The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-02
STOCKS AND BONDS
BULLS MAKE AT THE MARKET
WITH THEIR HEADS DOWN.


For the First Time In Two Weeks They sue
coed In Interesi Ting tho Bears, Leaving
Closing Prices Above Jhursday's Clos
ing Level and at About the Days High.
est-Market Reverses Thursdays, BeiDg
Lively on the Up Grade and Dull Down
HIn-Loudon ia the Market = Buyer
The Week Reviewed.
New York, Oct 1.-The bulls made
their first aggressive stand for over two
weeks, and after a heavy decline in the
earlier part of the day, they came for
ward to the support of the market, check
cd the decline and brought the closing
prices very generally above last nights
level. There was nothing in the news OF
the day that could be counted more fav
orable than that of the preceding day or
two, and a sharp stiffening in the rates
for call money during the afternoon
might be called a distinctly unfavorable
factor But it had no effect in prevent
Ing the recovery and the close at practi-
ca!ly the highest point of the day.
Either this was because the per cent
rate which was asked was considered
artificial and manpulative, or because
confidence was felt that Il would result
In the prompt importation Of gold to re-
lieve any proba Ole stringency. A fur
;her lowering Of 1-8 cent in the actual
raie for demand sterling. 10 s4.S5 5-S, en-
c0uraged this view, and the probability
IF early engagements Of gold for import
was freely talked all day. The market
was surprisingly irregular, prices OF
some stocks moving up and down by
wide jumps, apparently entirely indepen-
5ent OF any general tendency in the mar
get In the early trading the raids OF
the bears in special stocks in each group
were successful III depressing the partic-
3lar group and the whole list by sympa-
Thy. Chicago Gas continued under very
heavy pressure and moved over a range
Of nearly three points. Omaha was Sc
lected in the granger group and was sold
down at one time nearly two points
Missouri Pacific was the weak point in
the southwest erns, and was forced down
ia per cent, and SO on for other stocks.
The tendency Of the list to move indie
pendent4y of these stocks under pressure
was the first evidence OF recuperation.
Soon afterwards sustained buying an
large scale became evident and a heavy
covering movement by the bears follow
ed. Buying orders by the commission
houses had added 20 the strength Of the
market. outside customers who mad sold
short Joined in the covering movement.
There was a marked change in the
whole tone of the speculation, the mar
ket becoming dull whenever the bears
succeeded in checking the advance and
business showing a lively Increase when
ever the course Of prices turned upward.
The railroad earnings reported during
the day continued 10 show increases,
Northern Pacific reporting an increase
for the third week of September of S177.-
sos. and Louisville and Nashville net
increase for August Of S1SS,74e. a strik-
ing result OF the rectn sharp decline in
the price OF silver was shown in the
August statement OF a, Mexican Cen
trail. While the gross earnings showed
showed a decrease Of S1S5.47S. This was
due. the officials explained to increased
expenses caused by the higher rates Of
exchange on the United States in pur-
chase Of material and in other outlay.
London Nas a buyer in this market
again today. Some of the stocks which
showed weakness early in the day fail
ed TO recover entirely, bus showed net
gains as lule ranging from a fraction
TO 2 per cent net or over. Consolidated
Gas. after falling points. rose Is Is per
cent and receded 41-2 per cent. Prices
of quite a number Of socks fell at one
period of the reaction points or over
from the early high point.
The total sales Of stocks today were
sos, 200 shares.
BONDS.
Railroad bonds rallied strongly after
early depression Total sales s1,7eo. 00o
United States new tours We're advanc-
ed is per cent bid today. New fours.
registered ana coupon. rs 81; fours, reg
tstered Ill rs: tours coupon. lis ex-inI;
rwos. 9S; fives, registered ana coupon,
1I4S-4: Pacific SKIES of 'SS. 1o2 IA
FOREIGN STOC KMARKEIS.
New York, Oct. 1.-The Evening
Posts London financial cabieSi am says:
"A further improvement was noted IN
sprea ding in every department. With
the stock markets today. Business IS
thoroughly healthy tone. Americans
were exceptionally dull for the greater
part OF tae day. but there vas sharp
rauv tonight on New YrTk support TIE
close was al the bes, II Is T.ffieult o
SCI. how far the public here wall respond.
prahltiy- ihose recently IN the market
will now lake : fresh hand. but the ne~
public seem likely 20 be attracted to
mines. West Australian mines have
been booming for the last few days.
sanna rails We're good while in the