The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-25
CLOSING AT GAINS
STOCK MRRKET RALLIES AFTER
EARLY DEPRESSION.

pathy In the Reaction OF the Whea
Market are Influences of Note-EarI,
Decline Checked and the Bank State
ment Assists in the Raliy-Deare,
Money I'm LonGon-week's Review
New York, Oct. A.-The stock market
displayed about the average Saturday
volume of trading and was irregular
OF movement, some exceptionally wide
fluctuations being recorded in the spe-
cialties. Predictions of an unfavorable
bank statement, which subsequently
proved to have been unfounded, and
sympathy with further reaction in the
wheat market constituted the specula>
tive influences. The opening was weak
ana fractionally lower on account of a
reaction in the prices of American secu-
Slties in London and realizing by the
foom traders and others. The declines
were soon checked, however, and the
entire dist rallied, led by Manhattan,
which advanced rs per cent towards
The end of the first hour, in which Su>
gar, tn grangers, Manhattan and To-
bacco were the most prominent The
last mentioned stock bore the brunt Of
The selling and yielded 21s per cent The
statement Of averages Of the associated
banks was much more favorable than
had been anticipated showing an in
crease in legal reserve of s., 049, 800 and
prices rallied on its publication to the
best figures Of the day. The Tubber
shares were active in the late dealings.
advancing "a and u per cent respect
Nely for the common and preferred
Tha oil -f,,or
act gains generally.
The total sales OF stocks today were
ae,S1s shares. including: American To-
bacoc $500: American Sugar, IA. 700; Bur
hnSton, 5000; Chicago Gas, $500; Louis
vile and Nashville, 7.70e; Manhattan,
5000; Reading, 9,0c0; Rock Island, 1900:
st Paul, $1,000; Western Union, 1000;
silver certificates, ZOO.
Railroad bonds were active and gem
orally firm. Louisville and New Alban7
consol fives were conspicuous by a rise
Of "A per cent, to S014 per cent, and Tex
as and Pacific first gained 21k per cent,
20 30 per cent. The changes otherwise
were Slight. The sales were sS4a. 900.
Governments lacked feature but were
held on sales Of $4,000.
silver certificates were easier on trans
actions Of $4,000.
THE WEEK REVIEWED.
The boon: in the wheat and trihutarv
markets and incidental reports of crons
damaged abroad, inducing an enormous
movement OF cereals for export to the
motive power in the stock market of tha
week The bulllsh SPECULATION as 10 the
lar-reaching beneficial effects OF the for
tlSn demand for our breadstuffs and
pther food products, the reported ut
Ter inadequate transportation facilities
LOT 50 Sreat a tonnage and a conviction
ci decided improvement in railroad earn
iH3s ana in the general business and /
hnahclal situation TO result, together |
Win the steady Inflow of gold. overshad |
o"eu all otner conSidera tons. incIud- /
! is.HS continued strip-ency in money, a /
lisber market for foreign exchange. and /
'h advance of per cent in the mini |
hEm rate OF discount Of the Bank of |
r-hsidnd 10 per cent. The earl course !
= eANIiauSe mad been downward pre-
Jus u ,dt last mentioned develop
iton.' owing to the pressure Of CONNER
no bills. Bullish sentiment was st,mu-
,eted additionally by the treasury sta
tisticS, showing an increased interna-
Sicnal trade balance in our favor, and |
n addition 10 other receipts of gold /
from abroad, by the engagement of
IS, geo coo for import in a single day. Tie
financial institutions held the specula-
ton in check as far as practicable, by
imposing exceptional terms on time
loans and accommodations for short
lime periods touched Is per cent Com
nercial paper was practically unsafe
scle, there being but a limited inquiry
'cr even prime paper. The dealings In |
stocks were active and were, as a rule,
much better distributed than heretofore
recently. The grangers took the
in the upward movement and
for obvious reasons rose 3 to per cent.
With Burlington leading. The industri-
ai? were also prominent, and especial
" Chicago Gas, which rose 93s per
cent, 10 90 per cent, on variety OF gos-
zip. including predictions of early IA
rorable action on the dividend question.
Sugar was adroitly manipulated by the
insiders and despite numerous setbacks
n comnaon with the general list, ad-
ranced per cent. There was profit
taking on large scale. at the top lev
els, but the market soon rallied under
increased covering OF shorts ond COM
mission house buying. Strength in
Reading was a feature. The ma rka.
vieided in sympathy with the reaction
n wheat but recovered in tn late trad
ng, an unexpected heavy withdraw wal
# gold exerting generally a temporal
lily depressing influence. The closing
vas al the best figures of the week,
With comparative figures showing gen,
raj material gains. The aggregate
ales were sl.056.099.
The railway and miscellaneous bond
narkets exhibited pronounced strength
throughout the week on a fairly large
olume of business. The more extreme
aims occurred in the usually neglected I
;sues, and especially in Kansas and /
exas fiyes. which rose 5L per cent.
lie aggregate sales were $e,9a5. 00O
Government bonds ruled strong and :
igner The trading was chiefly in the $
CIV tours. which advanced 1& per
emit; registered rs per cent Cor the
oupon. The sales Were sl6l. 600.
Silver certificates were irregular and
iosed unchanged on dealings OF $751; .
10 {
oREIGN- STOCKS AND MONEY. 9
New York, Oct. 24-Evening Posts :
ondon financial cablegram: 5
The stock markets were dull today,
was 10 be expected before the settle i
ent which Will begin in mines on Mon I
ay. Americans were lower in response .
declines IN New York. Dealers are
fidgety as the election draws c
,ar. The Bank OF England mas I'M
istakHhly begun 10 borrow from the ! ?
erket. with the result that the short / .,
ans ate Is rising. The prospect is that .
XXI week borrowers VIII be driven to s
e bank and money viii be temporary
: dearer.' j
London. Oct. 24-Gold is quoted at j,
ienos Ayres today al 1880: Madrid Il
%; Lisbon 34I.; Rome 1862. Y