The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-16
MARKET is SAGGING
INDUSTRIALs BEAR THE BRUNT OF
BEAR DRIVES

Early Effect Of the Bank of Encland's Fail.
ure to Raise the Discount Rate as Ex-
pected, is Overcome by Bearish Persis-
tency. Despite Favorable Trade Reports
Hallway Bonds Dull and Lower-Gov-
ernments Firm-Silver Certificates High
er-London Stock Markets.
New York, Oct 151The stock mark
ct today was irregular, with a sagging
tendency on a diminished volume %
business. The professional traders
maintained their control Of the spec
ulation, but some commission houses
purchases for cash were also report
persistent bear drives and the general
list was sympathetically depressed.
The market as a whole was Unfavora-
bly, affected by the stiffness in the
money markets and by an unexpected
heavy withdrawal Of gold from the
Soo-l PGSAA-S~-
circumstances, details Of which trans
action will be found below. The stock
market made an early display OF
strength on the failure Of the govern
ors Of the Bank of England to advance
the minimum rate Of discount of the
institution as had been expected. An
advance Of 31a per cent had been con-
sidered in the light Of foregone con-
clusion, owing to the rise in the London
street, or open discount, rate to 8 per
cent which is the current bank fig
ure. This conservative attitude Of the
British governmental financial institu-
ton was regarded as assuring further
large shipments of gold to this coun-
try. The good effect was soon dis
sipated and a succession OF bear at
tacks broke prices, despite favorable
trade reports affecting some OF the
stocks involved. The greatest bear ag-
erosion occurred in the afternoon Ses-
sion and coused the wiping out of the
early improvement. The market open
ed firm, despite lower London prices,
under the leadership OF Tobacco, IN
which stock effective manipulation
was again apparent, on revived rumors
Of an impending purchase of leading
firms in the opposition to the compa-
ny, by powerful financial interests. A
rise of 37s per cent, to 76 per cent, oc-
CURED on an irregular movement SUB
seQuently reaction took place 10 74h
per cent The final figure was 751s per
cent. Bay State Gas dropped AZ per
cent, to so per cent, on rumors Of an
actual impending receivership, which
elected emphatic deniafs by inside in
terests. The stock rallied to 101s per
cent. The pressure against the list
caused declines Of per cent IN Sugar
and Leather and losses of point from
the high level were scored by Chicago
Gas and General Electric. The Grang-
ers and other beading shares sold off
1Q1h pc cent, with st. Paul, Burling-
ton and Manhattan leading. The
close was weak at fractional net losses.
The total sales of stocks today were
IL, $50 shares, including the following:
American Tobacco, 1920; American
Sugar, 1920; Burlington, 10000; Louis
vile and Nashville, 5000; Manhattan,
1o.7O0; Reading, 10000; st. Paul, q, 100;
Union Pacific, 400; silver certificates,
10000.
Railroad bonds were dull and frac-
tionally iowerr IN most instances. The
sales We're SS14 900.
Government bonds were firm on trans
actions of $4,000.
Silver certificates were slightly high
er on purchases of $4,000.
FOREIGN STOCK MARKETS.
New York, Oct 15.-Evening Posts
London financial cablegram:
The stock markets opened unset
tied today, pending the decision on the
bank rate and consols were down to
1895. On the announcement OF no
change in tn rate, the markets rallied
generally, consols rising to 1888. Ex-
cept for consols, however, tn recovery
was short-lived and on signs of trou-
BILE and forced liquidation in the min
ing market, the dull tone again assert
ed itself Mines were heavily sold
from Paris for the weak accounts be-
ing closed there and here Ameri-
cans were steady. but no trade. OF ali
the markets It may be said that the
inaction OF the bank only prolongs the
uncertain feeling. There was q general
surprise when it became known that
the bank did not raise the rate. 1t is
believed that the directors VIII either
borrow money from the market this
week and so make the rate effective,
or Will raise the rate next week to 4
per cent. The details of the gold move
ment for the week show that 1885, 900
pounds in nbars and United States coin
were sold, that $4,000 pounds were
exported to Egypt and that 5000 were
brought from Egypt and 5000 from
Portugal The Paris and Berlin mar
kets were weak
The Bank of England's rate OF dis
count remains unchanged at , per cent.
LOANS AND EXCHANGE.
New York, Oct. 15.-Noon: Money on
call. firm at car per cent; prime mer-
camille paper nominally 7l2GSh per
cent: sterling exchange easier with act
ual business in bankers bills at s4S3%
for demand and s4-S0A for sixty days:
silver certificates 64A Gs5, no sales; bar
silver 64as; Mexican dollars 1873 cents;
government bonds firm New tours,
registered and coupon, 115lz; coupon,
1I5&; fives, registered and coupon, 11012:
fours, registered, 1853: coupon, 1o7:
twos. registered, 921a; Pacific skies OF
81. 1ol
Philadelphia, Oct. 15.-Clearings. &c.
OF. 1858: balances. s1,527 Ola.
Baltimore, Oct 15.-Clearings, s., 49,
$50; balances, SSS4,2o5-
ST. Louis, Mo-, Oct. 15.-Clearings.
So, 500, 2s6: balances. ST., 255. Money 6
as per cent. New York exchange sl-25
discount bid; s1.00 asked.
GOLD WITHDRAWAL.
New York. Oct 15.-Watson & Brown
stock brokers, have withdrawn $780,
BOO in gold from the sub-treasury and
have deposited IL in the Chase National
bank. They announce that the trans
action was for the account OF a Gus
toner. The Bank OF British North
America has deposited in the sub-tress-
ury the $500. 900 IN gold received on the
Majestic.
corn DESEPUE