The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-22
RATE IS WATCHED
MUCH INTEREST IN THE BANK OF
ENGLAND's ACTION.

Possibility Of = False to l.: or Per Cent
has Much to do With the Gold Iuhow,
Which has Much to do With Every thing
Else Heactioo In the Wheat Market
las = Corresponding In fiaence on Stocks
-siarket Clsses xt Slight Net Changes
Bonds Strons-Riss In che Lsudon Stock
Market.
New York. Oct. 21.-The stock market
today displayed irreguarfty on a fairy
large aggregation OF dealings. The bu-
siness. as was the case yesterday. M'as
well distributed, with the railroads cam
n:andIns their full share OF interest.
The course CT the wheat market cSersed
an important influence on the share spec
ulatson and reac:ionary tendency in
the first mentioned. together with firm
ness in The exchange market and belief
that the Bank Of England rate would be
advanced tomorrow, caused recesSsons
after early strength. The latter ccnclu-
sion was based on an advance today in
the open discount rate in London TO 81
per cent, and the tradition OF the bank
is to hdsd its minimum discount figure
higher than the street rate. TIE pres
ent figure Is per cent, and it was vaIl-
ously forecSsted that an advance would
be made 10 31s or per cent. The o5vi-
Gus inference OF the traders in stocks
was that such a step would seriously
impede the inflow Of gold to this ceun-
try.
The initial prices were mainly fr-ac-
ton above yesterdays closing figures
and under heavy buying for both ac-
counts prices rose all around. Higher
London prices for American securities
and reports OF a car famine, as result
o. TIE extraordinary movement ef wheat
and other staples. stimulated the rise.
Sugar WAS specially influenced by a rise
in foreign beet sugar, the third success
sfv eadvance this week. The stock
touched LIN psr cent, making an ex-
ceptionaf rise. The recessions that were
sn,bSeq uently made on the unfayccable
influences noted were most severe in the
hign-prfced iodustrials. Sugar dropped
21s per cent, TO 1osh per cent; Chicago
Gas IA per cent and .TobacSo Ia per
cent. The last mentioned was adverse
ly Influenced by liquidation OF specula-
tive hclders. The market was dull at
the decline and the railway shares be-
came less prominent, the granyers yield
ing about a point from the best prices.
Toward the close an Intellectual attempt
to DOVER a short line of Reading caused
an advance OF IL per cent in that stock.
The general market. while rather er-
ratio, generally sympathized with the
movement. The closing was steady at
slight net changes.
The total sales Of stocks today were |
223 392, including the following: Atchi- |
son 400; American Sugar $4,000; Bur |
lington and Quincy $4,000; Chicago Gas |
trust receipts 500; Louisville and Nash |
vile $500; Manhattan consols $500; Mis- |
souri, Pacific 5000; Reading So. 1Go: Rock !
Island $500; St Paul q 100; Tennessee |
Coal and Iron 1000; Union Pacific 5.4eo; |
Western Union 1000: Southern Railroad |
preferred 800; silver certificates 5000.
The bond market displayed strength |
throughout, but the gains were unim- |
portant. The sales were $l.5fs,00o.
Governments were active and higher. |
Transactions were $1,000.
Silver certificates displayed heavinese |
at the outset, and yielded Il per cent, but |
rallied subsequently,. The sales were !
s26, zoo.
RISE IN LONDON STOCKS.
New York Oct. 21-Evening Posts |
London financial cablegram:
THE stock markets fluctuated widely |
today, consols touching 1071s and 10Sk, |
and closing midway between these prices |
Absurd rumors were circulated that the
Bank of France was about to send 25,-
D10,G GOO gold here TO prevent a rise in the
bank rate tomorrow. This was not |
really believed, but the bears. who are
and easily frightened, rushed |
into cover, with the result that prices /
showed a general rise, closing near the
oest. Americans We're good. with bust
ness increasing and large option deal
ngs today, but the market closed under
he best tonight. The questions OF the
hour are the expected rise in the bank
ate tomorrow and the prospect Of more
gold shipments 10 the United States.
N connection with the latter IL IS learn
u that bills are being pressed forward
n the market here for discount. Some
that the bank will not raise the
ate until after the American election,
% as 10 see whether the drain OF gold
will then cease. The general opinion,
lCweyer favors a rise in tae rate torror-
'ow. How far the effect Of rise IS DIS
counted On the stock markets IL ia i'm
possible TO say. but II would probably
nave directly a bad effect on Paris
yhicl IS very sensitive. The continental
iemand for gold has abated. but the
Jnited States il buying all the bars Of
cred. There have been unusually
leavy sales Of India council drafts at
ates ranging up 10 II pence and IL lis
'ence. a further rise in the Indian
'ank rate is expected. The British
'outh African company Is about 70 -
ne 800. 90 Of fresh capital. The Paris
curse was better. Il Is believed some
old IS going from the Bank Of France
0 the United State1s. The Berlin mar
ct was steady"
SORE-HEADED JOHN BULLS.
cliff here That the directors os the BAN. |
{ England al their regular weekly meet
lg tomorrow viii raise the discount rate
rom 20 per cent.
The newspapers agree in stating tia.
se now ct gold 20 America must be
topped.
The 81. James Gazette says: "Acccrs5-
ls 70 al exchange expert even the pres
n rate does rot allow margin Of
rofit TO shippers, so that a premium on
old IS evidently pad IN New York b.
hose wlsO are 50 nervous IN regard TO
se pOiitlozl situation as "a fns1st upon |
parting gold TINS Il a striking com |
lent On the cock-eu-eness OF the Reolzo- !
cars ansrEt ire defeat % Bryan. II -
iso obvious that the very raid advance
TEs2z adds considerable 20 the p07ver
the Americans 70 draw on the Euro
esn CAD supply ard unless the sirec-