The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-24
FAVORS THE BULLS
STATE OF THE STOCK MARKET
MUCH TO THEIR LIKING.

L
Brought About-Market Proves super
Tor to All Untoward Features of the
Money aud Exchange Markets, Blu,
Yields Measureabiy to Heavy Gold
! Withdrawais-Foreign Stocks.
| New York, Oct. 23.-The stock market
| conditions were again favorable to the
bulls today The market was active and
sggressively strong, with an excellent
distribution OF dealings. London quo
tations came higher and early in the
local operations scarcity Of stocks be-
came evident. Covering of shorts was
strong feature. TIE broadening tend
ency of the speculation was reflected in
commission house orders and the in
| quiry covered a number OF unusually
inactive stocks, resulting in material
gains. 1t is understood that the recent
| strength of the market in the face OF the
| firmer exchange rates and the advance
| in the Bank OF England's rate have been
! due to adroit manipulations against the
| shorts IN various properties by power
| ful operators who are not confident OF
material Improvement in the market in
the near future. The scope of these op>
| erations also takes in a foreign short
| interest in American securities estimat-
ed a over 100,o coo shares of the various
internationals. This short interest is
| the result of the system that prevails
in London of selling calls on American
securities for sixty and ninety day peri
DDS. The calls at present outstanding
have, to a large extent, been bought by
! AnnTpo9n
| ing the shorts. The stocks have to be
bought against the calls. which all ex-
pire by the end of December. The mar
ket toda proved superior to continued
str1ngency in money rates, a practical
~ complete absence of demand for even
cholce mercantile paper, and further ad
vance in both actual and sterling rates
but in the late afternoon tn unexpected
news of withdrawal of 1900 900 IN
gold from the subtreasury by a leading
New York and California banking
house precipitaetd selling for both ac-
counts. The earl advances IN the active
lise extended to 32s per cent in Chicago
Gas, and 215 per cent in Sugar. The
industrials generally were helped by
trade advices and the Southwestern
shares by the expected restoration of
harmony between the recent sharp rate
cutting roads. In the late recessions,
Sugar lost rs per cent and the general
list sharp fractions The closing was
steady at fractional net improvements
generally.
The total sales of stocks today were |
$4,000 shares, including: American To-
bacco, $500: Atchison, 5000; American |
Sugar, 35,400; Burlington and Quincy. |
1850; Chicago Gas. 24.400; Louisville and |
Nashville, y, 100; Manhattan 5000; North |
ern Pacific preferred, 5000; Reading 49,
800; Rock Island, 4,400; st. Paul, $4,000; |
silver certificates, $1,000.
Railway bonds exhibited strength, es
pecialiy the speculative issues. The
sales were 1,342, 900.
Governments were quiet but firm on
dealings Of $1,000
Silver certificates were firm on sales
of $4,000.
THE GOLD WITHDRAWAL.
New York. Oct. 23.-The speculate tive
equilibrium in Wall street was disturb
ed in the late afternoon today by the
that Laidiow & Co. an
influential banking house, acting as
agents for the Bank of California. had
Withdrawn from the sub-treasury ST.
100000 in gold in exchange for green
backs This being the first substantial
withdrawal since the termination of the
gold export movement cheated decid-
ly unfayorable impression on the part
of the traders, and stocks reacted all
along the line. The firm positively re-
fused TO discuss the subject of the with
drawal. In the absence of definite news
on the subject. il was suggested that
the withdrawal was for the purpose of
the gold reserve of the
- a t,l- .Nc oil nr,o;a oil hot y !
was for account of large California
capitalist. The heaviest previous with
irawal of gold recently was that of
$780, eco by Kuhn. Loeb & Co. and the
firm replaced the coin here today. It
could not be learned whether the gold
would be shipped out Of town or would !
De left temporarily in the safe deposit |
1au,ts where il now lies.
FOREIGN STOCKS AND MONEY.
London. Oct. 23.-Consols for money
0S sic; for the account, los SIG; Cana
Ian Pacific, 591a; Erie, Is; Erie first
preferred 341s: Illinois Central, %; Mex
can ordinary 21L; st. Paul. common.
15s; New York Central, 90; Pennsylva- ]
Tia. "a: Reading. IS; Mexican Central
lew tours, 69i2; bar silver so 1-i6d per
unce; money 2l2 per cent. The rate :
4 discount in the open market for both s
hort and three months bills 3h@3%
'er cent. Gold is quoted at Buenos
Ayres today at 1925: Madrid. 1925;
lisbon. 1894; Rome. 10690. Bar gold, /!
Is 1054d The Bank Of England today S
old 10000 pounds American eagles for 6
xport 10 America. y
Paris. Oct. 23.-Three per cent rentes
Dlf soc for the account. Exchange on !
.ondon 25f c.ii3c for checks. '
Berlin. Oct 2S.-Exchange on London 5
ight day sight 20 marks 551z pfennigs. I
LONDON COMMENT. 5
London. Oct. eS.-Tha afternoon news T
apers agree in saying that the condi- !
on of the New York money market \
oints 10 further imports OF gold S
The Westminster Gazette says: 1T /
absolutely necessary in order that no 7
arm he experienced, that gold should ! ;
,ntinue to be imported We think 7
lat the immediate future Of the mar \
It is not uncertain. but after the pres y
entail election il is believed. the value 3
money in London will return to !
wer level =
LOANS AND EXCHANGE. a
New York. Oct 2S.-Money on call =
m at 5G7 per cent. last loan 8 per cent. 4
osed 6G7 per cent Prime mercantile :,
lper nominally 7G9 per cent Sterling =
firm with actual business in s
mixers bills at s4S4S4 for demand. r
.sIlsGssl2. for 50 days. Posted rates u
50 and $4S5GiS5E. Commercial bills =
.1ai-. Bar silver 65Is. Silver certif- y
ties 65lsGs52<. G.
BANK CLEARINGS. \
New Yo-k-Clearings $3.50. 80: bal u.
ICES ss.sSi.75S =!
SASS. sSf: balances *