The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-08
CLOSES AT LOWEST
STOCK MARKET MANIPULATED FOR
A DECLINE.

Same Interests That Originated the Recent
Upward Movement are Trying to Re-
peat Their Success by the same Route
Sensational Reports Attend the De-
cline. Relating, Among Other Things,
to Competition in Sugar Production
Gold Import Reports Reappear-CIoss
is at the Lowest-Bonds Depressed.
| New York, Oct. 1.-THE stock market
again today reflected effective manipu-
lation by the powerful interests that
originated the recent upward movement
in prices. Having sold out their lines,
these operators have in the last day or
| two favored and contributed towards a
reaction with a view presumably to es-
I tabhshing level for another move
ment. The tactics employed included
| the circulation of distressing reports
in the last hour Of trading and further
manipulation OF the market. Some IL
| quotation enSued. The dealings, aside
| from few notable changes in the spe-
cilaties, were not Particularly interest
ing. The forenoon operations were
harked by comparative steadiness on a
very light volume OF business, but in
| the afternoon break considerable &C
| tivity developed. The reports attend
ing the decline were sensational in the
| extreme and as far as can be learned.
| in most cases lacked foundation in fact.
Sugar was hammered on continued I'M
| favorable trade forecasts, and finally,
upon the apparently plausible report OF
| impending competition with the Amer
| lean Sugar Refining company by pow
erful commercial interests, the stock
yielded am extreme of 21a per cent TO
1914 per cent. Manhattan suffered from
extensive liquidation. as the stock had
reached figures aprOximating the full
| forecasts made early in the upward
movement. The full decline scored was
2B per cent. to SOS per cent.
The market opened weak in sympathy
with reaotionary tendency in the Lon
don prices for American securities, but
the losses We're unimportant a rally
followed on the announcement OF an
engagement OF 100000 in gold for i'm
port. Tobacco was exceptionally strong
and jumped IL per cent to IS per cent,
on rumors, afterwards denied, that the
directors would meet today to act upon
a dividend upon the common stock.
Leather preferred gained Ia per cent,
the bills laying stress upon the more
favorable trade conditions. The pres
sure against Sugar became quite mark
ed after midday and the extreme weak
ness sympathetically depressed the list
owing to the reputation CT insiders for
general speculative activity. In the
late dealings, Tobacco was conspicuous
by a drop of &c per cent and the grang-
ers. Leather preferred and Southwest
ems, receded 1a1% per cent. The re-
port of the check of the recent savage
rate cutting in the south, foreshadowed
by the purchase of the Seaboard and
Roanoke railway by conservative in
terests, fell fat. The closing was weak
at the lowest point.
The total sales Of stocks today were
1926 shares. including: American To-
bacco 10000; American Sugar 1890;
Burlington 1900; Chicago Gas $500;
Louisville 400; Manhattan Il, 900; Read
ing 1900; st. Paul 81 400; Tennessee Coal
and Iron 400; Southern railway preferr-
ed 1900; silver certificates 10000.
The bond market displayed pronounc-
ed weakness in sympathy with the de-
preston in stocks. Dealings were in
fair volume. and net concessions of la
IL per cent were made by the principal
speculative issues. The sales were s11,-
6O1. 900. Governments were weak. the
decline extending to q per cent in the
fours. The sales were $4,000.
Silver certificates were slightly easier
on sales of $4,000.
FOREIGN STOCK MARKETS.
New York, Oct. 7.-Evening Posts
London cablegniam: 1.-THE fall in Amer
lean exchange for liquidation in mines
was today again the key to the mar
kets, which were generally fat until
near the close, when the firmness OF
Americans and a very sharp recovery
in Kaffirs Were the features. The for
mer was due TO the gold shipments and
support in New York, while the rally in
kaffirs was due to the fact that the
large amount of a big Paris operator IS
supposed to have been entirely liquidat-
ed today. The worst feature at the mo-
ment is the condition of West Austria
liam mines, which are unstable and
Will cause trouble at the settlement I'M
less a recovery comes soon. Consols
and other Investments were dull on the
renewal Of gold exports. There are not
wanting Indications of a distinctly dear
er money market. Americans, although
only firm just at the close, compare
favorayoly with other speculative mar
kets. Trade returns for the last month
are fairly satisfactory. Imports large
" increased, mainly due to fncrea sed
receipts Of wheat from the United
States, the supplies from Russia and In
dia showing a falling of. The only
features in the exports ara decrease in
wooden goods tin plates. etc, to the
United States. The Paris bourse was
fat on the difficulties OF a prominent
operator, but the close was better.
Paris is 50 full of Spanish stock that
the future of the market largely de-
ponds I'D the future Of Spanish finance.
The Berlin market was dull
London, Oct CLOSING: Ccnsols for
money iOe s-1s: for the account 10 Has.
Canadian Pacific 95Ss; Erie 14i4: Erie
firsts preferred 3215; Illinois Central
e3I5: Mexican ordinary 20H; st. Paul
common 7a15: New York Central e5iz !
PENNSYLVANIA 5s4 Reading 93s: Mexi- |
can Central new fours 6sl5; bar silver
sod per ounce. Money 1 per cant The
rate OF discount in the open market for |
short and three months bills rs per
cent
Gold is quoted today at Buenos Ayres
at 1870: Madrid ls.25; Lisbon 81;
Rome $3.50
Gold 20 the amount OF 1913. 900 pounds !
was withdrawn from the Bank OF Eng |
land today. OF this sum $4,000 pounds |
was In American eagles
The price Of bar gold has advanced |
IA, 20 as 11Isd
Paris. oct Three per cent rent>s |
I'M fra-n * ce--sr1.>s for r71e accosrr..