The Wichita daily eagle., 1896-09-16
REACTION SETS IN.
WHAT WAS EXPECTED HAPPENS
IN TIE STOCK MARKET.
isneral Desire 10 Take Profits ID Experi-
Situation Very knectiveIy-Steep De-
cline In Tobacco-W Western Union Among
the Sufferers - Firm Money Market
Shares Close Weak at About the Low
est-Bssds at Recessions-Foreisn stock
M1rkets NoehiuG tn Rrar
Markets Nothing to Brag on.

Markets Nothing to Brac on.
New York, Sept 15.---The stock mar
ket today justified by its movement the
there's OF the more experienced deal
ers. This contingent had expected a
reacdonary tendency based upon prob
abCe general desire TO take pr1fits, and
the forecast was realized TO the letter.
The volume Of business, though moder-
ate. was fairly well distributed An
early show of strength was made. partly
due TO higher London quotations and for
eign purchases of the international IA
forites in this market The initial
gains extended to IL per cent in Bur-
linStom- The Grangers and Industrials
led in point Of activity. and, together
with some OF the specialities. after
wards bore the brupt of the reactsonary
movement The bear leaders were ac-
tive and succeeded in taking the market
| from a great many OF the traders who
| wished 10 realize profits. The upward
| movement soon held and a bear dem
| onstration ensued which was effective
| in depressing prices 70 the extent OF
rs per Nt1Il III 1oDdCCO IfOUl the early
high level. The decline in this special
, ity was attended by reports OF increas-
ed cutting as a result of the long con-
| tlnued savage fight between the trust
and its competitors in the plug trade.
Many OF The losses were on the severe.
Burlington dropped an extreme 2Ss per
| cent, Rock Island 21s per cent. New
Jersey, Leather preferred and Chicago
Gas rs per cent, and Consolidated Gas
and Sugar 124 per cent Other declines
extended to rs per cent; Western Un-
ion was sold on the announcement OF
the loss of important railway business
60 a foreign competitor. and Chicago
Gas on reports of Impending further
litigation The attacks on the general
list were facilitated by firm money
market, call loans averaging the top
figures of yesterday. 6 Z per cent A
few transactions weremade at 5 per cent
in mercantile circles in this city. The
story had not been confirmed up TO
the close Of business In addition 10
the foregoing, some selling was attrtbut-
ed to expectations of an advance to 3
per cent dn the Bank of England rate
on Thursday next At the low eevel.
supporting orders were made In some
Shares and these were supplemented by
demand from the shorts. The effect
was to inrpart a degree OF steadiness
and trifling rallies occurred This af-
ternoon'S speculation was marked by
dullnesS and a nervous temper. The
closing weak at about the lowest.
The total sales of stock wer e159. .195
shares. including the following: AmeTs-
can Tobacco 25,6o0; American Sugar, 2s.-
200; Burlington and Quincy, $1,000; Chi
90
vile, Il, 500; Manhattan. $500: Reading.
500; St Paul, 2S.eO0: Tennessee Coal
and Iron, 1000; Western Union. 400.
Railway bonds receded in sympathy
with the depressions in stock prices,
but except IN a few Snsta1ces the losses
were not insignificant Louisville and
New Albany consul fives figured for
per cent decline TO 70 per cent. and
Union Elevated first dropped IL per
cent ChndnnaJi, Dayton and 1nocDton
fives, exceptionally, rose 4 per cent The
sales We're 553,00:.
Governments ruled a shade higher
for the new fours on the first call, but
later lost the improvement. The trans
actions were sl0,S00.
Silver certificates were weak and low
er at e5h per cent for $4,000.
New York, Sept. 15.-Evenfng Posts
London Financial cablegram: London
The stock markets were depressed and
fidgety today. closing fat. Consols
opened hos, but soon gave way on false
reports OF gold shipments and a rise IN
the German bank rate. These reports
being contradicted, a fitful rally follow
ed and nervous. especially gilt-edged
stock, the best colonial issues being al
most unsalable- The position IS this:
Money has been dirt cheap for so long
that stocks. such as consols. home cor
porations and other good stocks not
usually used for the purpose OF specu-
Iation, have been heavily speculated in
with borrowed money; hence the abnor-
normal collapse on the signs OF dearer
money. Americans were comparative
" steady, but closed dull. The report
cabled yesterday Of prospective gold
shipments from France TO New York Is
confirmed. Fully half million sterl-
ing will go from there tomorrow or Fri
day, and in reliable quarters It IS said
that So. 900 more will follow, but
this I cannot state as an absolute fact.
Berlin-Market weak
Paris-The bourse was fairly steady.
The nid-monthly settlements there has
begun.
London, Sept 15.-Gold is quoted al
Buenos Ayres today at 1880: Madrid.
10 %; Lisbon, 2sSs Rome, 1925
Amount OF bullion Withdrawn from the
Bank Of England on balance today. a.
900.
London. Sept 15.-Apsrt from the
withdrawal from the Bank Of England
OF IA. 900 in gold for The United States
today. q leading broker bought $4,000 |
in gold in open market.
MONTREAL DEPOSITS GOLD.
New York. Sept. l5.-The Bank o. |
Montreal has deposited $500 900 and the |
American National bank 800. 900 at the |
ii exchange FOR green |
backs
THE GOLD RESERVE.
Washington. Sept 15.-Totay's state
ment OF the condition OF the treasury |
shows: Available cash balance. sz42.-
3l4. OH; gold reserve s114.217.1ss.
LOANS AND DCIEARINGS.
New York. Sept 15.-Noney OF cali /
firm q. 5G7 per cent: last loan per
cent; closed sGs per cent; prime me--
camille paper n0minzlly 9ds per cent; 4
sterling exchange steady with actual /
business IN bankers bills t4s4T1z or de-
nand and S1sfS. G4s2 for sky days:
posted rates ,4sZrbs s3iz 74si1sd4sSi5
Commercial bills. $50 Bar sIive. g.;
silver certificates ga 6s5zs
New York. Sept I5.-Cieariags Ss5.-
sos. go; balanoes A.5ss.Tss
Philadelphia. Pa. S~Dt--Cles-ings SIC /
o49. ~: balances s1.i55.a4l
Baltimore, Nd. Sept. l5.-ClearfnEs
81. 80. -0s. balances s4ss.7fl
Chicago. III. Sept I5.-cIsarings siz.-
s.. as: bs ts1css - fsz, ssl- Money OF
can sc7 Te- cant: On tine. : per ce1t;
New York exchange fi-l0 discoun. For
elg1 exchange steady. demand Siss:
<fr-v Izs4 "a Sf.Z