The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-21
STOCKS AND BONDS
BEARS FALL UPON THE MARKET
IN The LAST HOUR.

IN THE LAST HOUR.
So That as a Result of the Days Tradin e
Few stocks Escape with Less Than a
Points Loss, and Many Suffer Worse Yet
selling Pressure is Notably Heavy In
the Grangers-CalI Money Rates Stiffen
to per Cent-SterfinG Exchange Hard
ens-London Stock Market Stagpant-
Silver Scores Another sharb Advance.
New York, Sept. 20.-The stock market
was dull and comparatively neglected
during the greater part OF the day and
the marked advances were confined 10
special stocks up TO the final hour Of the
session. The bears, encouraged by the
lack OF activity in the trading and the
rise OF the money rate, then fell upon the
market, with such good effect that few
active stocks escaped with net decline
of less than point and in few instance
much larger losses were shown as re-
suit of the days trading. The pressure
heavy in the grangers. Burlington,
which had been pushed in the morning
TO a new high record of 102 IA. fell TO par
in the closing transaction, and Chicago
Great Western, which had shown some
animation and had risen to 20 Is per
cent, fell / is per cent. Omaha, which
has been conspicuously strong in recent
markets, fell IL per cent, and its sis
ter stock, Northwestern, dropped off l ga
per cent. Rock Island was the feature Of
the market during the early part Of the
day and had advanced 2 points. The
final liquidation left il still with a frac-
tional net gain. The local gas stocks,
whoses sensational advances had sustain
ed che market On recent occasions, were
prominent in the decline, Consolidated
Gas dropping 6 points and Brooklyn
Union Gas 4 points. The Vanderbilts
and trunk lines, the coalers and leading
industrial shares and specialties all shar-
ed in the weakness, and nearly all show
ed declines Of a point and upwards. Lou
isville, which showed weakness on the
yellow fever scare, was an exception and
closed with a net gain Of a small frac-
ton. Baltimore and Ohio showed mark
ed strength early, rising 2 points and
closing with a net gain Of IA per cent.
Western Union and Wabash preferred
which made sharp gains early In the
day, fell heavily 10 below Saturdays
close. The course of the London stock
market caused more or less depression
here at the opening. and again when
London's closing quotations were receiv- |
ed showing some heavy declines from
their opening prices.
The grangers were somewhat sensitive |
also TO reports of bad weather for crops |
in the west, but the decisivei influence |
in the decline was sudden stiffening in !
the rates for call money at 3 per cent. |
Quite large amount had been offered |
all day as low as per cent, but in the |
final hour money lenders demanded |
per cent There continued 10 be a large |
demand and figures ranged from 20 3
per cent, loans being negotiated at high
figures up 10 the last half-hour. The
closing was at a decline 10 per cent.
The etiffening in the money rate came
too late in the day to affect the stock
market.
Rates for sterling exchange We're some
what harder during the day though the
market was very inactive. The posted
rate for sixty day bills was advanced
half cent, 10 s4.S3 1-2. Actual rates for
demand bills were quoted a half higher
ana for sixty day bills one higher. In
crest centerS in The effect which the
hardening Of money rates and the call
ng OF loans will have on the exchange
narke: and the important movement os
gold Most gains were made by the Chi
ago Great Western stocks. The a.
tock advancing points and the 'B''
3-4 per cent Evansville and Terre
Iaute. which gained per cent. Iowa
Central preferred per cent and New
haven, which rose S ID per cent on the
ast sale. The bid price of the listed
cock has, however. advanced since the
asst sale.
BONDS.
Railway bonds were no. so actively
ealt in today, sales amounting 10 S. {
90 000 {
United States coupon is sold at III 3-4.
at III "a, and the IS coupon
I ia "a. Bids for government bonds re- l
eded fraction all around. New Is reg
stored and coupon, 125 1-2; 5s registered l
nd coupon. ia 81; As registered Ill rs;
oupon rs 1-2; IS registered, IS; Pacific
5 of '9S. 102 Q
FOREIGN STOCK MARKET.
New York. Sept. 20-The Evening l
ost'S London financial cablegram says:
''Fhe stock market was stagnant to-
ay a2ar; from a small revival in Eng
sh rails
Americans were dull at the opening u
n the New York lead this morning. and =
4 reports of business difficulties OF
rye operator in New York. whose name ;
as mentioned in London Times cal.-e (
today. There was little disposition
ere TO purchase largely on the reaction
1t New York bought Denver preferred "
Id some other stocks this afternoon and e
ices closed generally firmer.
The Paris and Berlin markets were
Ill"