The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-10
STOCKS AND BONDS
BEARS RENEW THEIR RAID ON
SHARES EFFECTIVELY.

FROM Friday ana All Expectation
Based on Weeks End Customs Fall o.
Their Expected Operation-Decreasei IN
Selling, But Is Otherwise viewet
CalmIy-Bonds Firm With Small Calm
New York, Oct. 9.-The bears renewed
their raid on the marke; to such good &C
count thai few stocks have escaped a las
than point net loss. The course of thf
market yesterday in face Of extraordin.
airy dullness had led many 10 suppose
that the bear campaign had come 20 ar
end and that the market would probably
end-week covering short of contracts
was expected 10 stiffen prices slightly
but qnite the contrary occurred, although
prices did improve a fraction in the first
hour on very light volume of dealings
Weakness developed in Chicago Gas and
| the room traders soon afterward detected
| selling by houses with Washington con-
nections.
Probably a superficial view Of the
weekly statement Of the New York clear
ing house banks had some thing to do
with todays selling movement Of stocks.
The professional trader usually accepts
decrease in the surplus reserve as a
specific admonition to sell. Today's de-
crease of s2064. 900 in thai item was in
fact something OF surprise in view of
| the rather strenuous efforts by the banks
/ in the last two weeks TO prevent a fur
| Their shrinkage in their surplus. Blu. the
small decrease in loans reported this
! week, $685., 300, Indicates that the bank
| ing authorities view with equanimity the
| decline in their reserve surplus, conf
| dent in the strengthening force OF the
$3.50, 600 in gold now in transit 10 New
York from England and France. The
| gold arrivals of the week are reflected
in an increase of specie of sl,5S3. 400, but
are more than offset by the decrease in
legal tenders of s4,302,3 800. The demand
| for legal tenders Is very keen, and the
| best efforts OF the banks and the United
| States treasury are not equal TO fully
| providing a supply. The New York sub
| treasury has been obliged 10 refuse 70
| supply legal tenders in return for gold
| except for Geographic transfer OF cur
rency to other sub-treasury points.
The New York banks have been set
| Ting their balances a. the clearing house
during the week in gold to a large ex-
| tent and the prediction is made that the
payments of customs duties will soon be
made in gold. Chicago banks are report
ed also 10 be presenting gold at the sub
treasury there with a request for legal
tenders and the treasury az Washington
is beginning TO find itself embarrassed
10 supply all these demands upon il.
Since September IL the decrease in legal
tender in the New York banks reserve
has amounted 70 s21, 351, 800 and the spe-
Gle has increased nearly 81, 500 600 in the
same time Notwithstanding large ex-
changes of specie for legal tenders at the
sub-treasury. The ample proportions OF
the coundry's gold reserve has doubtless
had much to do in deferring the impor:
movement Of gold, which was fairly in
auguraled yesterday and the day before.
The total amount Of gold now in transit
amounts 20 s6.350,000. The stiffening OF
exchange rates. subsequent upon the
purchase OF bills against these Imports
IS believed 70 be but temporary, and the
movement Of gold is expected 20 con-
tinue steadily for some time TO come. The
effect on the money market of the gold
engagements has been to impart a dis
tinctly easier tone. time money declining
to per cent for sixty days and up 20 4
per cent for demands and longer periods
Outside buyers OF commercial paper have
been in New York during the week and
though the supply of paper has been in
increasing volume, "a tes have been east
er and are a. IA and per cent for the
prime grades.
The stockm arket has been singularly
unaffected by the beginning of the gold
movement, which almost always has
marked sentimental effect on prices. The
resistance Of the market 20 the effect OF
the heavy slump in Chicago Gas Thurs
day and the hardening tendency on Fri
day on the large shipments OF gold an
nounced on that date led 20 the suppose
ton that tfle reaction was a an end and
a rally ensued. But today's marke; has
completely belied these eXpecta tons. The
market has been dull and professional all
week, sensational movements OF special
stocks failing to have any marked effect
on the general market. These included
jump Of points in Manhattan On Mon
day on a squeeze OF shorts, the slump in
Chicago Gas on the purchase OF compel
in companies by the great gas syndicae e
and the usual mercurial course OF Con-
Solidated Gas. Union Pacific has fuctu-
a:ed widely on different rumors regard
ing the adjustment between the reorgan-
izaaon committee and the government. |
The Unprecedented gross earnings OF the
roalroads for September and the hand |
some net returns for August which have
been reported during the week have been !
as Intellectual as the gold movement in |
checking The reaction and prices are with
few exceptions lower The losses in the |
gransers extending up . per cent in |
Omaha and Is per cent in Burlington.
The total sales Of stocks today we're
17S. 400 shares
BONDS.
Prices in bonds were relatively firm. |
some small gains being shown. T-ansac-
lions were hsat compared With racen, /
averages. Total sales We're 5000. 600.
Government bonds were ixT=s per
cent higher, The latter fo- he new fou-s
coupon. This Issue sold during the week
a 1881 per cent. new high record. New
tours. registered. 126&. COUPON. 1851.