The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-10-08
CAUSED BY COTTON
STERLING EXCHANGE DECLINES
AND GALL MONEY ADVANCES

AND GALL MONEY ADVANCES
Former Fact Due to an Increased Move
ment of Bills Drawn Against Cotton
ana the Latter to Shipments of Cur
rency to the Interior, Principally to the
Cotton States-London Prices for Amer
leans Advance-In dustrials and Grauc.
ers are In Biggest Vigorous
Drive. Followed by Final Reaction.
New York. Oct. There were but
few factors bearing generally upon the
speculation today aside from a decline
in the sterling exchange market and an
advance in the rates for call money.
The first mentioned condition is the re-
suit OF the operation OF the normal in
fluences at this season and reflects an
increased movement OF bills, chiefly
drawn against cotton. The continued
large shipments OF currency to the in
terror and principally to the cotton dis
trict have caused a steady shrinkage
in the surplus reserve of the New York
e-cSNN-6NC4 Dd4AhS anu N4c
hardening tendency for money
The London prices for Americans
bowed advances in nearly all instances
and some buying for that account was
reported in this market. The local
speculation showed an increase in ac-
tivity over the average but the move
ment Of prices was irregular. AS usual
Of late the execution OF commission or
ders was greatly disprcportionate TO
the professional dealings. The leading
shares in extent OF business were Chi
cago Gas. Tobacco. St Paul. Reading,
Burlington and Sugar
The opening was active and strong
with general fractional gains. y Wig
orous drive was soon made, however,
against the market in which the grang-
ers and industrials were the chief suf-
ferers. The chief declines at the low
figures were: Chicago Gas 2A per cent;
New Jersey Central 2h per cent; To-
bacco and Missouri Pacific rs per cent:
Sugar. Burlington and Leather prefer
red is per cent; Tennessee Coal and
Erie Telegraph ~ per cent and Dis
tilling is per cent. Around delivery
hour the market received support and
gains were recorded over the low fig
ures, of per cent in New Jersey Cen
trail, rs per cent in Bay State Gas, is
per cent in Lacawanna, is per cent in
Reading, IL per cent in Tennessee Coal
and Chicago Gas and rs per cent in
Sugar and Tobacco. The rallies in
New Jersey Central and Chicago Gas
were generally attributed TO the cover
ing OF short contracts. Sugar was
hoped by further advances in the for
eign and domestic product. Leather
was unfavorably affected by the con-
hnrryaar "a Trnifld a. thor
company and the independent tanners.
which has resulted in successive cuts
in union-tanned sole leather and SYM
in all other grades. Specu-
lation left off strong in tone, with final
prices in the main lower than at the
close of the preceding business day.
The railway and miscellaneous bond
market was moderately active. the
sales aggregating s1,5l4.O00. The tone
OF the market was weak and most OF
the issues traded in recorded declines
during the greater part of the day. In
the late dealings a better tone prevail
ed and some slight recoveries were re-
corded, mainly in the Atchison and
Texas and Pacific issues. Oregon Inn
firsts and consols fives were
heavy and lost and per cent respec-
lively on sales Induced by the appoint
ment of a receiver for the company.
The other notable declines were; Louis
vile and Nashville fives 2 per cent;
Western Union collateral trust fives
and Wheeling and Lake Erie firsts IL
per cent: Mobile and Ohio fours rs per
cent and Iron Mountain fives, Oregon
Short Line consols fives trust receipts,
Western New York and Pennsylvania,
generals and Wisconsin Central first
trust receipts l per cent Ann Arbor
daalt in
at "A per cent; governments came in for
a fair share of attention and sales were
Of $50 700 new fours coupon;
IS 900 fives registered prices except for
the latter, which gained Z per cent.
The four coupons were bid up u per
cent in the morning but lost the i'm
in the afternoon. State is
sues were neglected.
FOREIGN STOCKS AND MONEY.
New York. Oct. THE Evening Posts
financial cablegram: London. Eng. Oct.
THE recovery on the Paris bOurse
late on Saturday caused all markets 70
open firm, especially Kafiirs. which
jumped up considerably. Ultimately
there was a material set back in Kafiirs
Opinion generally varies about the
stock but the general idea is that
severe slump here will, II possible, be
pIcNtnleu III VIEW u bIiS many -
sues OF capital TO be made. Americans
have been firm but closed fat al the
lowest Argentine issues were in strong
demand on the further confirmation OF
The rumor cabled somewhile since, that
he entire external debt may possibly
De unified into a per cent stock.
A feature today is the growing dis
Ike in the discount market TO the grow ,
ng accumulation Of continental bills !
Acceptances OF many French houses |
ire said 10 have been refused here
London. Eng, Oct. 7.-Consols FOR !
money 107 5-s consols for account l07 |
'-15; Canadian Pacific 81 7-s; Erie y 1-2; |
Erie seconds 81 IA; Illinois Central 104;; |
Mexican Ordinary %: 81. Paul common |
IS: New York Central los: Pennsyl- |
'ania 81 i-2; Reading 10 IS: Mexican |
Central new fours q II: Bar silver 30 |
3-1sd per ounce. Money Ia per cent F.!
The rate Of discount in the open mar |
Set for short bills was 9-1s per cent The ]
ate OF discount in the open market for |
hree months bills was I-2ds-1s per cent |
Berlin, Oct. 7.-FIrmness prevailed In /
he various markets today and ex-
.hange on London was unaltered.
Paris, Oct. Three per cent rsn:es 4
90 francs 50 centimes for the account. !
Exchange on London - francs - IL /
.entimss FOR checks
WOOL MARKET. 4
CT TnT-V=