The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-29
VERY SMALL AFFAIR
Is the Stock Market, With
Holders Just Waiting.
WORSE BANK STATEMENT
Than FYnncfnd.-Mnnnv Mar
Than Expected Money Mar
ket the Whole Thing.

! Securities IOE To-Day was Small anu
tame affair by contrast with the violent
fluctuations OF the earlier period of the
money vibrated between y and Il per
cent during the period of active demand,
but after that was satisfied, fell by quick
stages to 8 per cent The needs of bor-
rowers over the three ensuing holidays
was satisfied in large part yesterday in
anticipation OF pressure OF accommoda-
ton today and consequently today's
higher rate did not reach within per
cent of yesterdays. The bank statement
was unfavorable beyond all expressed an
ticipation- Although the outgo to the
sub-treasury was reduced TO S1,1ss. 900 for
four days OF business. the losses of cash
10 the interior brought the total reduc-
ton in the reserve up TO Sass 500. In
spite Of net reduction in loans of 81
100, the meager surplus reserve was
still further reduced 81 23S. go. 1t is obvi-
Gus that loans made in the last few days
on the stock exchange DO not figure
| largely in this showing and the accom-
modadons were probably secured by deal
ers in money who had supplied them
| selves time loans some time ago and who
put their supplies out again at the profit
able ruling rates in place Of the loans
called by the banks to meet the demand
for the October settlement. The showing
| of the bank statement and the continued
| tightness OF money were Offset by the
additional engagements Of gold for i'm
| port and the drop in the rates for sterl-
ing exchange to very near the regular
| import point. The sentiment on the stock
exchange was that further relief 20 the
/ money market from this source is now
available and that regular movement
of gold IS now fairly inaugurated. No
! pressure Of liquidation was manifest and
present holders Of stock evidently feel
themselves strong enough to await a
more favorable turn OF affairs The con-
fidence in further gold imports was en-
phasized by the failure Of the Bank OF
| England to advance its official discount
rate, Notwithstanding the fact that the
| principle demand for money in London
| is now thrown upon the central institu-
ton by reason Of the higher prevailing
private rate Of discount. A fall in sterl-
| ing exchange at Berlin in response to the
| former discounts there suggested ad-
! ditional pressure on London for gold
| from that source alone. With gold NOV
ing to New York some measure of pro-
lection by the bank at an early day may
| be accepted as a certainty. The interior
money markets in this country gave no
| ovid IF ~
upon New York for funds. New York
exchange at interior points tending tath-
er downwards. Some relief Is anticipated
next week from dividend and interest dis
bursements and from the money to be
left in the city by visitors TO the Dewey
celebration. Except for a recovery of
| 1-2 in Tennessee Coal. gains of l 81 and
! in the st. Louis Southwestern stocks
| and wide movements In a few usually in
+, active stocks today's market was with
out notable incident. The total dealings
fell to the level OF the midsummer period
| of dizziness.
| Dealings in bonds were on a small scale
and price changes were mixed. Total
sales, par value sl325. 900; United States
new IS declined is IN the bid price
The elimination of two days from the
weeks business and the prospect OF dull
business next week consequent upon the
! yacht races accentuated the speculative
! stagnation which always follows a period
OF unusual activity in the stock market
and limited the transactions Of the last
four days. The hope is expressed that
/ the dividend and interest disbursements
next week may serve to relieve somewhat
the local pressure upon the money mar
/ ket. Many widely varying estimates are
/ heard also OF the effect OF expenditures
by Dewey Day visitors on the local
money supply. But as 10 the main
| causes Of the depletion OF banking re-
serves, it Is manifest that the needs OF
| the interior for money 70 move the crops
| are not yet appeased. Neither Is any ces-
| sarion Of the absorption Of money BY the
| treasury in sight. as the government 8
| expenditures are now running wei under
! receipts The August surplus xii sp-
| parently be doubled IN September and the
! July deficit IS more than wiped out. leav-
| ing a growing surplus rs the fiscal year
| progresses. There has been constant de-
mand for all the gold certificates which
I have been available a. the New York
/
81 70 convert the gold OF New York
banks into a form more desired b. The
depositors. their distribution has aug
/ meuted rather than relieved the drain on
New York banks Many q the clearing
I house institutions started the week with
I their cash reserves under the legal lIni:
ard with additional demands upon them
/ there has ban further calling Of loans.
/ The stock market has ben unprepare5 20
! move upwards. under me circumstances
But g has shown signs Of resistance TO q
/ decline which made the bears wary y in
/ vadinz stocks. Il = evident that stocks
I are much Jess fnvuinersbls 20 attack and
1 that weak speculative holdings OF mar
/ gin and With borrowed n1oueT have bean
/ shaken down upo1 a more solid founda-
ton Stocks with intrinsic merst were
taken az such tines by interests rot de-
I pendent Oh ordinary money market Re-
I sources Som q those provided them
I selves with funds OF tine loAls befars
( the present xtrf-Eencv set IN ard have
( a handsome pToht available uoE b. r.
I ioansng o. caIL No small part % current
( transactions n rnEneY zre q tais char
! acser and naturally 70 not effect fhe
+ showing % the haaks a. Az. There have
/ been several monthly reports by E-eaf
! railway systems during fhs veek. shSE-
/ Ing extraordinarily favorable business
/ ard reports q weekly gross earnings
! show re high Jewel EslI rSzlztasres- TIE
( Trznsvaal developments have caused bSt
I sllgsr fE1asnce 81 th@ Iaezi stock zzzr-
kst
1 BRADsTgEET- FINANCIAL REVIEW