The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-30


Points and Widely Extended-Bonds
Decline-Americans Flat in London
Silver is on tho Tumble Again
New York, Sept. Birthdays stock
market still further demonstrated the
changed character OF the specula lion and
the entire subsistence OF the recent ram
pant bull spirit. The bears We're more
aggressive than az any time hitherto
and met with scarcely any opposition
They seemed somewhat apprehensive
over their own success and bought quite
Steadily. The result was TO make ne.
changes quite irregular But the larges:
figures were on the side Of the losses
The bears succeeded in dislodging a
number of stop-loss orders OF weekly
margined speculative holdings and there
seemed TO be more long selling than has
been the case heretofore. The declines
extended from 1 70 4 points and with
very few exceptions affected every ect-
i've stock on the list. The bears were
apparently satisfied 70 realize on a sohrt
turn and not leave accounts open over
night. Il was notable fact, however.
that whatever animation was shown was
during the decline and the recovery was
slow and hating and on much dmin-
ished volume OF trading. The centers of
bear attacks were stocks of such uncer-
tain value as sugar. Chicago gas and the
local gas stocks which have lately
proved SO easily subject 40 manipulation.
The evidence Of reactionary tone of the
specula ton was shown in the ready ere
dence given to all rumors Of an unfavoT-
able character. !
In the same way as the Improvement
in business was early discounted in Wall |
street, future possible contingencies are
now largely taken account of. The sem
sation of the late pool buying on a large |
scale calls attention 10 the large amount |
Of stocks which are speculadvely held I
and 70 what would ensue from an in |
toward incident mat would precipi,ate |
a sharp decline and bring a food of sell |
ing on a falling market. Such occurren- |
ces as those Of today do much 20 elimi- /
nate these elements of weakness and are /
creating a short interest which would /
be a stimuiant upon any occurrence OF 1
a bull movement Meantime prices are 4
necessarily in course OF adjustment to |
the advanced money rate which means 1
lower prices even for substantial invest /
ment stocks. The speculative properties /
which had been advanced to reasonable /
prices must also submit 10 a readjus;- /
men in proportion with their actual val /
Ne There was no Change today in the 4
character OF the news bearing on the gen |
eral situation. London contineud 10 |
show a disposition 10 put money into |
American securities on any decline. Rail /
road earnings continued 20 show i'm
provement. Cleveland. Cincinnati. Chica-
go and 81. Louis reporting an increase OF
s25,53 for The third week in September. /
An incident OF the day was the lowering
OF the actual rates for sterling exchange
IA per cent and a fall in the Paris "a e :,
on London Each OF these incidents in
dicated a recurrence OF the pressure ot
the demand on London for gold. Near
The close Of trading in exchange II was
reported that offers were made Of call !
loans at per cent, buc slight signi1i-
canoe was attached 70 the offerings hav-
ing any bearing on the money market.
in which rates continued firm Owing 20
the late rally. prices OF The grange7s. the
Nanderbills and mos: OF the other lead
ing stocks showed significant ne,
changes. Losses predomlnated- Metro
polican Traction showed gains o.: over a
point as did Cotton Oil The larger losses
were 5-4 per cent in Consolidated Gas.
s per cent in Brooklyn Union Gas. Lake
Shore and National Lead preferred. > pr
cen; in Chicago. indianapolis. Louisville
preferred and Manhattan. and l. per
cent in New Haven
The total sales Q: stocks today were
491. SO shares.
BONDS.
The bond nlarke; did not yie.d So read
lily as stocks. bur prices % The mos: act
i've issues declined a sharp fraction.
United States fours coupon 100 IS per
cen, advanced Is Per cent; total sales
s. co0. 90.
s.. o0o. oeo; New f0lTs registered and cou-
pom Is l.: fours registered IL 81 and
coupon us "a: taos IS: ives registered
III L.; coupon ia IS; Pacilc skies
l02 IA
FOREIGN STOCK MARKETS.
New York. Sept. &-The Evening
Poe.s London financial czo,egram says,
There is general improvement; in
het stock naarsess today. notably IN IN
stocks
Americans were fla; There was
disposition here 4; one time today . buy.
bu: persistent selling from New YORK