The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-15
STOCKS AND BONDS
SHARE MARKET PUTS IN TIE DAY
ToILsoMELY.

| Let Go to Get q Better Hold-Dealiuss
Largely at Some Distance Below We'd
| nesdsy's Ciose-Net Losses One to Two
| Points-Market Wholly Professional
| Gold Movement.
New York. Oct. 1.-THE action Of prices
| in today's market might be likened TO the
| toilsome and arduous efforts of weak
! ened animal 10 climb TO secure staten.
Only 10 be continually tumbled backward
| by a single hostile stroke TIE ready sue
cess Of the bears in depressing prices led
them occasionally 10 take profits. These
spasmod.c covering movements were
achieved without effecting any marked
change in the general level of prices. and
the upward course soon resulted in an al
most stagnant condition. There would be
a spirit Of activity whenever the bears
renewed their raid and apparently desire
To sell only ceased when the bears ceased
setting the example by short selling. Chi
cago Gas continues 10 occupy by far the
largest shore OF attention, and ranged over
AS points during the day. Large support
ing orders were in the market at the open
iT:g. so that the initial sale was al a frac-
tIonal advance over last nights close. But
this was the highest quotation of the dag
and the majority of the dealings were ar
level considerably over point below last
nights close. Sugar, which came in next
in point OF activity, was also under very
heavy pressure, and declined al one time
8 points below last nights level. The firm
est tone of the market during the day
was IN the last hour, and il locked as
though prices would be allowed 10 recover
TO within a fraction OF last nights close.
but a renewed drive in the last ten minutes
of trading knocked the to:lsome climbers
again. Net losses ranged from l 10 2
per cen; in the most active stocks in the
LIST. The southerns and scuthwesterns and
some of the coalers showed the greatest
weakness in the list. THhere was no re-
Election Of any development in affairs of
the day in the course of prices. the market
being wholly professional. The fact was
demonstrated with sufr!cien; clearness that
yesterdays recovery was not a resumption
of a sustained upward course of prices.
but was simply due to professional manip-
ulations to force a covering of the short
contract which had been freely put out
for a day ortwopreviopsly.
The gold which was shipped from Eu-
rope last week began to arrive today, 800
90 being deposited in the assay office and
s550,0O0 in te clearing house vaults. The
money market continues easy, though with
no appreciate change in rates. Sterling
exchange was steady in spite of the adj
vance TO per cent in the Bank of Eng
land rate discount. No further engage
ments of gold for import are reported, but
they are liable before the week closes.
The trade statement for September issued
by the government makes ii likely that
the excess of exports over imports for that
month Will be found TO foot up SIS coz. 600,
against nearly 81, OJo0 900 for August and
over $4,000 for July. The delayed cot
ton movement which has not yet attained
its full force. insures an additional heavy
trade balance in favor of this country for
the current month. The movement OF gold
for the season is therefore considered GER
tain TO be heavy unless the rates for money
in foreign financial circles shall advance
SO far as to make it more profitable not to
draw on these foreign credits for gold ship
ments.
s. shares.
Dealings IN bonds were on reduced
scale and the tone was weak, though fuc-
tuat;ons were unimportant. Total sales
were 81, 10000.
United States old As were advanced Il
per cent bid.
FOREIGN STOCK MARKETS
New York, Oct. 1.-THE Evening Posts
London financial cablegram says:
The stock markets were quiet and ir-
regular today. The rise in the Bank Of
England's minimum discount rate from 21s
70 per cent had no effect. There was a
sharp decline in Grand Trunk because at
the meeting today no proposition was made
by the directors for funding the accumu-
lated deficits. The best informed people,
however, neither expected nor desired such
a scheme.
The speculation in West Australian
mines increases.
Americans were dull on the New York
lead. but they rallied on New York prices.
The disposition here is 10 stand aside on
Americans. awaiting a clearer definition
OF the New York position.
Details Of the gold movement for the
week show the sale Of $1,000 pounds OF ca
giles, the export of 21600O pounds to Egypt
of 10000 pounds 70 the continent, and OF
1000 pounds TO South America. and the
receipt Of $500 pounds from Australia
Il understand. but can not confidently
assert, lnal tHe Oank mas To-Day borrowed
money On consols. If this policy has been
adopted 1t is an important point. because
IL means rather tighter money here
The Paris and Berlin markets were
quiet"
LOANS AND EXCHANGE.
New York, Oct. 4.-Noney on call |
steady a. 2is 10 3 per cent; last loan : |
per cent; closed 2ia 10 per cent; prime |
mercantile paper. AZ 10 , per cent. Ster- |
ling exchange sctesdy. with actual busi-
ness in bankers bills az 81 si2s "A s2iz and |
81 Sd4- s0iz for 60 days; posted rates $500 |
GiSSis and A5dZs5I.; commercial bills. |
AslA. Silver certificates 57izd5S; bar sil 1
yer, 51@sc: Mexican dollars. &c
TREASURY STATEMENT.
Washington, Oct. H-Today's statement 1
OF The condition Of the treasury shows: |
Available cash balance. 81. 75s.0ss. gold |
reserve, SIS, s75 .655