The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-28
SHORTS ARE AHEAD
THEY MAKE a sHgEWD SCOOP
AGAINST SHARE VALUES

Forecasts are Employed Relating to ymns-
nent Danger OF Co,lIsioa Bssve zen the
United States aad Spain and Also rs tn
an Advance Of Cali Money Rates 20 L.
Per Cent-Reeesssons TI.ereupon Occur
In the General List and Deepest in
sueaf-kecond Raid E.ds-Ciose ID nj
Losses.
New York. Oct 21-The speculation IN
stocks today exceeded any recent record
and despite the exceptionally heavy deaf
ings in Sugar and Reai.ng. the market
could be fairly termed broad. number
OF the prominent shares attracting at
eention By fair-sized totals The oper-
atoms were signalized by scoop against
values on the part OF some person or per-
sons unknown presumably interested on
the short side. and the combined effec-
tiveness and simplicity Of the tactics en-
ployed once more illustrated the short
sightedness and guIlibili,y o: the average
Wall street trader. The scheme, which
pu-po-tsd to forecast political compli-
cations between this country and Spain,
together with q rise In call money 60 an
extreme u per cent, caused recess.oas in
prices OF 1G1z per cent on the general
list, while Sugar lost "a per cent. The
strategy enabled many shorts who were
being 'gunnsi" for by a leading opera
tor 10 either escape altogether or 20 i'm
II their losses. The market displayed ir-
regularity In the initial dealings, but the
changes were slight. aside from Chicago
Gas. which sold down is per cent A
firm tone soon developed and on heavy
purchases for both accounts, prices rose
all along the line. with an especial in
quiry for the high-p-teed irdUstrials.
Sugar touched HISS per cent and Chica-
go Gas recovered practically all the loss
Foreign sales were noted 10 a very large
taken Commission houses were also
large purchasers. Soon after TIE first
hour, the raids referred TO at the be-
ginning Of this article were .naugurated
and the speculative temper temporarily
underwent a radical change. The strin-
gency in money impaired teverish tone
10 the market, although sharp rallies oc-
CURED in the early afternoon based up-
on covering. Sugar recovered Ia per
y
cage Gas were also material Strength
in the exchange market in the face OF the
tightness OF money was variously attri-
buted 70 the temporary indiSposition OF
bankers TO extend their operations by
drawing. 10 sales OF our securities for
foreign account, buying Of exchange for
hedging purposes. and. finally. 10 scar
city OF ocean freight room. The market
was again raided in the last hour. al
though money reacted to s per cent. and
many stocks touched the lowest points.
The closing WAS weak with net changes
sharp and fractional losses general.
The total sales OF stocks today were
304, SIT shares including: American Su-
gar s4.s0c; Burlington and Quincy Is. 100;
Chicago Gas 1880: General Electric g.
go; Louisville and Nashville 11,70c;
Consolidated $500; Missouri |
Pacific 1000: Reading Sc. 400; Rock Is |
land $500; ST. Paul 1890: Tennessee !
Coal and Iron $500: Western Union $500 |
Southern preferred 800. silver ce-t,fi- |
Gates 1900.
Railroad bonds were moderately &C |
tive and without special feature aside !
from firmness OF tone. The sales were 1
81 .2n COO
Governments were quiet and without /
change aside from slight concessions in /
the fives- The sales were $4,000.
Silver certificates worked slightly low
=r On dealings OF $4,000
FOREIGN STOCK MARKETS.
New York, Oct. 27.-Evening Posts
London financial cablegram:
The stock markets were irregular and
uncertain today. The tone was fairly
good. however. The principal feature
vas the rise il consols to log. the closing
being 1G5 1l-1s. English rails were also
n good demand. So FAR. however, as
nay be seen the firmness was mainly
iue 10 the closing OF bear operations
The settlement, begun today, disclosed a
small account. but con-
angoes were higher on dearer money.
Americans were carried over at about 5
yer cent The cautious attitude descrfb-
d yesterday as 10 Americans is show
ne a disposition 10 spread 70 al Depart
neats. pending the result OF the election
n the United States Gold is still bought
n the open uiarhcet for America 4 fea-
ure today was the fairness Of Brazilian
xchange, the price being 1-lSd. which
) quite the lowest ever recorded The
'aris and Berlin markets were firm"
LOANS AND EXCHANGE.
New York. Oct. z1.-Noon: Money On
all stringent at 9 per cent; prime
Mercantile paper nominally 70s per cent;
,eriing exchange firm and higher. with
ctGAl business in bankers bills at s4-s4h
si,. for demand ara A-Hi5a4-s1a for
ixty days: silver certificates sales $4,000
{ s5k: bar silver s47.; Mexican dollars
III: government bonds firm: new tours
agistered ZIG; coupons III; fives reg ,
stored L0iz: coupon ufi5: tours regis
sred for; coupons les: tvos registered
}: Pac.n. SKIES % 81 1g1.
BANK CLEARINGS.
MISUNDERSTANDING sl0.4s5.455:
aIancee Sl,311.3e2
Baltinore-Clsarings s221c.1A: bal
noes s35s, es7.
St Loui.LClearings Ss5s0.e4s; baiaac-
; s5s27Ia Money sa5 per cent New
ork exchange &l.zs discount bid: N.oo
Scount asked.
New Oriears-Crza-ns se.os7, 49, :
AUSTRALIAN GOLD.
Sydney. -. s. w. Oct Z7-Tae steam :
zip Alameda. Captain Van Otetn3or. r
ON this port for San Francisco. viii
Ike AZ, 90 pounds Cs2.i-5, 900 II gold I
I