The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-10-22
IT RALLIES TWICE
STOCK MARKET MOSTLY WEAK AND
TENDS DOWNWARD.

Further Weakness in Foreign Exchange.
and What the Break In Cotton has to do
With It-Good News In the Earnings Re
ports of Northwestern Eoads-Revela-
fion Concerning the Light Available
Supply of SiIver-Stock Market Opens
Quiet and Lower, Goes Weak. Rallyins
Late aud Closing Quiet and Firm.
New York, Oct. 1.-THE pseculation
today was only Of moderate proportions
and was unrelieved by any increase in
the volume Of outside interest This
was considered surprising, owing to the
absence OF any special unfayorable
news affecting the general list, while
some important favorable Developments
were noted Further weakness in the
exchange market, caused by a freer
supply Of cotton bills and the advent in
fairly large quantities of bills against
corn and provisions; an increase in the
Northwestern gross earnings for Sep
TENDER of sos, 1863 and expectation OF a
compromise in Northern Pacific had
only momentary effect and the trend
of prices continued downward. London
was a seller OF the international stocks
and the break in the cotton corner,
while encouraging the expectation of
continued ease in the rates OF foreign
exchange, also caused some apprecia-
ton Of financial disturbances at New
Orleans
today. The recent advance in the price
of the white metal. due TO the sharp de-
mand for the account Of China and ia
pan, has revealed the light supply
available. This demand was originally
stimulated by the expenditures inciden
tai to the late war. 1t will be continued,
as the instant payments of the Chinese
indemnity are expected TO cover about
two years. Meanwhile silver accumu-
lated in London partly for the initial
payments in question has been employ
ed for India and other silver using
countries. London statistics show that
there has been a decrease in the i'm
ports of silver into England OF 5000, 900
ounces, or equivalent to about 1000. 900
pounds sterling. This fact, together
with the decreased importations Of
silver into Washington, incidental TO
VIZ ANPOa1 VI lAiC s,4lCl >ANCI law.
are considered to indicate a decrease in
the annual production OF silver OF
662, 900, 900 ounces.
The stock market opened quiet and
generally lower. Weakness was soon
discernible, especially In some OF the
specialties. Bay State Gas dropped an
extreme 2Z per cent; Hooking Valley
"a per cent; Cotton Oil preferred pa
per cent and Illinois Steel per cent.
The decline in Hooking Valley was as
cribed to the fear of a strike in the soft
coal region. A brief rally ensued about
IL O'Clock but the downward movement
was soon resumed, prices descending to
the lowest of the day. In the last hour
covering of operators induced recover
les from the bottom figures, extending
ware and Hudson, La Clede Gas and
Tennessee Coal The closing was quiet
and generally firm
The bond market ruled dull and low
er most of the day. In the late trading.
however, there were some recoveries in
the speculative issues, the Reading and
the Texas Pacific mortgages recording
the most notable gains Hooking Val
ley fives made noteworthy decline of
AS per cent. The slump was attributed
TO the labor disturbances threatened in
the bituminous coal region. These
came at a time when the inquiry for
soft coal is brisk and a strike would be
a great blow to the various companies
handling the product. Other net
changes of note are: Declines-Green
Bay incomes rs per cent: Oregon Short
Line consol fiyes trust receipts III per
cent; Grading first incomes ~ per cent;
Union Pacific sinking fund Fights,
Seattle, Lake Shore and Eastern first
trust receipts, and Kansas Pacific SKIES
of 1895, l per cent and Kansas Pacific,
Denver division. assented rs per cent.
Advances-Northern Pacific collateral
trust skies ~ per cent; Rochester and
Pittsburg fives IL per cent and Toledo.
st. Louis and Kansas City first trust
receipts, Louisville and Nashville, y.
and d. sevens and South Carolina and
Georgia firsts l per cent. The sales
were 81, 26S, 900.
Governments were steady and with
out sale.
The trading in state issues included
5000 Alabama class B and $500 Tennes-
see settlement threes, small bonds.
SILVER DEMAND INCREASES.
New York, Oct. 2L-The best author
tiles on silver look for a steadily i'm
proving demand for the metal for some
an TO accept the indemnity from China
in silver contributed largely to the
improvement in its price which has
been noted during the last few months
and the accumulation OF the metal IN
London viii go on, IN order 10 complete
the instaIlments OF the indemnity at
various dates OF payment. Mr.. Town
send Of the Hong Kong bank confirms
this view and reports in an interview
that the bank Is about to make a large
shipment Of silver 20 China Both Chi
ma and Japan are showing Increasing
inquiry for silver az the large amounts
OF the metal distributed by both coun-
tries in payment for war material and
supplies has been diverted 10 India and
other silver countries.
Mr.. Townsend adds that the silver
was ordered two months ago and has
only just been delivered. The silver
smsiters anre said to be sold ahead
for two months. Japan is miDtlng the
most OF its silver money
FOREIGN STOCKS AND MONEY
New York. Oct. 2i--The Evening
Posts financial csblegram says The
stock markets were Irregular today.
The opening was strong on a recovery
in mines but this ultimately slumoed
on a renewal OF liquidation here and
from Paris, and the market closed az
the worst Unless there 81 recovery
soon there must be some trouble. though
perhaps not serious.
Americans were dull. closing weak
with KaffirS- Argentine were strong.
The Mo-gans ara said 20 be buyf.g.
The sharp break IN cotton causes fears
that some SPECTATORS here may BE-
caught. the more 50 because Il IS sad
that some OF them were also bulls on