The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-26
BEARS ARE BEATEN
They FIGHT ADVANCING SHARE
VALUES TO 30 Avail.

Noted-News Of the Day Almost Solidly
Favorable, With the Prime Feature the
Decline in Money Rases-Gold In
hlow Unabated - Depressing News
Ixnored-Purchasins Orders In Wide
Range-Net Gains TO Close On.
New York, Sept. 25.-The stock mar
ket today was characterized by actiy-
;ty and strength A broadening ten
dency was noted and the bears fought
the advancing tendency Of prices 20 no
avail, as offerings for either account
were readily absorbed The news OF
the day IN almost every instance was
favorable the cardinal feature being a
sharp decline in the rates for mercan-
tile paper. Material that could not be
discounted a week ago below per cent
and upward was accepted al per cent
and the maximum figure for choice news
was per cent. The important bearing
Of this development upon the general
financial and business situa ZION cars
readily be APPRECIATED CAN money rate
were reduced from 10 per cent on the
average by the banks, and offerings OF
time funds were fairly free at per
cent for all dates on good mixed stock
excepting collateral Large additional
gold import orders were announced anu
heavy arrivals Of the yellow metal were
reported. as also substantial further
deposits at the sub-treasury N exchange
for greenbacks- The street ignored
reported extension OF rate cutting by
the railroads and some other ordinary
depressing news. Aside from the ex-
tens.ve covering Of shorts, commission
house purchases TO a fair aggregate
amount were noted 1t is assumed tnaf
the advances yesterday and today nave
materially reduced the outstanding snort
interest and reaction in prices Is there
fore expected. in ordinarily we'll INFORM
ed circles This theory was. however.
justified to only a very slight extent
this morning.
The market opened slightly lower I'M
der the influence of fractional declines
in. London quotations and some strag-
Cling selling in the market for the for
eign account Europe was. however.
light factor, owing to the interruption
Of the cable service on account OF
storm The depression was Of brief du-
ration and the market rapidly developed
a strong aggressive tone. The pur-
chasing orders embraced variety or
stocks, including the low-priced as well
as the investment classes. The usually
active shares were more prominent and
therenewai Of mercantile activity faci-
Etated efforts by specialists in the active
induStrialS. The more important ex-
IRENE gains ranged In the regularly &c
tive list from to 2S per cent, the last
in Manhattan. The familiar rumors OF
a deal with the Illinois Steel and Me-
tropohtan Traction company were again
made to do service and the last men-
toned rose AZ pier cent, to 50 percent,
but in each case fractional declines
from the top figures occurred on reports
Of the irresponsibilify OF the parties en-
gagged In negotiations between the COM
panies Illinois Steel advanced 3S per
cent to AIS per cent; Minnesota Iron
per cent, to IS per cent, and Great
Northern preferred 6 per cent, TO 10 per
cent A few favorable features Of the
market was q strong and active rail-
road bond market: good demand for
government investment being also not
ed. A reactionary movement developed
around delivery hour ON realizing and
the market 1eft off heavy IN tone. but
with final figures recording net gains Of
to per cent in the leading shares
The total sales of stocks today vera
255. $40 shares including: American To-
bacco $500; Atchison $500: American
Sugar $500; Burlington and Quincy
Is. 700: General Electric. $500; louisville
and Nashville i, 200: Manhattan IL. 600;
Missouri Pacific $500; Reading 1900;
Rock Island $500; st. Paul A 100; West
ern Union $500: Wheeling and Lake
Erie 200; Southern $500; Southern pre-
ferred 600; Silver certificates 145.co0.
The bond market displayed aggressive
strength on increased dealings and a
broadening tendency. The leading spec
luarfve issues sold up to to per cent,
with the bulk Of the dea1ingsfnthe Atch-
ison and Reading liens Chicago Gas
first exceptionally jumped 81 per cent
and St Louis Southwestern first and
Tennessee Goal first, Tennessee divis-
Ion. AZ per cent Ohio Southern fours
trust receipts declined s per cent. The
sales were s1.ss5, 900.
Government bonds were strong and
active The new fours touched 116+.
per cent The sales were $40, 500.
Silvercertificates were regular on a
declining tendency. the sales aggregat-
Ing s145. 600 at 6s511.
FOREIGN STOCK MARKETS.
New York. Sept 25.-The Eevening
Posts London financial cablegram:
Flat, dear money still is the depress-
ing factor. Americans were the stead
iestmarket- The mining settlement be-
gins tomorrow.
The market at Paris was steady and
at Berlin firm
London. Sept 2s.-Goli is In the open
MARKET quoted Today at us 11s.d per
ounce. There was withdrawn from
the Bank OF England today 81 900
IN gold. OF which ~ 900 was In United
States coin and 1900 for Egypt
REVIEW OF THE WEEK:
New York, Sep. .a-Bradstreet's re-
view Of the New York stock market
says:
The advance OF the Bank OF Enxland's
rate from ~ per cent TO per cent. and
the hardening OF the opentng mzrket
at London SENS 20 impose a check up
On TIE inflow of god from Europe. but
IN vf>w OF the ACTIVITY Of gram and
OTTER exports .. IL thought tfe move
n>erft Of specie tbs way VIII continue
though upon a more moderate scale
During the week. however. 10 less than
$3.50. 900 gold was secured sn London
end PARIS for shipment here. making this
total 70 date about 81. o1e. 90. OF which
sSl 10000 had aiT~ady arrived The To-
tai treasury holdings may Be put q.
about Sl34 600 600. a. against SOL. 90. 900
when the gold Inflow b-x2a- This -
undoubtedly factor tn Grating ne
better feeling which Affects the course
OF Tia snare MARKET yzioeS The mar
ket corruoes 20 Be IN tie main a pro-
essstocai affair. Pubic participation
cannot Dc detected and TIE foreign mar
se1s. w2zje more fzyorabse towards
AIEse-sc,n ser1-5.fes ara influenced BIZ
TIE p-ntkng troubles over T>z-key ard
sh> ri~s IN Interest rzte4 On Friday