The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-23
NOT READY TO QUIT
BULLS KEEP Up COURAGE IN THE
STOCK MARKET.

Americans and the Esisin. of the Bank
of Ensland's Discount Fate to -Four Fer
Cent-Crop Situation and the Grain
Movement are More Powerful on the
Other side-Close at General Fractional
Gains-silver Certificates Decline.
New York, Oct 22-The stock market
Gently and displayed considerable
strength, despite several developments
that would, under ordinary circumstan-
ces have exerted a marked unfavorable
influence. The distribution OF the deal
ing was fairly broad and with the ex-
! ception OF Sugar, which disputed with
I st. Paul the leadership in extent OF
trading, the railways commanded more
: interest than the industrials. The open
| ing was weak and lower on London
recesEions for Americans and the news
OF an advance by the Bank of Eng
| land of per cent, to 4 per cent. in its
minimum rate of discount. The high
| open London discount rate had pres
| aged an advance in the bank figure,
but in some circles it had not been e1-
! pected that the rate would be put up
| above 312 per cent. The inference
drawn was logically that the step ia
ken would al least temporarily check
| the exports of gold to this country. An
| interesting development in connection
| with gold movement was the receipt OF
| s., 375, coo from Australia and the engage
ment OF an equal amount for import
from that country, in addition to about
S1,8l0.oe0 in gold from Europe. bringing
the grand total Of engagements, in
Guiding arrivals, and not including the
Australian and Canadian gold receipts,
to 0,SSS, 929. An advance in posted and
actual rates of exchange contributed to
temporarily depress prices. Foreigntrs
were moderate sellers OF international
favorites, and in most instances fraction
al concessions were made. The contin-
ued heavy grain movement and the pub
LEGATION of incidental car famine re-
ports. together with further estimates
Of the crop deficiency abroad, appear
ed, however, 20 weigh more with the
bulls than the bad news, and as a re-
suit of extensive purchases for both
accounts, prices moved sharply upward.
The grangers as a group led the market
in point Of strength and activity, a
decrease of over $500, 900 in Northwest
ern September gross earnings being ig-
rored owing to forecasts of heavy traf-
fic movement generally for this month.
Burlington rallied per cent and the
other members of the group made a
slightly smaller gain. The Southwest
ern group was especially helped by re-
ports Of the restoration of peace be-
tween the hitherto warning roads in that
region, and some of the industriais
made notable improvements, especially
Ruther, preferred and and common,
which sold up PA per cent Around de-
livery hour the market reacted an eX-
IRENE ~ per cent, the last in Rock Is
land. on realizing. The closing was
steady at the declines. with compare
tive figures showing general fractional
gains.
The total sales Of stocks today were
22S, 1854 shares, in Guiding: American To-
bacco $500; American Sugar $1,000; Bur
lington and Quincy $4,000; Chicago Gas
trust receipts $500; Louisville and Nash
vile q, 900; Manhattan Consols 400;
Missouri Pacific 1900; Tennessee Coal and
iron $500; Union Pacific 1890; Western
Union 800; Southern railroad preferred
400; silver certificates 5000.
Railway and miscellaneous bonds dis
played strength on moderate transac-
tons. The Northern Pacific issues were
usually prominent and made substan-
tial gains, and Missouri, Kansas and
Texas fives were conspicuous for
jump of 334 per cent. The sales were
100000.
Governments were quiet but general
~ firm on dealings of $4,000.
Silver certificat eS were weak and de-
clined y per cent on sales of $4,000.
FOREIGN STOCK MARKETS.
New York, Oct 2e-Evening Posts
London financial cablegram:
'"The stocks were generally good to-
day, the chief stimulus coming form
Paris. where there was a much better
tone because eff a sharp rise in Spanish
securities. The long expected rise in
the bank rate also had a good rather |
than a bad effect. Bankers and dis
count houses have raised their rates on
deposits TO 2Ia per cent and the London
market discount is nearly SA. Consois
were a fraction lower, but other stocks
closed good. Americans were bid for
in the street quite excitedly at prices
dollar higher for leading shares than
when tn exchange closed. Reading was
largely bought here today. Mines
were good. except Chartered company, |
which was fat on the fresh capital is |
sue Money in India is still rising, the |
Bank OF Bombay rate being up TO s |
per cent l. labs. Special council drafts /
were sold at rates ranging up TO Z ana
1 SIS The Paris bourse was distinct
ly better. forced sales ceaSing, for the
moment at least, while the recovery
in Spanish stocks Is SO marked as 10 oc-
casion reports that the Spanish loan |
has been arranged. The possibility or
a rise in the French bank rate Is. how |
ever. discussed and that might have |
a had effect. with the settlement COM |
ing on a: the end OF the month. sim. |
the future mainly turns on Spanish fl |
narces. The Berlin market was firm
Vienna. oct. cat the meeting this |
morning OF the directors OF the Arstro- |
bank. the discount rate was |
,o+ changed. the financial situation be- /
ing satisfactory.
London. Oct. 22.-Bar gold IS quoted l
today at rs MD. a decline Of Ia from |
LOANS AND EXCHANGE.
Me- York. Oct. e2.-Noon: Money on |
call firm at 6 per cent; prime mercan- !
tile paper, nominally IGs per cent; s'er-
linz exchange. firm and higher with |
sctr,al business n bankers bills at 81 81 /
IA. s4ss for demand. and s.. sos. 81 81 for /
eo Savs: silver certificates sales, $4,000. |
a. s5@ a 5Ik.; bar silver. COS; Mexican /
doilars. 50is cents: government bonds. /
firm: new fours registered. 1ls; coupon. |
III; fivss registered. no; coupon. ll1k; /
fours registered. 107: coupon. lo9-4; tWos /
registered. 90: Pacific skies OF 81, 1oL
BANK CLEARTNGS.
New York-Clearings. sles, 7e0 los; bal
ances. s.. soi. eSt.
Tsnstnz,--Isarings s15I5l.t5.: balan- /