The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-17
STOCKS AND BONDS
STOCKS GENERALLY FIRM AND
FLUCTUATIONS MARROW.
Close at Small! Declines From the Best
Changes But Most Of These Are Gains
Review of the Week, Showing How the
Starts Upward have Always Been
Promptly Checked, and why, Together
With Some Philosophical Generaiiza-
tiOus on the Case

With Some Philosophical GeneraIiza-
tious on the Case.
New York, Oct. 1e.-There was nothing
to indicate an urgent covering of short
| contracts in today's market, such as is
| very often customary at the close of a
week of bear campaign. The days market
| showed a firm tone during the greater
| part of the days trading, but fluctuations
| were very narrow and the close was al
| small declines from the best. These were
| in sympathy with a break of IS per cent
| in Manhattan on short sales and OF point
| in Chicago Gas, which was the most strik-
ing demonstration by the bears during the
| day. Both parties in the market seem
! equally apathetic. There was good buy
ing in the two leading specialties Chicago
| Gas and Sugar the former equally attrib-
| uted TO purpose Of inside interests 20
| acquire stock and a maneuver 70 squeeze
| the shorts. Missouri Pacific was offered
| to some extent, probably in sympathy with
| the drive against Manhattan. Union Pa
| cific exhibited some depression on account
of the expressed criticisms of the minimum
| bid agreed to by the government for the
satisfaction of its claim and agreement 20
the foreclosure sale. London was a buyer
| on balance today TO a small extent and
! offered small support 10 the market.
| None of the leading stocks show important
| net changes, but most OF these are gains.
| Experts have been watching the market
| for signs Of turn upward again. Such a
process has apparently been inaugurated
| twice during the week, but the upward
| course came TO a stop with the closing
nS CHI or7l aa-% rsz.lr mod
| It's sway. The reactionary tendency has
now continued dominant for about a
| month, and the average decline in that
| time Is about half as much as was the
| rise in the previous four months of the
| bull market. Statistics might be cited OF
| the proportions of reaction 10 decline after
previous great bull markets, but prece-
| dents are misleading and various. The
| main fact Is that even in the full tide of
| the conditions which induce an advance
| il prices of securities it is invariably the
! rule that backward swing occurs, cover
| ing a material part, though not the whole
| of the advance. The professional traders
| sold out their stocks month ago at the
| high prices and they don't care to buy
again so long as there is prospect OF caus-
| ing further decline.
The total sales of stocks today were
| 136, $50 shares.
| THE WEEKS REVIEW.
During the week many holders Of stocks
| who have been persistent In holding on
for a turn, have become disguised and
| have uquidated on a large scale 10 save
further loss, thus giving material assist
| ance to the bear party. The motives as
signed for the selling are various and OF
little real force. as is demonstrated by
the fact that when the alleged cause is
Sc = ion, in do
cline.
The reaction began In the expressed fear
of a stringency in the money market
There has been no stringency and it is
now evident that there win be none The
motive of last weeks selling was alleged
TO be fears of damage by the drought,
but the breaking of the drought on last
Sunday has not restored confidence TO buy
ers. Much has been made of the unfa-
2 vora bic effect on railroad values which
would follow adverse decision by the SUI
preme court in the maximum freight case
and the Joint Traffic association case.
Yet the prevalent belief of the street is
that the right of the state of Nebraska
to fix maximum freight rates will be de-
MED, and there has never been much
doubt felt that the Joint Traffic association
will be declared Illegal, as was the Trans
Missouri Freight association. There is
more sincerity in the apprehension ex-
pressed that the Cuban problem viii ulti-
mately lead to rupture with Spain. The
substantial harm done by the yellow fever
outbreak and the consequent interruption
10 railroad traffic Is brought in evidence
by the decreased earnings shown by the
railroads in the territory objected. The ad-
mitted rate cutting by the railroads is also
feared for its effect on earnings, as is the
falling off in the grain movement. The
returns of railroad earnings nevertheless,
continue to make large showings, said 10
be due TO the movement OF general meT-
chandise and passengers.
The trade reviews all report continued
expansion in their lines, the improvement
in the iron industry being especially mark
ed The increase in the outlook of pig
iron and the decrease in the stocks iHdi
cate that the rate Of consumption has in
creased about 10 per cent since July !.
Further engagements of gold for import
were expected 10 have been made this
week. but the purchases of exchange bills
gainst last weeks engagements have kept
the rate of exchange above the import
point. This has also been lowered by the
advance in the price of gold bullion IN
London and by the rise in discount rates
at London, Paris and Berlin.
\ very heavy movement OF gold before
the season ends IS considered inevitable.
London has ceased 20 sell American Sc
curities In the New York market and this
week has been a buyer. The governments
trade statement for September shows a
balance of trade for the month IN favor
of this country OF over s52,Cpoc)o. The
movement OF cotton, now but just gaining
full tide, IS expected TO give heavy bai-
ance for October in this country's favor.
II is 10 De borne in mind, however. that
the low price of cotton prevailing viii
make great difference In the amount OF
exchange demand 10 pay for the exports.
Today's statement OF imports a. New York
for the week also show a striking increase
over last week OF s2,S@,55l. while the ex-
ports from this port for the week fell OF
81 81 This must modify the inter
national exchange situation 10 an appre-
ciable extent.
OF the increase in specie OF ss3s, 90
shown by today's bank statement. there
Is included only s7oo.ooo received from Eu-
rope Yesterdays receipts ot Sl.dI0.oo0
and toiay's OF nearly 81 900 In gold by
incoming steamers are not included in The
return. The return Is strong one with
out this the Increase in surplus being due
largely 10 increase il cash and in less de-
gree 10 decrease in deposits than has been
the case OF late. An actual increase il
legal tenders is a surprise and IS a meas
ure of the large diminution IN the demand
for money from interior points.
Banks OF western and central cities have
teen bidding in the New York market fo-
commercial paper and the decrease IN
loans OF ss-iSi. 100 may be accounted for
in part by this fact The weeks declines
have been heaviest II the specialt.es, SD
gar and Tobacco leading With 81 and =.
per cent respectively. Declines n The
railroad list range from : 70 ; points. the
Grangers. Southern and Southwestern
roads leading. Chicago Gas sold a. low
as ST. per cent. but recovered 20 Fl Per