The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-14
STOCKS AND BONDS
LONDON COMES INTO TIE EARKET
EXTRAORDINARILY.

Through Cabled Orders-London's OPP
crations Serve to Make the Net De-
cIines Less Than They Would Other
wise Be-Enormous Speculative Hold
the Market Has Attained Its Highest
Justifable Level
New York, Sep. 13.-The most inter-
esting fact connected with today's stock
market was that the principal support
accorded the market was through buy
ing orders eabled frtm London. The buy
ing through commission houses here was
good but aside from that local operators
held heavily, not only here but in Lon
don. The check in the decline here was
credited TO Londtn buying and the Lon
don favorites displayed the greatest
eadiness until 100 late for London deal
ings. Altogether London bought $4,000
shares. The stocks most largely bought
by Londtn were ST. Paul, Kansas and
Texas preferred, Union Pacific and
Southern preferred. If il had not been
for the upward tendency Of prices at
the opening. in sympathy with the Lon
don quotations, ii is pre- bable that net
declines would be much greater than
they are. Thus the extreme decline in
Burlington was TWO points, in Missouri
Pacific Is; in ST. Paul, Rock Island
and Northern Pacific preferred l SIS;
Manhattan 2 So: Mobile and Ohio 21-2.
and in a large number of shares over a
point. The rise al the opening and a
partial recovery al the close make the
net losses less than this, but the aver
age in the active stocks is little less than
a point.
The good influence Of the extra divi-
dend last week in St. Paul was the cause
of the Londtn buying. The New York
selling was attributed TO yellow fever,
and the apprehension that the Cuban
question would assume an acute phase
at the cabinet meeting tomorrow. It
was somewhat notable, however, that
Louisville, which has shown most sem
sativeness % yelltw fever reports, clos
ed with a small gain. That some enorm-
Gus specula tive holdings We're in course
OF liquidation today was obvious and
there is little ground to doubt that the
owners were impelled TO take profits by
a conviction that prices have fully at
tanned a level commensurate with de-
velopments affecting the value and the
earning power OF the proerties. The de-
cline was encouraged as much as posi-
bic by the bears and the effect Of fierce
raids was evident in number of prom
inent stocks. The bulls made an effort
: he hI- ma inc Ctypa va
Kansas and Texas preferred and North
west, but were only partially successful.
Omaha was lifted 2 IA per cent; Kan
sas and Texts preferred the same
amount, and Northwest l ga per cent.
All three declined sharply. but were
lifted with substantial net gains. Quite
a firm tone was also evident at the close,
and the group closed frac.ionally higher.
Tennessee Coal and Minnesota Iron
were markedly hetvy. Illinois Steel and
Colorado made sharp gains. Local gas
stocks showed weakness, East River de-
Ginning s "a per cent, and Brooklyn
Union per cent. The industrial stocks
generally shared in the weakness Of the
market, Lead leading the decline with a
l0ss of two points. Features Of the dty
were fall of IA cent in the actual rate
of sterling exchange, and a hardening
of the rate for call loans TO per cent,
with exceptions at 21-2 per cent. Sill
Yer scored a further recovery of IL
cents in New York, and SD inLondon.
The total sales of stocks today were
5S7,317 shtres.
Speculative mortgages scored sharp
defines but high-priced bonds held firm.
Total sales We're S3,60O.000.
United States new tours declined Is
per cent in the bid price. New founs
registered and coupon 126: fives register
ed and coupon ia IA; tours registered
Ill rs, coupon 113 1-2: twos registered
IS; Pacific skies Of IS, 102.
FOREIGN STOCK MARKETS.
London, Sept. 13.-The market for
American securities advanced somewhat
al the opening. but later weakened on
New York selling. The tone was easy
ind the demand fair.
New York, Sept. 13.-The Evening |
Posts London financial cablegram says: !
In the stock market today Americans |
opened firm and above the parity and |
rose steadily until New York sent ord |
ers to sell. when the course of prices |
was reversed, and the closing was irreg- |
ular. So far as London IS concerned. |
confidence in the future OF the mtrket |
for Americans seems 10 be growing. At |
the settlement the stock was none too |
plentiful, the contangoes averaging 8 IL /
per cent.
The other markets were fairly good, |
with Grand Trunk and other Canadian |
stocks still rising.
The Bank Of England today sold a |
further 1900 pounds in gold for export |
10 Russia. the transaction being traang- !
ed through Berlin.
The Paris boUrse was quiet and |
steady. and the Berlin market steady"
LOANS AND EXCHANGE.
New York, Sep. 13.-Money on call /
frmer az 1-2Q2 per cent. last loan /
per cent. closed 1892 per cent: prime
mercantile paper S-id4 1-2 per cent.
Sterling exchange weak with actu:l bust
ness in bankers bills al 81 S. 1-464 SIS SIS
for demand and a. 81. 50 1-464. s. 3-S fo-
sixty days; posted rates S4.S4I4.s5 and !
81. Sc 1-2G4.S7: commercial bills s4s2.
Silver certificates "a 1-2d5 50 L.; bar sil-
yer So l.; Mexican dollars 4S IL cents
LIVE STOCK MARKErS