The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-18
TOBACCO MAKES IT
THAT PROPERTY ABOUT ALL
THERE Is TO THE MARKET.

Statement Brings Chill to the Market
Effect of the Crop Movement Upon
the Financial Situation - Statistical
Statement of International Trade for
September.
New York. Oct. 17.-Tobacco pract;-
caliy constituted today's stock market
in point OF activity and made a sensa-
tional extreme break OF 12 per cent, TO
69k per cent, after an early improve
ment of a point While the long con-
tinued rise il the stock has been ac-
companied by a number of vague ru-
mors of a bullish character, including
suggestions of future favorable action
in regard TO dividends. and more re-
Gently by reports of an impending alb
sorption Of the plants of the more i'm
porrant concerns opposed TO the Amer
lean Tobacco company. the decline to-
day caused only languid interest on the
part of the financial community ar
large Experienced operators are well
aware that the cloSeneSS with which
Tobacco stock is held permits the in
to make practically their own prices.
The successive conflicting reports that
the alleged pending loans are on or
of" obviously afford first-class specu-
iative opportunities to the clique. The
slump in the mercurial speciality failed
to seriously affect the general hist,
which displayed decided strength dur
ing the first hour, despite the unfavora-
bic statement OF the st. Paul for the
second week OF October, showing a de-
crease of sec, 900. The grangerS and
some of the industrialS were in moder-
ate request Cotton Oil preferred rose
2A per cent; Bay State Gas Il. per cent
and Consolidated Gas l per cent The
publication of THE statement OF aver
ages of the associated banks. however.
gave the entire market chill although
the selling that ensued was considered
to be more largely for short account.
The loss shown in legal reserve, of 49,
6SS 100, and other unfavorable items,
reflected the activity of money m the
crop movement and, to a less extent,
timidity in some quarters regarding
the immediate financial outlook. The
early improvements were lost and the
market closed weak at unimportant
changes.
The total sales OF stocks today were
1922 shares, including: American To
bacco 81 500; Burlington $500; Manhat-
tan 1920; ST. Paul 10, 400; Reading $500;
silver certificates 5000.
WEEK REVIEWED.
The market during the week display
ed considerable irregularity, chiefly on
professional operations. The course of
prices reflected successive alternate
counter plays by the bull and bear
leaders, with the manipulation most
evident in the industrial group The
erratic movements in the speciaitieS at
times sympa thetically affected the gen.
eral list but the volume Of business was
only moderate. Trade conditions form
ed the text for the bull efforts IN the
class of stocks referred to, while fav-
orable general influence was exerted by
the reports OF further advances IN
grain and other food products and OF
an enlarged export scope and by the
failure Of the Bank OF England to adj
vance the minimum rate OF discount
above the ruling 3 per cent figure, as
had been anticipated. This fact, and
continued comparative stringency in
money rates, caused further large en-
gagements of sold for import to this
also considerable IN amount. Uncer-
tainty as to the eventual disposition OF
part Of the incoming specie is now.
however, something Of factor in the
situation and detracts from the bullish
significance of the movement at the
moment The activity and advance In
wheat and other staples. and the final
Of the cotton crop, have
caused heavy shipments Of funds to
various parts of the country, and there
is a more limited, though fairly consid-
cradle inquiry for gold for less legiti-
mate purposes. These conditions were
reflected In the bank statement and the
fun Illustration thereof at the Close of
the week caused some speculative IN
The banks are combining
their offerings Of time funds to their
own customers and are reducing their |
purchases Of even prime mercantile pa
per to minimum At the same time |
tn ere is no pressure OF choice paper and |
especially in the dry goods |
are IN good shape and are an |
ticipating the maturity OF their paper |
and paying II off. A notable reason for |
the light sales of actual stocks was the |
pubiics ton Of the foreign trade state |
nent for September. showing mark |
I'd advance in favor OF this country. /
Money on call touched 10 per cent with |
he bulk Of the loans. however. slightly /
above the legal s par cent rate. In /
some instances short time money loan
"a at 10 per cent An upward move
nent in the stock market was evertu-
lily checked by the monetary etr.n-
yency and by reports Of the suspension
Il several financial Institutions at the |
A. IT,
Siderable interest and contributed some
what 20 unsettle the market tempocar-
~ wss the withdrawal OF a lump sum
Il $500. 900 IN gold from the sub-treasu.-y
~ a leading foreign representative
louse. The explanation was simply the
OF a contract. Tobacco was
he satr performer and on a variety OF
-Enors advanced Ga per cent. to 7ez
,er cent All but one per cent OF the
rain was subsequently, lost IN the last
lays trading or liquidation By the
1sque- Comparative figures show slight
,aius generally. The aggregate sales
we're sss5, 54s shares. Business In bonds
vas without special feature and was
argeiy confined TO e few Of the sp>cu-
attve issues. Prices moved irrezulsrly. |
n sympathy with the varied Influences
Inec-tng the share speculation The
eating issues snow general sAgnt
ans. The sales were 81 sZ7. 900.
Governments were fairy active and
mainly higher. The dealings were
is. 5oo. Silver certiocztes declined
- cen. early IN toe week. Subsequent
; q f1li recovery was made The deal
ngs amounted 20 So 90.
JEW YORK BABSK STATEMENT.
New York Oct 1.-THE weekly bank
Eatenea, shows he following changes
reserve. decrease s. SIS 100: loans, de-