its loans and thsre is a margin of
n IN I Jor,
TO induce drawers of exchange to leave
their funds at interest, thus deferring the
gold import movement. How much longer
the cheapness of money will continue in |
New York in face of all this expansion of |
demand IS a question to which an answer |
Is perhaps indicated by today's bank state |
ment, showing a decrease of s. 400 500 in |
the surplus reserve. The cheapness of mon
ey Is one incentive to a rise in prices es- |
peclaIy IN view of the recent placing of |
large issues of railroad bonds for long
periods at an interest rate of 49, per cent |
which bonds command a premium in the |
market The reduction in the rate of in |
terest and return Of invested money natu-
rally tends to raise the principal value OF |
securities on which the dividend rate Is |
unchanged Prices Of government bonds |
are at high records recently That the |
p!etnora OF money and its resulting cheap |
he
rise in prices Of securities as Wei as tho |
increased earnings shown by the properties |
is evident. The extreme gains in the stock
market have been indicated, but the whole
list is higher, especially the industrials.
The total sales for the week were S.ls4.-
90l shares.
Tie bond market has shown great actiy-
lily during the week and prices are sener-
any meher. Notable advances are shown
iity," Northern Pacific prior fours. Texas
and Pacifics Wabash seconds. Norfolk and
western, and Reading issues. Total sales
SO, 1858. 400
Government bonds are Is to per cent
higher on the week
LABOR DAY.
New York, Sept labor Dav NEXT
Monday Will bes trictly observed In the
financial district here. The clearing house.
panAs and exchanges and all similar insti-
tulons VIII be closed, as well as the sub
treasury, assay Office and all other branch
IS OF the federal service. The custom
house w'I keep open one hour in the morn |
ING lor the entrance and clearance of YES
sels.
LOANS AND EXCHANGE
statement New York, Sept 4-AIonev On
caL hoIninaAy lAGl1=; prime mercantile
paper S&9412; Sterling exchange steady
E. -. 60. "NS-AleSs II bankers bills az
: ;seeiso'4 for demand and at 3. Sss. .
~ Tor siNty-day bills; posted rates s4.SsIL
ci.so12 and S.s65x@4. 81; commercial htls
si-o--2- SILVER certificates-Bar silver. 5s5..
Mexican dollars as; State bonds dun: rs;I
ROAD bonds firm; government bonds. fir,,.
new fours. registered. 1cSTs; coupon. la5zs.
nves, registered, ia: coupon, ia: fours
registered, Ill; coupon. rs; Pacific SKIES o.
rs, IO2.
BANK STATEMENT
New York, Sept. i-The weekly hant