The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-25
TONE is CONFIDENT
STOCK MARKET BRACES UP AGAINST
ADVERSE INFLUENCES.

Business Failures, Railway Earnings
Decrease and Sitter Exchange Rster,
are the Revival Of Industries and Especi-
ally an Easier Monetary Situation -
Prices Tend Upward and the Close is
Strong at Net Gains
ew York, Sept 2i.-Reviving conf
dence in the general business outlook.
reflected in the starting up of industries
in various sections Of the country, and
growing ease in the money market and
in mercantile districts, continue TO form
the text of the advocates Of higher prices
in Wall street There Is evidence OF
awakening interest by outsiders. as in
Dictated by increasing commission orders
for stocks and bonds OF advancing
the advance, find very little stock press
ing as a rule. There is also plainly dis
cernibfe manipulation by powerful pro-
fassional operators. Business Was some
what less activet oday and there was a
preponderance again of trading in a
few leading shares, but the tone was
confident throughout, and this fact in
duced fair-sized cvering by shorts. The
bears IN Manhattan, however, do not
appear to have attempted seriously to
lake in their contracts on the short side.
In Sugar a contest for control seems
to be going on, but keen observers Of
the market incline to the belief that the
buying of the stock was today better
than the selling. The attitude of the in
siders is a little uncertain. however. In
Reading the announcement Of the fourth
and final assessment caused fairly ex-
tensive selling, but there was also re-
newed buying, attributed TO the reor-
ganiZing interests and their associates,
partly based ON anticipate Improve
ment in the anthracite coal trade. The
market proved superior to several m
fluences that would ordinarily have ex-
erted a depressing effect, including an
advance in the Bank Of England rate Of
discount from 21s to per cent, some
disasters, a decrease Of over
81 900 in St. Paul earnings for the third
week of September and a stiffening in
exchange rates. These considerations
appeared, however, to be outweighed in
the SPECULATION by the easier monetary
conditions. The upward tendency of
prices was checked at intervals by rea]i-
cations, but at he reactions fresh sup
port was given. The more important
extreme gains included: Tobacco 2h
per cent; Manhattan p recent; Sugar
and Chicago Gas ] Y per cent: Burning
ton rs per cent and St. Paul, Louisville
and Nashville, General Electric and
and Tennessee Coal IL
per cent. Reading rose to 10 per cent
but reacted to IS per cent and Sugar re-
tanned but u per cent of the early gain.
The usually inactive stocks were con-
spicuOuS for wide changes in some in
stances. New England jumped to As
per cent after prolonged inactivity.
Traction rose "a per cent
on the dividend announcement, and
Iron, Lead preferred and
Michigan Central gained 2 per cent each.
The closing was strong at net gains Of
1a2 per cent in the leading shares.
The total sales of stock today were
1882 shares. including: American To-
baccO 1900; Burlington and Quincy 49,
boo; American Sugar As, 800; Chicago Gas
Q. 100; Louisville and Nashville $500;
11,3O0; Rock Island $500;
Reading 26,so0; St. Paul 21,S00; Tennes-
see Coal and Iron 1900; Southern Rail-
road preferred $500
The bond market displayed continued
strength ON the improvement In the gen.
eral situation. Investment purchases
were noted in a number of issues and
the market displayed a broadening ten
dency, marked gains being scored in
some issues. Concessions occurred in
some of the inactive liens and Reading
mort cages ruled lower in the ASSESS
ment call. The Gales were S1,195. 900.
Governments hacked feature but were
firm ON sales of $1,000.
Silver certificates eased of to sc on
sales of $4,000.
LOANS AND CLEARINGS.
New York Sept. 24.-Money on call
steady at 4a5 per cent, last loan AZ per
sent, closed 4a41z per cent. Prime mer-
camille paper 7a9 per cent Sterling ex-
change firmer with actual business in
a. 81 1za4. S1& for sixty days. Posted
rates 81. S2a4.S3 and 4.s41Aa4. S51s; COM
nercial bills $3.50. Bar silver 65M; sill
yer certificates 65haaeSA
New York, Sept. 24.-Clearings $751;
1857; balances So, 254, i22.
Boston, Sept. 4.-Clearings, $685.
IS; balances 81 ,32s, 041.
Philadelphia, Sept. 24.-Cbearings So
12452; balances s1.339,554
Baltimore, Sept. 24.-Clearings s2.1s9,-
'S3; balances s4S3,142.
Chicago, Sept. 2+Oearings 49,
'69. Money finn; on call Gar per cent;
IN time per cent. New York exchange
o cents discount. Foreign exchange
steady; demand 81. S35s: sixty days $4.S1
z.
st. Louis. Sept. 4-.Clearfngs s3.s43,-
81; balances s36S.544. Money steady at
aS per cent for call and 7as per cent for
ime loans. New York exchange 81 so
discount bid; 81. % asked.
FOREIGN STOCKS AND MONEY.
New York. Sept. 24-The Eevening
>ost's London financial cablegram
The stock market opened uncertain
nd dull today on the change OF the
'ank rate. Later the tone steadied a
title, but subsequently became dull
gain. Mines were fat and all but I'M
alable. Contanogoes on Americans at
he next settlement will probably be
tiff.
Americans were exceptionally good
nd closed at the best There was more
uying OF bonds and shares here than
Or some time. Houses here are receiv-
ng letters from their New York CORE
pondents describing the political pros
ects as assuring. The Spanish quick
liver four per cent loan for 4.0co. 600
ounds viii be issued by the Roths-
hilds here and in Paris shortly. II
said 10 have been undervFritten at
3A. Today's gold withdrawal from the
tank OF England was arranged before |
n announcement that the governors
{ their meeting today had advanced
he minimum rate OF discount Il PEP
ent, but ii is believed in good quarters |
nat the rise 10 8 per cent is not likely |
When Your