The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-04

tailed by the damage to the winter 5rCNh
plant. There was the report Of d case
Of yellow fever at New Orleans AID the
action Of the Texas authorities in %1ctar-
ing quarantine against Louisiana; an &C
ton which necessarily imDairs the lnteg-
rity Of railroad earnings in the ate''te6
territory. There was the trade var in
gas in this city and in Sugar, and the tax
TO be imposed on franchies under the New
York law, which, it was rumore:i might
lead to the reduction or passing Cf dIvi-
dends on several stocks which he'd 81
important place on the New Ynih eX
change. There We're shOwings of reduced
net earnings for April by the St. P1 Ii.
Burlington. Northern Pacific and Union
Pacific systems, for which subsequent
plausible explanations were Offered hit
which were. on their face, evidence OF =
decrease in the sums available for disfrl-
button among stockholders.
There was a hardening tendency in ex-
change, foreshadowing an outward move
ment Of gold which came in the ANNOUNCE
ment after banking hours on Tau; lay CT
an engagement of $1.0G0, 600 for shipment ID
Europe. The fact that this eng gement
WAS made after an easing f me rate for
sterling exchange led exchange bankers
TO question whether the ope alton could
yield a profit as an ordinary exchange
transaction. The fact that it was made
by he institution that financed The Anal.
gamated Copper company an also the
payment Of the Philippines indie dn;-T :lv-
ment. is an explanation. The rinse as
to provide for the payment 70 spain so as
To avoid the export o. gold. ami Il srf-
icient amount of foreign excA2rgs was
accumulated to cover the amount due, so
that the gold and certificates Of gold c.I!d
be transferred from the sdo-tc4asury IN
New York 10 the bank ns institu ion. It
was obviously a corollay Of the plan 20
set off foreign obhgatioI J.: 10 the hank.
including foreign subscri0I') IS 20 The '.cvV
copper company, TO make up the foreign
credits turned over to the government.
Put the operations seem 70 have inciul-
Cd a pleJhoric condition in tie local
money market and 4 hacdcE'ng tendency
"a the London nCncy n t"il4t which were
not counted upon ia which made he cut
ward movement Of gold necessary e re-
London money market gave strength to
the stock market there, which spread 10
Americans and was reflected in the New
York stock exchange. This, with the fall
in exchange. the subsistence of the yellow
fever scare and good prospects in the an
thracite trade led to the late recovery in
prices and a general covering of short
contracts. Prices recovered to last week 5
level or above. all around.
Bonds sold off in sympathy with stocks,
but they were later in yielding and de-
c,ines We're much less marked. United
States IS and old As, regular, advanced
= and the new As and the SIS. 4 in the
bid price. The old Is, coupon, declined 4.
New York Esank statement.
New York. June 3.-The weekly bank
statement shows the following changes:
Surplus reserve, decrease 81. 223, 125; loans,
increase SIS 500; specie, decrease $1.lS1, 300;
legal tender. increase 1880; deposits, in
crease $356500; circulation, decrease &I25,-
500. The banks now hold $i5.770. 800 in ex
cess Of the requirements OF the % per cent
rule.
New York. June 3.-The Financier says:
The changes in the statement of tae As
ISOLATED Banks Of New York for the week
ending June are almost trivial com
pared with the heavy huctuation Of the
past few weeks. It would seem mat TIE
elimination of a number Of important
matters had at last been passed. leaving
the banks to report only routine operations
of comparatively dull weak. The two
| holidays, coupled with the comparative
quietness in stock exchange for the re-
mainder OF the week. are reflected in the
slight changes in the loan item, but the
gain, small as it is possibly indicates that
the period Of heaviest liquidation is over.
If this is true there is reason to believe
that. some use viii be found for the ac-
! emulation Of surplus funds at this center
/ and that rates may be maintained at
/ something like reasonable figure al
though no advance OF any significance is
anticipated. The banks lost in cash dur
ing the week, according to the statement,
$ll3i 600, a, lof which was in specie Oper-
atoms with the treasury are known to
have resulted in a decrease about as stat
ed. but no account has been made of a
much heavier gain in the interior, and
/ the real facts are that the reserve is
! heavier than is to be inferred from the
statement Deposits remain almost sta
! tionary, so that the reserve reduction is
/ due entirely TO the loss in cash. The ship
/ ment of S1c0o0o0 in gold to Europe does
! not figure in the averages. This incident
/ had no effect whatever on the money
| market as the transaction is underst God
! 10 have been of a special nature. II is
! doubtful if gold in any quantity will so
/ abroad this summer. Certainly if the
! loans Of the banks begin TO increase ex-
! ports Will be checked unless there arises
/ in domestic and foreign markets a situa-
/ ton that now appears improbable. The
! banks ought to continue TO gain from the
/ interior for some time TO come The July
disbursement viii be unusually heavy this
/ year. and as there IS nothing that will
! entail an unusual demand on the banks
/ it appears that fluctuations in to money
/ rate Will rest solely on revival of spec
! ulative activity, which now is regarded as