The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-16
Wall Street Receives the News
With Composure.

that place. The second engagement was
that Of Barring. Mgaoun & Co. who or
dered $4,000 of double eagles at the sub
treasury and the third and last official
announcement was that or Kuhn, Loeb
& Co.. who engaged 10000 in double
eagles All the gold engaged today will
leave on tomorrow's steamers and IL IS
thought that further engagements will
be made tomorrow. Report had 1t that
one OF the biggest banking houses had
completed all arrangements to ship a big
sum from the reserve in its own vaults
and three foreign houses not yet down
for shipments are likely 20 be heard
from
London. Dec. 1.-THE Statist says:
THE prospects Of gold coming from the
United States are more hopeful. To n
duce shipments the Bank of England has
raised the price 1t is willing 10 pay for
eagles one penny, TO rs sgd per ounce
At the same time It has offered to lend
at only 21s per cent on the security OF
gold the moment IL is shipped. On the
other hand the reaction IN exchange has.
we learn, prevented any one as yet from
taking advantage Of this offer. The sharp
advance in exchange Wednesday was due
TO very heavy selling OF Americans. The
decline in exchange yesterday was caused
by London's renewed purchases Should
London again sell Americans, as may
occur in case the report of British vie
tory in Natal is confirmed, exchange
would rise TO the gold point. and gold
would come. In the event OF the alb
sence OF gold arrivals from New York
London will be left to it's own resources
and consequently there would be a great
demand for money at the end Of the
year"
London, Dec. 1.-THE Times. In its An
ancial articles. saws: NO shipment OF
American eagles has actually been ar
ranged yet There is no doubt. however,
that gold will come IL the present rate
E firmly maintained. Gold will come
because It will pay people 70 bring It.
We shall get a great deal in this manner
during the next few weeks"
New York. Dec. 15.--The strength man
ifested by the stock market in face OF
the engagements of gold for export BY
tomorrows steamers was the feature OF
the day. There was considerable hesita-
ton and some reaction in the early deal
ings on the recurrence Of fears over the
effects OF gold shipments. Yesterdays
recovery in stocks. 1t will be remembered,
was based on the hopes that gold ex-
ports had been averted for the time be-
ing. The fact that apprehension over this
development was still apparent this morn
ing made the strong advance in prices in
the very face Of the news OF the gold
al r..
ling exchange rate today not only failed
to recover. but declined an additional
fraction to sis71a for demand. The ship
ment Of gold at this level for exchange
demonstrates that some considerable ad-
vantage IS offered by the Bank Of Eng
land. as an inducement for the shipment
II IS known. in fact. that the English
Institution allows interest 10 the shippers
for the period of the transit. II has also
advanced the buying price Of gold, both
for American eagles and for bar gold
For the former. the price has been ad-
vauced one penny an ounce in two days
The transaction may therefore be re-
garded in a certain sense as a special
one. Whether It was for this reason that +
the local stock market took small account
OF the beginning OF the export move
ment. Is a subject for eurmise The re-
ported engagement OF S. 1000 In gold 4
for export caused no stfTenlng OF the I
local money rate, which ruled from 1
70 per cent all day. The incidents OF (
the day which served 70 offss; the g7Id (
exports were several. In the frst place, d
was the conviction that tomorToW-s +
bank statement would make a strong
showing The weeks loszes % the sub .
treasury. which foot I'D 81 "a 30 have
been 50 "a Offset By the receipts OF cur
rency from the interior and OF gold from .
Canada that the banks net losses in cash .
are figured AZ less than 8 500 90 To- (
gold shipments Of courss 10 not /
agure. The weeks extensive liquidation
IN the stock market. With Its consequent /
in loans. is certain 20 have F..
mere than Offset Its comparatively slight (
decrease IN cash. rise 81 the Surplus
reserves II the hanks is therefore be- .
ievef 70 - Vel assured The srrira .
from CUba % a United States transport {
brings az addition 70 the avsuabl. sup
ply Of specie % Si.zs9c1o. assigned 70 a /
trust company. and ~ over 100 o3 o.
Dostofflce funds. The absence % disturb +
.Ece IN the iocal money -narks. b. The
of gold and the favorable
Eject produced on the London market .
arouse hogs that the operation may
prove beneficial % The financial world
Il large IN sufficient degree % o-set any
oesl inconvenience A fsvorsbIs e1ecc
vas p-otuced on the stock market here
~ the 5uoyant tone n ire Boston rasr-
get arguing a satisfactory settlement z
he difficulties threatening this -saTkst
gains e price Throughout The
Isl are the ret results % the czy's TIA
* 4 late advance = ~ f. III p-fcs
( Pi,tEbs-g Cincinnati Chirsxo and e.
-ouls was q fsz-pre " ire day. Cl0s-
~ 49, - 800 49,