The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-09-25
STOCKS LIST WEEK
Were at the Mercy of the
Money Rate.
FALSE STARTS UPWARD
Under an Erroneous impress
sion as TO Supplies.

SlOti do ~ OuppiloS'
New York, Sept A-The stock market
has awaited the easing OF the money
rate and has made one or two false
starts upwards under the impression that
the period of scarcity had passed. But
apparently the additional supplies Of
money were first required TO repleuish
depleted bank reserves. A number Of in
stitutions which had fallen below their le-
gal reserves called loans early in the
week and shook out some further spec
ulative liquidati ton. But the processes Of
relief were al the same time going On.
The most important was the large en-
gagements Of gold imports. The compile
ton practically OF the payment of sub
scriptious 10 the government loan relieves
the market from that drain and the treas
ury has made large disbursements both
on account Of was expenes and anticipat-
ed interest due October !. Tuesdays
per cent call money rate, the highest Of
the season, brought large amounts of out
of-toWn money. into this market, and
Wednesday saw lower rates and a sharp
upward movement Of stocks. Pending
more settled conditions in the money mar
ket, the stock market has been duh, out
side Of the feverish speculation IN the in
dustrial specialties Sugar leading in point
OF activity. Prices in this group have
moved irregularly and in a very erratic
manner, Influenced entirely by individual
causes. Railways have been well absorb
ed on all declines and have hardened
readily.
NEW YORK BANK STATEMENT.
New York, Sept. 24.-The weekly bank
statement shows the following changes:
Surplus reserve increase s4,Gl2 AS; loans,
decrease 81, JOE 400; specie, increase $40 500;
legal tenders, increase 1897 100; deposits,
decrease 1, 314, 800; circula ton, increase
s507, 400 The banks now hold $8,252S75 in
excess Of the requirements Of the Is per
cent rule.
New York, Sept. z4.-The F'inancier says:
Whether the actual condition Of the New
York banks. at the close of the week IS
shown in the current statement is a
matter of doubt, but the exhibit is even
more favorable than had been anticipated
so far as percentages OF reserves are
concerned Several factors Of Importance
which developed within the past few days
Influenced the totals. The first OF the gold
imports have been added to specie &C
count the losses to the treasury were
very much less than have been reported
of late, and the interior movement con-
tinueS light. BY contracting their loans
the banks have been able to reduce their
deposits, thereby bringing down the re-
serve requirements and apparently adding
TO the cash on hand In this manner the
reserve excess was increased no less than
S4012.4 49, of which Sl.1S3. 900 came from a
gain in specie and legals and s2.S2S,575
from the lessened % per cent require
ment, due to the contraction of S11,314,
800 in deposits. AS a result of these /
changes, the surplus reserve now stands /
al S, go. So, which does not compare a 5
unfavorably with the average reserve for /
this season in other years might be
imagined. The strain on the banks in |
cident to the settlement OF the bond
transactions is probably at an end and |
the heavy liquidation which decreased |
loans thirty millions during the month
of September will give way 10 a more
moderate adjustment.
It begins to look as though the New
York banks will not be called upon to
the usual extent for crop money. Eighty !
millions Of treasury deposits widely dis
tributed are important in this connection
and the recent rise IN rates in New York
developed the fact that interior institu-
vailing rates. Banks here having heavy .
country business show rather a large fall +
ing Off in deposits but re-discOunting IS !
said 10 be small. The recent stringency
has developed an effort TO enlarge cir !
cuation and the increase Of S507,400 for /
the week, based on new three per cent /
bonds, was taken ont principally by two I
banks. The statement in detail shows I
that the heavier changes in totals were /
made by few Of the larger banks. but /
decreases were the rules through the list /
of sixty-hve institutions"
FOREIGN STOCK MARKETS.
New York. Sept. 24.-The Evening Posts /
London financial cablegram says:
The stock markets here were lifeless /
today. business being checked by the ap- /
proach Of the settlement and by the Jew (
ish holiday on Monday next. IN Ameri- /
cans the only feature was the buying /.
Of Central Pacific and Of Union Pacific F.
by the continent. Grand Trunk was good I
on favorable traffic reports and Argen- I
tines were easier. There has been a /
sudden cessation in the demand for gold /
and New York orders for coin were can I
celled today. The London market dis I
count rate is 2 1915 per cent. but firm.
however, on the Bank OF England's con- /
troll Money viii be in demand next
week"
Paris. Sept. 24.JThe stock market open /
ed with a better tone. but later there Z
was a reaction on the announcement that /
It had been decided 70 postpone until Mon J
day the decision Of the government on the /
proposition 70 reopen the Dreyfus case. /
Money closed decidedly weak Spanish /
fours were the feature OF the decline. /
going down sharply on the financial stu /
alton ar Madrid. Spanish tours closed ~ F
~ 90