The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-10-10
MONEY 10 IHE FRONT.
Financial and Speculative
Eyes There Fixed.
FIRST OF GOLD IMPORTS
Stocks Close Dull With Few
important Changes.

New York, Oct s.-The attention OF the
financial and speculative world remained
fixed today on the problems of the in
ternationaI money markets All the
worlds great money centers were kept
under careful scrutiny 10 detect devei-
opments which might throw light upon
the Outcome Of the contest, now inaugu-
money supply. The engagement OF ESQ.,
go in gold and its withdrawal from the
15ank of England for shipment TO New
York marked the beginning of the con-
test and confirmed yesterdays estimate
that sterling exchange at New York had
fallen within the margin of profit Tor
gold imports. No announcement was
made in New York of this engage meat.
and it was commonly supposed that me
withdrawal was made in anticipation OF
an advance in the price OF gold, with a
view to future shipments. The with
drawal precipitated an advance in the
Bank of England's price of gold, geld
bars and American eagles both being
marked up halgpenny an ounce TAe
margin OF profit on imports TO New
york was thus wiped out Sterling ak
change in New York. which had stesdied
this morning after yesterdays downward
plunge, thereupon resumed downward
course and closed easy and still tending
towards the new level of gold imports
and established by the Bank of En-
glands action. The discount rate in
London. also responded for the first time
TO the threatened demand FOR gold and
hardened slightly. Continental exchange
both on Berlin and Paris weakened not
ably today, on account of the heavy con-
kaT for hfYxyf fro
that source having superseded for the
time being the English demand, and IA
the afternoon It was announced that
1000, 900 francs had been engaged In Paris
for import to New York. The Bank o
France is undoubtedly best equipped of
all the great European banks 10 spare
gold ct this time. But it has pursued
a policy of boarding, for gone time past
and the policy of the institution in the
protection of its gold reserve is exceed
ingly arbitrary. 1t is taken for granted
that it will interpose an obstacle 70 The
drain inaugurated today upon the Paris
markets gold supply AS for Berlin. to-
days weekly statement OF the imperial
bank shows that it has lost nearly g.
600 900 III cash during the week, in spite
of receipts OF god from London. al
though 1t has contracted above -alf OF
the enormous note issue Of the previous
week and has recalled nearly $4,000 100 of
last weeks loan expansion. which ex-
ceeded s25, 100000 1t is clearly evident
therefore that New York will have to
make a more urgent call to effect
movement hither of gold on any consid-
cradle scale Meantime the local money
market continues TO harden and the pro-
portion of call loans placed at 31s per
cent was considerably greater than yes
terday Today's transfers of currency u
the interior through the sub-treasury
again reached three-quarters of a million
dollars and the banks have lost TO that
institution since Friday s2.2T5.Oo0. The
movement by express is a matter of con-
lecture, but IS known TO continue large.
Speculative action was considerably par
aiyzed, pending the solution of these
money market perplexities, and the
movement of prices was narrow and I'M
important. Thefe was notable move
ment in the iron ard steel group, pre- tty
much all the members OF the lroup COM
ing into the movement as the day pro-
crossed. with advances of from to over
points. This movement and TIE an
nouncement Of the engagement OF gold in
Paris served to overcome some OF M
early depression. Strength in the local
traction group was also factor. But
the market closed duh and irregular.
with few net changes OF importance.
Closing prices Of stocks were as follows: