The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-02

foreign MARKET the strength OF Spanish
and Argentine securieits was the feature
| Copper stocks were strong.
THE Paris bourse was strong on the
buying OF tintos, and the Berlin market
was steady"
REVIEW OF THE WEEK.
New York, Oct. 1.-Bradstreet's fnan-
cial review tomorrow will say:
"Reactionary influences have prevail
| ed in the stock market this week. The
! check in the bull campaign, which de-
| clared itself last week, has apparently
discouraged the public, and liquidation
| of outside holdings has taken the place
of commission house buying. Equally
significant was the absence Of support
from the pools and large spectators.
There have been a number OF very
favorable developments. Railroad earn
ings In particular present very encourag-
ing results, the August net OF the Burl-
ington. Pennsylvania. Erie and other
roads being fully UP to previous expec-
tations. The increasing activity Of the
iron and steel trade might also be sup
posed 10 have a good effect.
The hardening of rates for money has
not been accompanied by any disturb
ance or pressure, and exchange rates
have this week worked naturally in the
direction Of gold importa tons. These
factors, however, seem to have had no
effect, and the efforts OF bear traders TO
depress prices and cause further liqui-
dation met with little or no opposition.
London was a purchaser Of the spe-
cialities at the declines. presumably 10
cover the short interest there, though il
is also claimed that foreign speculative
interests have taken the opportunity TO
purchase for the long account. In con-
sentative circles the prevalent impress
sion is that the extension OF speculation
had reached a stage where large inter-
ests scented danger from allowing it to
continue unchecked, and that the al
legged realizating and withdrawal of sup
port by such people was designed TO
avert more severe shock to the market
later on-when it might be impossible
to control the situation. In the present
instance II IS indeed claimed that the re-
action has been more severe than the
leaders expected.
the fear of complications with Spain
over Cuba, growing out of our new min
listers representations to the Spanish
government, was allayed at the end of
the week by the fall Of the Spanish cab
met.
"The yellow fever at the south has I'M
douotedly been factor to some extent,
particularly in depressing the southern
stocks The gas stocks were notably
weak on liquidation by speculative buy
ers, and some of the recent favorites in
the outside securities may have suffered
severe setbacks. Among the strong
features of the weeks speculation
Union Pacific securities held a leading
place. their rise being based on the de-
cision of the government 10 abide by
the decree of foreclosure. This involv-
ing the prompt sale OF the property in
November and the carrying out Of the
plan OF reorganization has been well re-
ceived on the market, although ii has
been severely criticized by a portion Of
the public press. Northern Pacific was
strong on the belief that a dividend
would be declared on the preferred stock
next week. Sugar shared in the general
decline. and Rock Island and Chicago
Gas were weak.
LOANS AND EXCHANGE.
New York. Oct. Money on call
firm at 21-2.&5 per cent; prime mercan-
tile paper 1-2Gl5 per cent. Sterling ex-
change heavy with actual business in
bankers bills at 81 81 $500. 81 ga FOR
demand, and at s4.S2 1-2&f s. ga for 60
days; posted rates s4.SSG4.S4 and
81 50 1-2d4s6 commercial bills s4.S1.
Silver certificates 55 S-4G57 1-2 cents:
bar silver % IS cents; Mexican dollars
~ S-i cents.