The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-19
STOCKS AND BONDS
CONSOLIDATED GAS FURNISHES
THE DAYS FEATURE

Remarkable Gyrations Take Place In That
Stock, the Net Result Being a Decline OF
Blk Points-Its Antics Serve to Unsettie
the Whole List and Discourage Trading
GeneraIIy-Market Closes With Prices
Generally Below Fridays Ciose-Re-
view of the Market For the Past Week
Loan and Exchange Markets.
New York, Sept. 1S.-The feature Of
the dealings at today's brief session Of
the stock exchange was the eXtraordin-
airy gyrations Of Consolidated Gas stock.
The stock had been comparatively
steady about 240 since its jump of 20
points early in the week. But it took
violent fall today Of over 10 points from
the opening and jumped UP and down
on the recovery like boiling water in
glass tube. The varia tons in price on
the down grade were as high as three
points between consecutive sales and
upon recovery the fluctuations jumped
w CA ~JAlilS a. q lint AL lilC illOSN
cratic and unstable manner. The stock
closed at 233, a net decline Of 6 points.
It's eccentric movement served to I'M
settle the whole market and discouraged
trade generally. The market sagged
somewhat There was an undertone Of
heayiness in the speculation all day,
wha tever strength was apparent being
IN spots. though not always with special
cause 10 account for il The indications
supplied by the bank statement that
rates for money would rise further in
the future served as a check on specula-
ton ard helped the decline in the final
hour. Manhattan suffered sharp de-
cline OF S-4 per cent on the authorita-
tive denial OF any projected transfer to
surface ,aiiway interests and Of any
projected change in motive power. The
eoalers reacted somewhat from yester-
days advance. Delaware and Hudson
rose l 1-2 per cent but losing practically
MI the gain. Chicago Great Western
manifested strength on its August state
ment and Burlington was carried above
81. Paul but closed fraction below
don selling to realize after yesterdays
heavy buying. Baltimore and Ohio rose
a point and reacted and Baltimore and
Ohio Southwestern preferred rose over
= points and retained practically all the
gain. Pittsburg, Cleveland. Chicago and
ST. Louis preferred advanced points.
and Lake Erie and Western preferred
i-2 point. Wheeling and Lake Erie pre-
ferred, after declining nearly a point,
rallied TO above last nights close. The
Northern Pacific stocks We're heavy
throughout the day The close showed
prices generally below last nights close.
The total sales of stocks today were
s46,0l4 shares.
THE WEEKS REVIEW.
The confidence Of the bears that the
long expected reaction was due was aug
mented from time to time this week, and
a short interest has shown itself in some
what aggressive moods several times.
The bears were not much encouraged by
their efforts Monday, and on Tuesday
they were routed as a result of the sharp
tall in exchange and the prediction that
4 gold import movement would innle-
diately set in. For the rest of the week
the market was extremely irregular and
sharp advances occurred in different
stocks throughout the list, Will other
leading stocks remained at an unchang-
ed level. There was heavy liquidation
IN Pittsourg and the steadiness with
which thee fferings 10 realize were alb
sorbed was striking testimony to the
H..
support. Some Of the most rema rkable |
Of the advances have been well retained
and the level of the market is decidedly |
higher than a week ago.
The higher prices of many stocks are
based on expectations of increased divi |
lends. There is good ground for the ar
sument that prices have advanced to A |
ligher level, however. than is warrant |
ID The argument is made, on the other |
land, that the rate OF return on invest |
nent has reached permanently lower /
oasis. The long continued stagnation in |
he money market has tended to the |
same conviction. Today's bank state
nent, however gives evidence of the |
'apid absorption of idle money by the
growing needs of commerce and indus
ry. Il is evident, also from the action
" the exchange market that the expand
ng balance of trade in favor OF this
stands as a safeguard against
my stringency in our market. Ne.
'hanges for the week in the majority OF
e2ding stocks are small, but a few
tocks show large gains.
BONDS.
The business in bonds has been heavy
nut advances were not SO marked as
Turing recent periods. Dealings in gov
'rnment bonds have been dull and prices
re unchanged except for new fours.
which ar IL per cent lower. New tours
egistered and coupon 125 IL; fves reg
stored and coupon ia IA: tours reg
stored Ill IS. coupon 113 IL: twos reg
Stored 9S; Pacific skies Of '9S, 1o2.
LOANS AND EXCHANGE.
New York. Sept. 1S.-Money on call
ominal az l 3-f62 1-2 per cent Prime
Mercantile paper 4a4 l. per cent.
terling exchange dull and steady with
ctual business in bankers bills at s4S4
-iq4, 50 5or demand. and az s4.S3 10
IS II FOR sixty days; posted rates 4SS
81 and Si.S 1-2G4.S6 -; CONNER
al bills S4.N 1-2Q4S2 Bar silver 81 Ii:
IeXlc2n dollars 43 81
THE BANK STATEMENT.
New York. Sept. 1S.-The weekly bank
shows the following changes:
arplus reserve. decrease s6,773. $50;