The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-10-02
IO IBE |NDUSInALS
Weeks Stock Market Troubles
Mostly Due.
BANK STATEMENT SHOWS
Argument For Lower Rates
For Money.

New York, Oct. 1.-The monetary situa-
ton during the week, while distinctively
easier, nevertheless failed TO arouse out
side interest in the market and trading
continued in the hands Of the room pro-
fessionals. Operations IN various cham
nels are necessarily restricted owing to
the current rates for funds, but trade
reports from divergent centers shaw an
almost general expansion. Another cir
cumstance that contributed 20 check pub
tic buying was the violent speculation in
the industrials. These stocks exerted a
Dominating influence on general sentiment
and liquidation twas very marked. The
Street" was from time 70 time with cir
cumstantial reports relative 70 the status
Of the negotiations Of the Tobacco man
agement with the outside manufacturers
and heavy selling which depressed the
price % points was construed as emanat-
ing from insiders. Corroborative evidence
regarding the selling Of course could not
be obtained, but the rank and file seemed
confident OF their position and put out
extensive short lines. Concerted attacks
were also made against other specialties
and trading became very excited at in
tervals. Reports that hevengeful tactics
were being adopted through alleged bad
faith Of prominent operator served TO
create uneasiness and round amounts of
stocks were let go. Losses in the railway
group We're moderate, but the democrat
iZatton elsewhere forced sacrifices Of the
standard stocks in order to comply with
the additional calls for margins. Senti-
ment as a whole regarding the railways
was improved on the excellent character
of the traffic reports and foreign pur-
chases also sustained the list at times.
WEEKLY BANK STATEMENT.
New York, Oct. 1.-The weekly bank
statement shows the following changes:
Surplus reserve increase $L07i,215; loans,
decrease $6,59S. 100; specie, increase $751;
SEQ; legar tender, increase $50 200; depos-
its, increase 81, 374, 900; circulation, increase
1924, 100. The banks now hold S15,327, 170 in
excess Of the requirements of the 60 per
cent rule
The New York Financier says this week:
THE New York bank statement for the
current week is an argument for lower
money rates. The excess reserve IS pr2c-
tically the same reported for the CORE
spending week during two previous years.
The operations with the treasury on bond
account ar nearing an end, the demand
from the interior is very light and as the
bank reserves are being replenished by
imported gold now, arriving there seems 70
be no reason for further fear as 10 the
future The contraction of s6,5S9 800 in
loans reported for the week is due in
part TO the efforts of the bank to increase
the reserve, but aside from that the IL
quotation due to stock exchange opera
tons has been considerable. The increase
of 1861, 800 in specie was brought about
principally by receipts of imported gold
1t is, stated that some gold arrived last
week from California, probably repre-
senting or anticipating Australian i'm
ports. The gold receipts, of course, swell
ed the deposits and the increase of ST.
S74 900 in that item lis the first reported
in five weeks. The bonds to secure Uni
ted States deposits foot up forty-fOur and
one-third millions. Bank deposits show
a decrease of $19, coo 900 and other deposits
thirty-eight and three-fourths millions
This will serve to Show what effects pay