The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-21
STOCKS AND BONDS
CESSATION OF TIE BEAR CAM
PAIGN in STOCKS,

| IL 4 IA LHoft "ntSut Oarties ffices
Up Until They Stop to Realize Profits
and the Descent Following Is 30 q Level
Generally Below Tuesdays Close
Market siore Active Bot Still Profess
sional-Rise in the Prics of Silver
New York, Oct. 2o.-Today's market look
ed very much as though an effort was be-
ing made TO test it for rise. Many of
theprofessionai traders have concluded
that liquidation has about run its course.
and there has been cessation of the bear
campaign. Opinions have differed among
the professionals. as 10 whether conditions
in the stock market are ready FOR sus-
tanned advance in prices again. The bears
made an abortive effort early in the day
10 raid the market and directed an attack
against Sugar and Chicago Gas. The FAIL
ure of the raid encouraged the bulls 10
| aggressive action, and there were indica-
tons OF the temperance in the market
| of some OF the large buying interests
| which were prominent in the late rise OF
the market. This professional buying car
ried prices up quite strongly. net advances
| throughout the list ranging from TO 8
| points. But the bulls were apparently sat-
| istied with a short turn, ard they COM
uenced TO sell to realize profits about half
| an hour before the close. This carried
| prices down in some cases below last
/ nights close. and where net gains re-
! manned they were in almost all cases frac-
| tionaL The success OF the bears was frus-
trated in part owing to the special strength
| IN Sugar and Chicago Gas, upon which
they relied TO work a sympathetic decline
IL the balance Of the Est. Sugar was
strong on the decision of the treasury de-
partment 20 hold Dutch refined sugars con-
6itionally liable TO the countervailing du-
~ which applies 10 imported sugars upon
which an export bounty is paid. Chicago
Gas derived strength from rumors Of a
compromise with the threatened competi-
ton The market showed considerable In
crease of activity as compared with the
last few days but was st:ll almost purely
professional. London changed from its re-
cent attitude and sold stocks here. Add
tional reports Of railroad earnings for the
second week in October all show handsome
increases and many vague rumors were
afioat of still more striking Improvement
TO be shown in statements not yet issued.
The large movement Of cotton along lines
recently released from quarantine restric-
ton was shown by reports ana gave
strength TO the railroads affected. The
exchange market continued firm and the
local money market easy. the small with
drawals of American eagles from the
Bank of England for shipment 10 New
York not being considered of Importance
Some business Is being done in the placing
of loans on long sterling, which Is, IN ef-
feet, the lending of money abroad. This
naturally tends TO keep up the rate of ex-
change. The continued ease of the local
money market and the large reserves in
hand by interior banks, owing 70 the large
payment of debts following the crop move
ment. are the inducements for thus defer
ring the movement OF gold this way. The
marked net changes were gains of s points
by Hooking Valley preferred; "a points
by Manhattan; points by Metropolitan
Traction and New Jersey Central; points
by Rubber preferred; points by Mime
apolis and ST. Louis second preferred and
212 points by Pullman.
The total sales of stocks today were 402,-
205 shares.
BONDS.
Bonds were strong IN sympathy with
stocks. One 25oO00 block OF Union Pa
c.fic collateral trust notes was sold at CO
per cent and another block of 10000 at the |
same price. Total sales were s.. 2S5.00o.
United States new tours advanced 4 per |
cent bid and the fives coupon declined Is !
per cent bid. New tours. registered, 12S; |
coupon, 127; fours registered, 1924 coupon, /
1872; twos. registered, 9ss.; fives, register |
ed, ia; coupon, 1151s; Pacific skies OF IS, /
102I..
FOREIGN STOCK MARKETS.
~
London financial cablegram says:
The stock markets were idle today. but |
the tone was steady. Americans were es-
pecally god and closed quiet st the best |
thugh the support here is only profess /
sional The dullest market was Braz.ls, |
which were fiat on reports that the nego-
tiaitions for the sale of certain Brazilian |
railways 10 a foreign syndicate have been
suspended.
81 am informed in credible qua rters tina.
the sale OF American eagles yesterday and !
today by the Bank ofEngland is really
for Germany the reason given being that,
owing 10 the nghtness of many of the SOW
ere.gns withdrawn, It pays better TO take
ca giles az the present prices. The amount
of eagles withdrawn today was 52O0O /
pounds. and the total amount OF bullion
taken was 1900 pounds.
"a cable from the Financial News New
York correspondent attracts much atten-
ton here. II affiTms that New York
banks have loaned 70 London a large
amount of money on long sterling bills
Evidences OF this are very scan;y here at
present, and wonder is excited as TO how
such an operation can pay with discount
rates az % per cent.
The Paris and Berlin markets were
quiet
SILVER IS HIGHER
New York, Oct. 3o.-The price OF bar sill
yer IN London rose 1854 today. 20 z7s.d.
ami IN New York the price rose &c, 10 !
5si.c. This carries the price above the
rally OF September %. when it went 10
Z7i4d in London and 5sisc in New York.
Today's prices OF silver has no. been equal
e1 since July q, when It was q I-lSi IN
London and 597sc in New oYrk- TIE pres
ent strength OF silver is attributed 10 va
r.ous causes There is a; present & good
demand n london. and there IS
also some covering CT speculative short
sales. This Is coupled with a p-sssa;
scarcity Of supply The IaI.an demand
Tor silver also continues good.
COTTON