The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-11-21
STOCKS AND BONDS
SHARE MARKET ALMOST INERT
AND on A DOWNWARD DRIFT.

side-DeaIings on a Small Scale, Price
Movements Narrow and the Declining
Tendency Only Checked at the Last
Rank statement Exercises no Influence,
Showing Only What Was Expected
STOCKS aud Bonds for the Week
New York, Nov. 3o.-The stock market
was almost inert today and drifted under
very well definite motive towards a lower
:eved. London's great fire seemed to ex-
ercise rather depressing influence on that
financial center and for lack of another
Initiative the local stock market followed
that lead. Dealings were on very snau
scale and the movement OF prices OUTSIDE
a few special cases very narrow. Even
Consolidated Gas took ON rather suoduea
aspect and brought its variations within
a range of points, extraordinary modera-
lion for that eccentric stock Metropoh-
tan Street Railway was notably strong
and continued its advance OF yesterday TO
the extent of points additional The To-
cal political situation is cited as being
likely 10 inure to the benefit OF this prop
erty. There was no other notable feature
in the market The declining tendency
seemed to be somewhat checked at the last
and the closing showed some slIbnt recoV-
cries on short covering.
The hank statement was without any IN
fuence on the trading as il showed what
was expected. The increase in loans IS
undoubtedly due to the operations connect
cd with the sale of the Union Pacific, the
first payment for which, Of nearly $1,000
OO0 IS TO be made on Monday. The excess
Of the increase in deposits over that IN
loans reflects the return from interior
banks, which are repositins idle funds IN
both the New York and Chicago banks
in large volume Outside OF the Union
Pacific operations there is no doubt that
the loans of the banks would show SUBJ
stantial increase, as there has been
large liquidation of merchandise accounts
during the week and the money market
has been very dull in all departments. Bid
ding for choice grades of commercial pa
per has been very active. but the market
has been almost bare of offerings. The
money market has not shown the slightest
liutter over the approaching 100000 pay
ment to the government on account Of the
Urion Pacific sale. This payment will,
in fact. amount to little more than a Sc
ries of bookkeeping entries, the transfer
of credits in large part being confined to
the banks handling both accounts. These
banks have deposited in the treasury at
Wahsingron government bonds to the
amount of the payment as security and
the government has arranged to have its
funds on deposit In the vaults of these
banks.
The total sales of stocks today were g.,
GO shares.
THE WEEK REVIEWED.
The stock market has been rather trivial
affair all week, trading being of small vol
ume and the movement of prices slight.
The average price OF stock ia slightly low
er than last Saturday, and the weakness
Of the coaleI,s Is most responsible for bring
ing down the average. Elsewhere in the Est
.her are few prominent stocks that show
z net change exceeding a fraction either
way Sugar and Consolidated Gas have
shown the widest variations and have abb
sorbed the greatest share Of activity and
interest, and the net result Is shown In
Gains Of less than per cent. Consolidated
Gas has sold as high as 1872 per cent.
and as low as III per cent, closing about
. points below the best. The variations
in this stock have followed the mutable
utterances put forth by an interest whose
assent is being sought to the plan for
merging the local gas companies and 1t
has kept the stock quite active TO keep
up with these changes. Union Pacific has
been markedly heavy. Outside of these
and a few of the specialt!es, speculation
IS apparently dead for the time being. On
Thursday the total sales Of all stocks fell
10 less than 10000 shares. This apathy
of speculation is the more notable in view
of the amplitude and the cheapness of the
supplies of money and the large reserve
OF money supply made available by the
heavy trade balance in favor of this coun-
try. The halt in speculation can not be
attributed to existing conditions. which
continued TO be very favorable, but rather
10 doubts regarding the future. 1t is usual
for Wall street to come to a pause in its
operations In November, pending the as
semblinS of congress, the publication of
the presidents message, and the perception
of the temper and intention of the legts-
iat.ve branch. The tendency of railroad
earnings is also being scrutinized with
great attention, now that the abnormal
grain movement has abated. The weeks
returns for the second week IN November
show earnings we'll up to the best records
in former years and in the case of some
southern and southwestern roads, where
arrears of traffic released from quarantine
restrictions are coming forward. the show
ing is the best on record. But the eXpec-
iation is that the third week earnings VIII
no: be fully maintained at the recent high
level The net returns from railroads for
October. which are expected shortly, are
said TO show very large proportion of re-
cent heavy increases in gross earnings alb
soroed by operating expenses. In view of
the drastic system of retrenchment which
was enforced on many railroad systems
during the previous year. it was expected
that there would be arrearages TO be made
good in the present more prosperous times.
The widespread conflict of railroad rates
ill through the country also tends 10
arouse doubts regarding future earnings.
The speculative mind has pondered these
things and has decided TO refrain for the
present and neither the confident and optt-
mistic bulls, nor the skeptical and pess!-
mist.c bears have been much in evidence
during the week.
BONDS.
AS a natural outcome OF cheap money
and speculative uncertainty the market
for railroad bonds has been relatively ac-
tive and The h:gh-grade issues have been
very st.fly held. resulting In record prices
In some cases. Fr-ces are higher IN nearly
all cases. The total sales were 1850. 900.
United States fives are Is per cent higher
bid for the week. Government bonds to-
day: New fours, registered and coupon,
ls7s4; fours. 1I27s; coupon, 11SS.; twos, 9Sl3;
fves. las; coupon, HAS; Pacific skies OF
'SS 1o22s.
LOANS AND EXCHANGE.
New York, Nov. 3.-Money on call easy
al 1I&T2 per cent: prime mercantile paper,
si464ts: sterling exchange, hrTl, with
actual business in bankers bills 81 ASG
ASS for demand and al s.seS, ai-S27s for