The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-23
GOOD RECOVERY MADE
Stock Market Takes a Day
for Recuperation.
BETTER BANK STATEMENT
Looked for Today = Money
Situation Reviewed.

New York, Sept. z2-The recuperative
tendency on the stock market gained de-
cided force during the progress Of today's
trading. The uneasiness abroad was an
element at the opening and changes were
small and irregular and the tone of the
speculation hesitating. Anaconda was
notably affected by disappointment OF
British holders over the amount Of the
dividend and dropped nearly three points
flom yesterdays closing level here. The
pressure against American Tobacco was
also in evidence and Brooklyn Transit
had a struggle TO overcome its opening
decline. The latter eventually moved up
ward, and though it fell once again below
last nights level, its advancing tendency
afterwards was a stimulating influence
on the market throughout the day. The
stocks Of New York City corporations
showed clost sympathy with the move
ment in Brooklyn Transit and many ru-
more were prevalent to account for the
movement pointing 10 plan Of unity OF
control Of all the public utilities in the
greater city Of New York. The fact that
the interests which have been in conflict
IN the local gas war are more or less
identified with the various traction COM
panias gave a color TO the rumOr. The
movement in the specialties was most
conspicuous throughout the day but
rather notable demand sprang up for the
railroads, attracted by a sudden rise in
=.
New York Central of 11-2; these gains
were not maintained but there was no
table buying all day of Southern Pacific
and of the grangers. One or two Of the
Southwesterns advanced well. The move
ment in the railroads did not extend far
outside these limits except for some OBJ
scure stocks. There was a very heavy
demand in the last hour for the Leather
stocks, which was a material factor In
overcoming the reactionary tendency of
the market. United States Leather COM
mon advanced to Is Is and the preferred
to 20 $50 closing at the top. The general
market closed steady under this sustaining
influence, somewhat below the best.
Speculative opinion was inclined to look
for a favorable bank statement tomorrow
and was much cheered thereby. There
was no further evidence OF stocks being
forced to sale by calling of loans and the
rate for call money did not rise above 6
per cent, and fell on minor transactions
below that. This is pretty good evidence
that the banks are within their legal re-
serve but II gives no clue as to how
far the surplus may have been replenished.
The banks have lost S2516,000 10 the sub
treasury and the known movements OF
money indicate a further loss 10 the in
terror OF about g, 10000. There has evil
IDENTIFY been some offset to the interior
movement by receipts through the mail
and through other channels not generally /
used for this purpose. The condition OF /
the surplus therefore depends entirely on (
the extent to which loans have been con- |
tracted and deposit liabilities thus re-
duced. The stock market during the week /
has clearly enough indicated that the re-
duction Of loans has been on large scale. /
But as the same conditions was manifest /
last week, when the bank statement /
proved a great disappointment and. this /
fact begets some uncertainty concerning (
tomorrow's statement. Closing prices OF /
stocks were as follows: