The Wichita daily eagle., 1897-12-15
STOCKS AND BONDS
DECLINES GENERAL AND FRAO-
TIoNAL NET LOSSES THE RULE.

DDODlN Do t6NohAu aHO
TI0NAL NET LOSSES THE RULE.
Holders OF Central Pacific Stocks Dis.
posed to Realize and the Bears Help
the Reaction AIong-Ons or Two Ex-
ceptionsI Instances Of StrenRth-Gen-
eral Tone Heavy and Little Liking
shown for Buying-The Govcrnment
disbursements In Their Relation to the
Money Market Assuming Prominence
New York, Dec. 14-There was a dispo-
s:t;on today on the part of the holders OF
stocks to realize profits on Central Pacific
and the bears helped along the reaction
by free short selling. There were one or
two exceptional instances of strength in
the market and some covering in shorts
before the close, by timid bears, so that
net declines do not indicate the extreme
fall in prices. But the general tone OF
speculation was heavy and no aggressive
disposition to buy was manifest. The firm
er tone Of the call money market was un-
QOuDI6Oly
movement. The decrease in cash holdings
by the banks shown by Saturdays state
ment and the shrinkage in surplus reserves
TO below $19, 900 900 were features in the
money situation which will be accentuated
during the week. The announcement from
Washington that the bonds maturing on
January !, known as currency skies, VIII
be paid of on December "a, bears on the
situation. The aggregate of these bonds IS
s29, ,90i, ,952, and their redemption will about
offset the payment already made to the
government on account of the Union Pa
cific sales, which amount to SIS, ,509, 775. The
government will disburse over Sc00,000 IN
interest on January l. The balance which
the Union Pacific reorganization commit
tee still has to pay the government
amounts to So, 500, COO; and Of this amount
IS, 800 coo will be paid this week and the re-
mainder by the first week in January. 1t
was seen that the balance In favor of the
treasury Will amount to nearly $40, 900 900.
1t is not expected that this amount will be
suddenly withdrawn from circulation, but
will be allowed to remain on deposit for
the present IN national banks In this city.
But the continuing deficit in the revenues,
which has fed a constant stream into the
money market, has been recognized as
factor in the ease of money rates and the
completion of these operations viii put
new phase on that condition. Rates for
call loans were not above 2is per cent, but
were not below per cent.
The market was almost wholly technical,
the strength of the coalers, with no news
to account for It, serving 10 sustain values
somewhat Northern Pacific preferred was
in good demand all day, and closed at 60
per cent. The specially weak features were
Consolidated Gas, which was at one time
down 312 per cent; Manhattan, which re-
ceded per cent, and Sugar, which fell
below yesterdays close, after an opening
gain, under pressure Of heavy iquidation
and remained there all day Metropolitan
Street Railway declined 1& per cent, ani
scored almost a full recovery. Otherwise
the heaviness OF stocks pnd the days de-
cline were quite uniforrn Throughout the
list, fractional losses being the rule The
dealings in inactive securities in small lots
continued 10 be feature. The high-grade
investments were the favorites. 4 full
share lot Of Harlem sold at I25 per cent, as
compared with 800 per cent at the last pre-
vious sale, which was several months ago.
The total sales of stocks today were 3Oo,-
D00 shares.
BONDS.
The bond market showed decided de-
crease in activity today, the high-grade
issues continuing 70 improve, but some OF
the speculative bonds showing losses To-
tai sales were s., ,250, 600. United States ives
were 1s per cent bid. New fours, register
ed and coupon, 12sla; fours. 113; coupon,
l141z; twos, s91a; fives registered and cou-
pom, HE; Pacific skies of '9S, 1925
FOREIGN STOCKS
London, Dec. H.-American eagles, 76s
SID. The market for American securities
opened better, improved somewhat, but
eased off and remained quiet. The closing
tone was steady and the demand moder-
ate.
New York, Dec. 1.-THE Evening Posts
London financial cablegram saws:
The stock markets here were quiet, but
firm, today. Americans were the strong
est market for much Of the day, but tie
close was easier. with Union Pacific lower
on the reported postponement of the sale
Of the Kansas Pacific. Preference stocks
OF the reorgantzed lines abain bought here
and for the continent. Grand Trunk was
strong. Mines were firm. The feature was
which fiuctuated violently. ris-
Ing on balance on a cable from the gen.
aral manager at the mine stating that the
small shipments were due to repairs of the
furnaces, ETC.. that there was plenty of
pre- IN hand, that developments show the
ore to be of better grade ana estimating
the December shipments at 16Oo0 600
pounds, and those of January 1000. .0eo.
The manager also has no reason to doubt
that this years results Will be as good as
ast years. Such telegram, coming close
On the recent cable reports created a SEN
sation on the stock exchange and made
very strong comments"
Paris, Dec. H-Pr.ces were nrmer. but
business was inactive on the bourse today.
Spanish securities were recovering.
LOANS AND EXCHANGE.
New York, Dec. H.-Money on call firm.
'd2l2 per cent; prime mercantile paper, 81
a. per cent; sterling exchange, steady.
with actual business In bankers bills al
'4S54 G4S5as for demand. and at s4seI1a
IS2S4 for sixty days; posted rates, siS156
La and A-s6i2d4.N; commercial bills. &1
z4s2 Silver certificates. 574a5sIS; bar
silver, 571s; Mexican dollars 4s.
TREASURY STATEMENT.
Washington, Dec. 14.-Todays statement
II the condition Of the treasury shows: |
Available cash balance, S227, ,SS0, ,ss4; gold re-
serve. Sl59. .125, ,27.