The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-01-16
STOCKS FOR IHE WEEK
Market Strong and Active,
Mostly the Latter.
NEW RECORD IN LOANS
Made By New York Banks
During the Week.

New York, Jan. 15.-The general ap-
pearance of the market this week has
been one of great activity and strength
but a closer inspection viii indicate
that the activity has been more dis
tributed than the strength. Industrial
stocks are on the whole lower and
many important railroad stocks, includ
ing the grangers, are hardly so we'll off
as they were a week ago. The markets
appearance of strength has been due to
the large buying on rising market of
the Northern Pacific stocks, Union Pa
cific and the Vanderbilts. The strength
of Union Patio has been communicated
to the stocks Of the disintegrated por-
tons of the old system, now operated
by separate reorganized companies. The
announcement that Union Pacific had
bought controlling interest in Oregon
Short Line explained this movement.
! Much was made over the prospects of
a big Klondike business over these
lines and the Northern Pacific. The
Ohio soft coal roads have been prom
inent and strong. There has been un-
precedented activity and record prices
in the bond division and large invest
ment demand for gilt-edged stocks and
an increased outside interest in the
stock market. On the other hand, there
has been intermittent realizing on a
very heavy scale by large professional
! operators, which has been a drag on
the market. Sugar has been persistent
! ly weak on account of President Have
meyers recommendation that the sur
plus be maintained for contingencies.
| The stock is points lower. Manhat-
tan is over 4 points higher and the
Northern Pacific stocks, Union Pacific
and the leading Vanderbilts from to
8 points higher.
FOREIGN STOCKS.
New York, Jan. 15.-The Evening
Posts London financial cablegram says
THE stock markets here were quieter
today. Americans were rather dull on
New York prices, but firm undertone
here. English rails were good on the
collapse of the strike. More gold viii
go to Argentina next week"
THE BANK STATEMENT.
New York, Jan. 15.-The weekly bank
statement shows the following changes
Surplus reserve, increase SO, 7O4, 200; !
loans, increase 81, 215, 700; specie, in
crease 81, $50, 500; legal tenders, increase
So, 15S, 800: deposits, increase 5000 400;
circulation, decrease 800. The
banks now hold $25, O48, rs in excess of
the requirements of the % per ent rule.
New York, Jan. 15.-The Financier
says: The New York banks have made |
a new record in the matter Of loans, the
total of $780, 992, 600 at the close of the
week, this being the highest ever re-
ported. Deposits also are above any
figure previously made. During the |
first two weeks of the present year the |
gain in deposits has been $4,000, 900, |
while loans have expanded only $1,000, /
600. In view of this fact the easy |
money rate does not appear strange /
and if the banks continue to gain from /
the interior as at present lower quota /
tions will follow. The withdrawal Of /
government deposits however, may /
steady the situation. The banks gain /
ed during the past week S5,029,300 in |
cash. s.. 05O. 500 of which was in specie. |
Gold is now coming in this direction |
from Canada, the past ten days re- |
ceipts having Appropriated $65O,OOO. |
The increase in deposits was 5000, 400 |
while loans are only s1,215, 700 heavier. |
The excess reserve in consequence eX- |
banded $3074,000 and stands at $25.
Og6. 055. This is only half as large as /
reported one year ago, but in view Of |
the fact that remittances are now be- /
10 no
pected from week to week. In the |
changes made during the week the p
erations seem to have been confined to |
the larger banks. The deposits Of the |
Hanover. the National Park and the
National City banks are s7,G00000 larg
er than the previous week. Whether
this is due to special operations cannot
be definitely stated, but it shows that
the remaining banks have less money
in hand than at the close of January s.
The factors that led to the gain in cash
have been rather we'll defined, and they
may be expected to affect other insti-
buttons having large country connec-
tons from this time on. AS we point
tons from this time on. As was point
ed out last week, the enormous inter-
LOT movement at lIllS StdSt'il ApLtSS !
down money rates and compels capital
to seek better rates-in other words, it
leads to gold exports. The anomaly IS
now presented Of our idle money being
invested in foreign exchange on this
side OF the water. Europe is now US
ing at least $4,000. 600 American money
in the foreign or deferred credits and
unless rates abroad go to q very low
level there is no prospect Of this sum
being Immediately reduced. So. sensl-
tive. however, is the situation since the
United States became the dominant
power in the international market that
credit can be expanded or reduced at
viii. Clearings indicate that a much
larger volume Of money than usual VIII
be needed this year to properly care for
the business being done.
GOVERNMENT BONDS.
New York, Jan. 15.-Government
bonds: New IS, registered ex-iRterest.
I2s1 Is; Is registered 112 81; coupon.
IA SIS: IS 100: IS registered ex-interest
MECgasIIV